India accounted for 26 per cent of Asia-Pacific healthcare private equity (PE) deal volume in 2024, emerging as the region’s largest market by volume, according to a report released by Bain & Company on Thursday.
The report noted that global healthcare PE deal value reached a record $191 billion in 2025, driven by a surge in large-scale transactions despite market headwinds earlier in the year.
India’s rise was attributed to a shift in buyout activity away from China toward India, Japan, and South Korea, supported by stronger macroeconomic fundamentals in these markets. India led the region by volume as investors increasingly focused on its healthcare sector.
“We are optimistic about the outlook for healthcare private equity this year, particularly given investor confidence in market fundamentals remained high in the face of headwinds last spring,” said Nirad Jain, Partner at Bain & Company and Co-Leader of its Healthcare Private Equity team.
In India, investment activity has been concentrated in healthcare providers and related services, as well as biopharma. Investor interest in the provider segment has focused on hospitals, clinics, and supporting healthcare services.
The report noted that healthcare buyout volumes in India declined 18 per cent year-on-year in 2024, significantly lower than the nearly 49 per cent drop recorded across the Asia-Pacific region.
Globally, biopharma deal value rose to an estimated $80 billion in 2025 from $55 billion in 2024, with deal volume expected to increase nearly 20 per cent to more than 130 transactions.
Asia-Pacific healthcare PE deal value set a record in 2025, exceeding the previous high of 2021 by over 30 per cent, despite a slowdown in the second quarter. While biopharma and provider services continued to dominate, MedTech and healthcare IT segments also recorded growth.
The surge in global deal value was driven by an increase in transactions exceeding $1 billion, offsetting tariff-related slowdowns in North America and Asia-Pacific. Overall, investors announced 445 healthcare buyouts worldwide, the second-highest volume on record.
