PitchBook：2025年第三季度医疗保健服务报告（英文版）

Healthcare services deal activity declined in Q3 2025, with an estimated 161 deals announced or closed, down 13% from the previous quarter. However, Q1 and Q2 activity rerated a bit higher than initial estimates suggested. YTD, deal activity in healthcare services is on track to just modestly surpass 2024 levels, and we believe Q3 will represent a near-term trough. The Q3 decline in deal count is primarily attributable to PPMs, where the market may have temporarily paused to assess the impact