We ended 2022 with 274 deals, a significant increase over 2021's volume and on par with Pre-Covid 2019’s M&A activity. Private Equity activity in the market made up 34% of all deals in 2022.
Despite the increased number of deals in 2022 versus 2021, disclosed M&A deal value accounted for only $27.2B in total, with fewer megadeals completed.
In terms of top acquirers of HealthTech, 9 of the top 10 buyers were private equity firms. The Carlyle Group and Main Capital led the pack, scoring 5 acquisitions, followed by aggregator Constellation, TPG and Riverside with 4 acquisitions each. Clearlake Capital, Thomas H. Lee Partners and Warburg Pincus were close behind with 3 acquisitions each. Battery and Bain Capital closed the Top 10 buyers list with 2 deals each.