Healthcare M&A in Asia-Pacific

Healthcare M&A in Asia-Pacific

Market Overview

Healthcare M&A in Asia-Pacific has experienced exponential growth over the past five years, with total deal value increasing from $28 billion in 2019 to $62 billion in 2024. This report provides a comprehensive analysis of the sector's dynamics, key transactions, and outlook.

Sector Landscape

Hospital Chains and Clinics

Regional hospital consolidation continues to be a major theme, with large platform operators in India, Thailand, and Malaysia actively acquiring smaller facilities to build scale.

Pharmaceutical Distribution

Supply chain optimization is driving vertical integration across the pharmaceutical value chain, particularly in markets with fragmented distribution networks.

Medical Devices

Japanese and Korean medical device manufacturers are acquiring technology capabilities through cross-border M&A, particularly in diagnostic imaging and surgical robotics.

Digital Health

The digital health sub-sector has seen significant consolidation following the venture capital boom of 2020–2022, with sustainable business models emerging from the market correction.

Valuation Analysis

The report includes detailed valuation analysis across sub-sectors, with EV/Revenue and EV/EBITDA multiples benchmarked against global comparables.

Regulatory Environment

A market-by-market analysis of healthcare-specific regulatory requirements for M&A transactions, including foreign ownership limits, licensing requirements, and antitrust considerations.

Outlook and Opportunities

We identify the top 10 themes likely to drive healthcare M&A activity in Asia-Pacific over the next 3–5 years.