The Healthcare sector remains one of the most resilient engines of the European M&A market, despite a 2025 marked by increased macroeconomic uncertainty. According to the Healthcare Update Q4 2025 by ALBIA I IMAP, Spain stands out for its resilience, a more moderate downturn than the rest of Europe and a rebound in activity in the final quarter, with 44 transactions recorded — the highest figure of the year.

- 51% of transactions were cross-border, reinforcing Spain’s position as a strategic gateway to the European market

- Transactions were led by Hospitals & Clinics (52), followed by MedTech (28) and Pharma (26).
- Financial investors and private equity platforms continued to play a leading role, particularly in ophthalmology, aesthetic medicine and medical devices.

Key Q4 2025 insights

  • Reactivation of the European market with more than 1,100 transactions, of which 141 involved Spanish companies.
  • The return of domestic strategic buyers, accounting for 52% of transactions in Spain during the quarter.
  • Strong momentum in nutritional supplements, clean cosmetics, cardioprotection and medical diagnostics, with multiple acquisitions of Spanish companies by European groups.

Trends for 2026

The report anticipates a highly active year for Healthcare M&A in 2026, driven by:

  • Private equity and the middle market
  • Selective acquisitions focused on innovation and pipeline
  • Inorganic growth and geographic expansion
  • Ongoing sector consolidation
  • Continuation of key megatrends: MedTech, advanced diagnostics, dermatology, aesthetic medicine and nutraceuticals.

Europe: What is driving the market?

Among the 196 notable transactions in Europe during the quarter, the following stand out:

  • Buy & build strategies in ophthalmology, veterinary services and molecular diagnostics
  • Activity in healthcare software, supplements, medical devices and CDMO platforms
  • Growing relevance of European and North American funds focused on healthcare technologies and specialised care.

IMAP and Albia Capital in Healthcare

The report highlights the group’s strong track record:

  • 222 Healthcare transactions since 2015
  • Ø 22 transactions per year
  • 25% cross-border and more than 65% European targets
  • IMAP: Top 10 global mid-market advisor, leading independent advisor, 254 transactions in 2025 and over 33% cross-border.

The Healthcare sector will continue to be one of the most attractive investment segments in 2026, with Spain positioned as a reference market for acquisitions, expansion and cross-border strategies. An ecosystem driven by innovation, consolidation and sustained inorganic growth.

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