Healthtech M&A deal volumes were robust at 277 transactions and on pace to exceed 2024 levels. Private Equity represented the buyer in approximately 29% of these deals as demand for HealthTech firms was strong from strategic and financial buyers. 

Looking at deals by subsector, the Healthcare Ops space led the list with 109 transactions, representing 39% of the total, followed by Healthcare Data Management and Telehealth with 35 deals each. The EHR/EMR subsector had 29 transactions and Healthcare IT Services saw 27 deals.

During the first six months of 2025, total disclosed M&A deals values reached $10.3 billion, aided by four megadeals. Only 11% of transactions disclosed their financial terms as buyers continued to keep the details and strategies behind their acquisitions private. The median disclosed M&A transaction value was $29 million.

After peaking in 2021, venture capital funding for HealthTech firms continued to dry up throughout the first half of 2025. The median VC funding size was $3.8M during this period. As the median disclosed M&A deal size was nearly 7.5 times larger, sellers have instead been encouraged to consider M&A strategies for growth and liquidity.

During the first six months of 2025, most top acquirers were strategics, with Treatment AI and Archer Review leading with 3 deals each. They were followed by WELL Health, PAR Excellence, Myant, Aline, Relias, Teladoc Health and Knack RCM with 2 deals each. Private Equity firms were also active in this space, with Accel-KKR, New Mountain Capital and H.I.G. Capital each securing 2 deals.