In another preview of our 2026 Healthcare Services Acquisition Report, we’re highlighting private equity investment activity in healthcare services over the past five years. Private equity firms have been the primary drivers of activity for much of the past decade, particularly through roll-up acquisitions by portfolio companies, but our statistics show a waning appetite. Compared with 2021, overall deal volume fell 28% in 2025, to 590 deals. They still accounted for 33% of all deal activity in the healthcare services sector in 2025, down from 44% in 2021. It appears market headwinds, from high interest rates to stricter regulations, have finally caught up with them.
