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
Trends for 2026
The report anticipates a highly active year for Healthcare M&A in 2026, driven by:
Europe: What is driving the market?
Among the 196 notable transactions in Europe during the quarter, the following stand out:
IMAP and Albia Capital in Healthcare
The report highlights the group’s strong track record:
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.