2023-04-25-Bain-2023年全球医疗保健私募股权和并购报告_104页_18mb

In 2022, global healthcare private equity (HCPE) activity faced significant challenges due to macroeconomic factors including inflation, rising interest rates, geopolitical tensions, and labor shortages. While deal volume declined from 2021's record highs, disclosed deal value still reached approximately $90 billion, making it the second-best year in history.

Key Highlights:

• Macroeconomic Impact: Credit market tightening limited large-deal financing, while wage inflation affected provider businesses, which make up 20-30% of HCPE transactions.
• Geographical Trends: North America and Europe experienced notable declines, while Asia-Pacific showed resilience, with increased maturation of its healthcare market.
• Sector Focus: Activity shifted toward resilient areas like healthcare IT (HCIT), where investments focus on optimizing provider operations and improving margins. Biopharma and life sciences tools also saw strong interest, particularly in services that support clinical trials and drug development.
• Exit Strategies: The second half of 2022 saw a shift toward sponsor-to-strategic exits and carve-outs, as IPOs became less viable in a depressed public market.

Outlook for 2023:

Despite ongoing macroeconomic uncertainty, HCPE remains attractive due to long-term healthcare growth tailwinds and ample dry powder. Sponsors expect to adopt creative deal strategies, including minority recapitalizations, public-to-private transactions, and focus on recession-resilient themes like operational efficiencies and value-based care. The trend toward specialized investments and digital tools to address labor shortages is expected to continue.