Healthcare and life sciences in Germany, Austria and Switzerland reach record level (331 deals) – consolidation, outpatient care and regulation determine the future

• 331 transactions in the period from 2022 to 2024, 127 of which were in the record year of 2024 (majority acquisitions, minority interests relevant to control and carve-outs)
• Germany is the largest market with 207 deals, followed by Switzerland (107) and Austria (17)
• Strategic buyers dominate with 63 per cent, private equity investors hold 33 %

Consolidation as a necessity, regulation as a ticket to entry

The report makes it clear that the market is moving towards comprehensive consolidation. In pharmaceutical development, the segment with the highest volume at 99 transactions, mere capacity is no longer sufficient.

Investors reward providers who are resilient to regulation and secure their capacity utilisation in the long term. ‘The market is heading for further consolidation by 2028,’ says Fabian Binöder, Managing Director and Head of Healthcare & Life Sciences at FTI-Andersch, FTI Consulting's consulting unit specialising in restructuring, business transformation and transactions. ‘Smaller units without resilient structures are falling behind, while larger platforms are gaining ground. Regulation is not a stumbling block, but rather a ticket to success: those who master this hurdle race gain a structural advantage.’

Medical technology, with 93 transactions almost on a par with pharmaceutical development, is also at a turning point. On the one hand, stricter European regulations are making market access more difficult. On the other hand, the value logic is shifting: one-off sales are losing importance, while recurring revenues from service and rental models are gaining ground. ‘We continue to see a comprehensive change in the business model,’ says Fabian Binöder. ‘Those who combine services and products, demonstrate stable supply chains and are strong in regulatory terms will secure the tenders of the future. Others will be left behind.’

Outpatient wins, inpatient loses

There were 66 transactions in medical care and nursing. The division between outpatient and inpatient formats is striking. Outpatient facilities such as medical care centres offer scalability and digital networking, while inpatient facilities are increasingly under economic pressure. ‘Hospital reform, the shortage of skilled workers and increasing audit requirements are making inpatient models unprofitable in many places,’ says Professor Lars Schweizer, Professor of Strategic Management at Goethe University in Frankfurt am Main and scientific co-author of the study. ‘The trend towards outpatient service provision is clearly discernible. Investors are therefore clearly focusing their attention on this area. Clusters are emerging there that will form the basis for tomorrow's healthcare provision.’

The smaller segments also reflect this logic. In digital health, which is still manageable with 16 transactions, only providers with clinical validation, digital connectivity and reimbursement eligibility achieve high valuations. Consumer-oriented products without evidence are losing their appeal. In laboratory diagnostics, with 13 transactions, traditional routine laboratories are coming under pressure, while specialised providers with a robust regulatory basis and digital infrastructure are achieving valuation premiums. ‘Regulation has long been a deal factor,’ says Lars Schweizer. ‘Laboratories that cannot prove their processes are no longer of interest to investors.’

Trends until 2028 set new standards

The report identifies three forces that will shape the market in the coming years: consolidation will become a necessity, digital networking will become the backbone, and regulatory strength will become the decisive measure of value. In pharmaceutical development, the pressure to outsource is increasing as research and production become more complex and expensive.

In medical technology, stricter approvals and new requirements for the use of artificial intelligence are forcing more professional structures. In healthcare, the dynamic is clearly shifting towards the outpatient sector. In digital health, clinical evidence will be a decisive factor in investment decisions in the future, while laboratory diagnostics without specialisation and digital structures will have little prospect of success.

‘These trends are not a footnote, but the new normal,’ says Fabian Binöder. ‘Those who ignore them will lose out. Those who take advantage of them will shape healthcare in Germany, Austria and Switzerland.’

Methodology

For the Healthcare & Life Sciences M&A Transactions Report 2025, all relevant transactions in Germany, Austria and Switzerland between 2022 and 2024 were recorded. Majority takeovers, controlling minority interests and carve-outs by financial investors and strategists were taken into account. Restructuring and insolvency-driven cases, particularly in the hospital sector, were excluded in order to reflect the market dynamics of regular M&A processes. The data is based on leading transaction databases, structured research and classification by sub-sector.

Find the full Healthcare & Life Sciences M&A Transactions Report 2025 here

About FTI-Andersch

FTI-Andersch is a management consultancy that supports its clients in the development and implementation of sustainable future, performance, and restructuring concepts. FTI-Andersch actively supports companies that are facing strategic, operational, or financial challenges and change processes, or that want to align their business model, organization, and processes for the future at an early stage. Its clients include, in particular, medium-sized companies and corporations that operate internationally. FTI-Andersch is part of the FTI Consulting Group (NYSE: FCN) with more than 8,100 employees worldwide.