India emerged as the largest healthcare private equity (PE) market in the Asia-Pacific region by deal volume in 2024, accounting for around 26 per cent of total activity, according to a report by Bain & Company. The shift in dealmaking dynamics contributed to a broader surge in global healthcare PE, with total deal value reaching a record $191 billion in 2025.
The report highlighted that investor interest has been shifting away from China toward markets such as India, Japan and South Korea, driven by stronger macroeconomic fundamentals. Despite a year‑on‑year decline in buyout volumes in India of about 18 per cent in 2024, the drop was significantly less pronounced than the nearly 49 per cent decline observed across the Asia‑Pacific region overall.
Investment activity in India’s healthcare PE landscape has been concentrated in provider and related services, including hospitals, clinics and ancillary support services, as well as in biopharma and related services. Globally, the biopharma segment saw substantial growth, with estimated deal value rising to approximately $80 billion in 2025 from $55 billion in 2024, and volume expected to increase nearly 20 per cent to over 130 deals.
The record global deal value was driven by a sharp increase in large transactions exceeding $1 billion, which helped offset a slowdown in the second quarter across regions including Asia‑Pacific and North America. Buyout volumes also remained high, with investors announcing 445 deals, the second‑highest number on record.
