Hampleton Partners Report: Healthtech M&A Remains at a high level as AI, Software and Data Drive Buyer Demand

Healthtech M&A activity remains close to record levels as healthcare providers and investors continue to target technologies that improve productivity, connect fragmented health data and address persistent workforce pressures. Hampleton Partners, an international active M&A and corporate finance advisory firm for technology-driven sectors, has released its Healthtech M&A Market Report 2H 2026, providing an overview of the key trends, transactions and valuations shaping the sector.

Healthtech recorded 237 disclosed transactions in 1H 2026, following a record 245 deals in 2H 2025. Valuations remained broadly stable, with the trailing 30-month median EV/revenue multiple increasing slightly to 2.4x, compared with 2.3x in 2H 2025. At the same time, buyers have become increasingly selective, placing greater emphasis on profitability, recurring revenues, earnings quality and demonstrable operational value creation.

Structural pressures across healthcare continue to underpin transaction activity. Staff shortages, rising treatment costs and the need to improve clinical productivity are accelerating demand for automation, interoperable health data and AI-enabled workflows. As AI becomes more widely embedded across healthcare, buyers are increasingly looking beyond the technology itself towards the real value creation of AI, commercial adoption, defensible market positions and measurable customer value.

Healthcare Vertical Software has emerged as the strongest area of activity, accounting for 50% of Healthtech transactions in 1H 2026 and 44% of deals over the past 30 months.

Like in the previous months/years artificial intelligence remains one of the defining themes across the sectors -  In this context, AI has evolved from a buzzword of being a part of the business model. Agentic AI is moving into healthcare workflows including scheduling, prior authorisation and revenue-cycle management, while ambient AI is reducing clinical documentation workloads. AI adoption is also expanding across diagnostics and clinical decision support, alongside broader investment in interoperability, cloud platforms, connected care and care-at-home technologies.

Buyer activity continues to be led by strategic investors, which accounted for 73% of transactions in 1H 2026, compared with 27% for financial buyers. Strategic acquirers are increasingly using M&A to combine software, data and AI with existing healthcare and MedTech capabilities, while financial sponsors continue to target scalable recurring-revenue platforms and bolt-on opportunities with clear operational value-creation potential.

“Deal flow is returning, but with greater selectivity and with a focus on larger, strategically relevant transactions,” the report concludes.
 

The report highlights a number of particularly active Healthtech acquirers over the past 30 months, including:

DeepHealth, with five acquisitions, including Gleamer SAS (medical imaging software), Cimar Limited (diagnostic imaging software) and Aquila, Inc. (breast imaging software).

Valsoft, with five acquisitions, including Fast Medic Sistemas de Gestão em Saúde LTDA (healthcare management software), Anju Software (life sciences BPM software) and Progitek, Inc. (dental practice management software).

GE HealthCare, with four acquisitions, including Icometrix NV (brain imaging analysis software), Intelerad Medical Systems (medical imaging software) and Intelligent Ultrasound Group (clinical image analytics and VR simulation software).

The report also highlights several landmark transactions illustrating the direction of the market. In May 2026, Roche agreed to acquire PathAI for USD 750m upfront plus up to USD 300m in milestone payments, combining AI-powered digital pathology with Roche’s diagnostics capabilities. In March 2026, GE HealthCare completed its USD 2.3bn acquisition of Intelerad, expanding its cloud-based imaging, teleradiology and AI-enabled workflow capabilities.

Download the full Hampleton Partners Healthtech M&A Market Report 2H 2026, which outlines the key trends, transactions and valuation developments across the sector and provides detailed analysis of its four core segments: EHR & Information Management, Health IT Services & BPO, Healthcare Vertical Software, and Online Healthcare Services.

Hampleton Partners' M&A Market Reports are compiled using data and information from the 451 Research database (www.451research.com); Capital IQ, CB Insights, Gartner, IDC and more.

Hampleton Partners is at the forefront of international mergers and acquisitions advisory for companies with technology at their core.

Hampleton's experienced deal makers have built, bought and sold over 100 fast-growing tech businesses and provide hands-on expertise and unrivalled international advice to tech entrepreneurs and the companies who are looking to accelerate growth and maximise value. With locations in Europe, North America, and China, Hampleton offers a global perspective with sector expertise in: Automotive Tech, IoT, AI, Fintech, Insurtech, Cybersecurity, VR/AR, Healthtech, Digital Marketing, Enterprise Software, IT Services, SaaS & Cloud, E-Commerce and Digital Supply Chain & Logistics.

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