Healthcare services M&A closed the year on solid footing, with fourth-quarter activity building on transaction momentum gained throughout 2025.Transaction volumes rose meaningfully year over year and remained consistent with recent quarters, signaling a gradually strengthening deal environment.
Transaction volume was largely driven by strategic acquirers through acquisitions of large, sponsor-backed platforms and add-on strategies. From a sector perspective, multi-site provider services, home care, hospice, and DME experienced the most pronounced acceleration in deal activity coming out of the third quarter.
Improving macroeconomic conditions, financing and fundraising environments, and alignment on buyer and seller valuation expectations contributed to a strong close to 2025. These datapoints and continued investor optimism around healthcare services suggest a strengthening environment for healthcare services M&A in 2026.
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