贝恩+2023年全球医疗保健私募股权和并购报告-104页_18mb

报告摘要

Global Healthcare Private Equity and M&A Report 2023 Summary

This report provides an in-depth analysis of the global healthcare private equity and merger and acquisition market in 2022 and an outlook for 2023. Key themes include resilience amidst economic challenges, shifts in investment strategies, and emerging opportunities.

2023 Hospitality Letter: Healthcare Private Equity Is Down but Not Out

Although 2022 saw record deal values in some areas, overall activity declined due to macroeconomic factors such as inflation, rising interest rates, and geopolitical tensions. Despite this, healthcare PE remains attractive, with a focus on recession-resistant sectors. Strategic investments in value-based care, operational inefficiencies, and financing innovations are shaping the landscape. The long-term outlook is positive, driven by demographic trends and chronic disease prevalence.

Hot Topics Analysis

Healthcare Private Equity in a Downturn: Focus on recession-resilient themes like category leaders with strong moats or operational efficiencies in specific subsectors. Large deals faced constraints due to credit tightness.
Provider Information Technology: Providers underinvest in IT, creating opportunities for PE. Strategies include platform building, end-market expansion, and value creation through operational improvements.
Corporate M&A: Activity slowed due to uncertainty, with strategic exits becoming more common than public listings. Corporate players continued to seek opportunities in payer and provider services.
Exits: Exit volume decreased, with public listings nearly non-existent. Sponsor-to-strategic exits dominated, especially amid depressed market valuations.
Life Sciences: Intense competition for deals, with a focus on carve-outs and mature assets. Biopharma, pharma services, and genomic technologies attracted investor interest.
Value-Based Care: Adoption continues to expand, particularly in primary care. Providers needing cost control are investing in care management and IT enablement.

Geography Trends

North America: Strong start but weak end to 2022 deals. Biopharma and provider IT led activity, but labor shortages and wage inflation pose challenges.
Europe: First half was strong, second half weak. Biopharma deals recorded high values, with mature assets attracting significant interest.
Asia-Pacific: Growing signs of strength outside China. India led in provider deals, while biopharma and medtech saw limited activity due to geopolitical headwinds.

Sector Trends Overview

Biopharma and life sciences saw record deal values but volume declined due to macro uncertainties. Providers, payers, and medtech experienced mixed results. Life sciences tools and payer services showed resilience. Value-based care opportunities expanded, especially in specialized models.

2023 and Beyond Outlook

Despite ongoing economic headwinds, ample dry powder and deal-making creativity support continued activity. Key trends for 2023 include competitive pressures in life sciences, valuation rebalancing, and evolving exit options. Generative AI is nascent but holds potential for disruption. Regional differences in credit and regulation will influence deal patterns.