Key trends, investment and outlook for 2026
The Healthcare sector remains one of the most resilient engines of the European M&A market, despite a 2025 marked by increased macroeconomic uncertainty. According to the Healthcare Update Q4 2025, Spain stands out for its resilience, a more moderate downturn than the rest of Europe and a rebound in activity in the final quarter, with 44 transactions recorded — the highest figure of the year.
🔹 51% of transactions were cross-border, reinforcing Spain’s position as a strategic gateway to the European market.
🔹 Transactions were led by Hospitals & Clinics (52), followed by MedTech (28) and Pharma (26).
🔹 Financial investors and private equity platforms continued to play a leading role, particularly in ophthalmology, aesthetic medicine and medical devices.
Key Q4 2025 insights
- Reactivation of the European market with more than 1,100 transactions, of which 141 involved Spanish companies.
- The return of domestic strategic buyers, accounting for 52% of transactions in Spain during the quarter.
- Strong momentum in nutritional supplements, clean cosmetics, cardioprotection and medical diagnostics, with multiple acquisitions of Spanish companies by European groups.
Trends for 2026
The report anticipates a highly active year for Healthcare M&A in 2026, driven by:
- Private equity and the middle market
- Selective acquisitions focused on innovation and pipeline
- Inorganic growth and geographic expansion
- Ongoing sector consolidation
- Continuation of key megatrends: MedTech, advanced diagnostics, dermatology, aesthetic medicine and nutraceuticals.
Europe: What is driving the market?
Among the 196 notable transactions in Europe during the quarter, the following stand out:
- Buy & build strategies in ophthalmology, veterinary services and molecular diagnostics
- Activity in healthcare software, supplements, medical devices and CDMO platforms
- Growing relevance of European and North American funds focused on healthcare technologies and specialised care.
IMAP and Albia Capital in Healthcare
The report highlights the group’s strong track record:
- 222 Healthcare transactions since 2015
- Ø 22 transactions per year
- 25% cross-border and more than 65% European targets
- IMAP: Top 10 global mid-market advisor, leading independent advisor, 254 transactions in 2025 and over 33% cross-border.
The Healthcare sector will continue to be one of the most attractive investment segments in 2026, with Spain positioned as a reference market for acquisitions, expansion and cross-border strategies. An ecosystem driven by innovation, consolidation and sustained inorganic growth.
