Q3 2025 Healthcare M&A Review

We are pleased to release our review of M&A, private equity and venture capital activity across the UK healthcare sector in Q3 of 2025.

Our report, which can be downloaded below, highlights the most active sub-sectors, along with a month-by-month summary of the key deals across the market.

Download Report

Q3 2025 Healthcare M&A Review Summary

Deal Volumes

• Q3 saw stable healthcare deal activity across the traditionally quieter summer period

• We expect to see a short-term increase in deal completions in October and November as vendors look to lock in current tax rates ahead of the Autumn Statement, before returning to more normal levels

Sub-Sector Activity

• Q3 saw an unusual spike in medical equipment deals, accounting for a third of transactions during the period

• These included manufacturers and distributors across surgical instruments, mobility, optical and orthotics

• Specialist and elderly care both continued to show strong deal activity as new investors enter these markets

• Digital health activity also remained robust, with transactions across social care software, mental health and digital therapeutics

Private Equity Involvement

• As ever, private equity was a major driver of transactions in the sector, with platform investments and bolt-on deals accounting for over 50% of total deal volumes

• A lack of quality investment opportunities continues to be a challenge for healthcare-focused funds

• The period saw new platforms for Bridgepoint (myDentist), Warburg Pincus (Health Partners), Rhône Capital (DHG/Invacare), Tiger Infrastructure (EMED), Rockpool (Talarmade), Bestport (Sano Physio), BGF (CWC Group & Opus Safety) and Foundation Partners (Select Healthcare)