Tech-enabled care brings dealmaking in healthcare to a new phase

In recent years, the Dutch healthcare market initially saw a strong increase in deals, peaking at around seventy transactions per year. This was followed by a cooling. According to Spitaels, this is not leading to a structural decline, and the sector is facing a revival in investments. 

More than potential

As stated in the Global M&A Outlook 2026 for Health Industries, resilience, value creation and consumer-oriented, tech-enabled care models currently dominate the playing field in this market. Investors focus on predictable cash flows, defensible margins, and above all, innovation. Spitaels: “Potential alone is not enough. An organization must be operationally healthy, offer economies of scale, and investors must look at whether there is a clear path to value creation.”

Bringing order

According to Spitaels, there is also an increased focus on exit readiness. Private equity funds operate within investment cycles and experience pressure from their underlying capital providers. Portfolio managers must be well prepared. "There are many parties that will have to sell in the coming years. As soon as the opportunity arises, you must be ready. Companies that do not have their governance, reporting, and strategy in order will miss the boat." 

Specialization and efficiency

The Dutch healthcare market remains highly fragmented. Primary care practices, elderly care institutions, and specialized care providers often operate on a small scale. In a sector struggling with staff shortages and increasing budgetary pressure, opportunities lie in consolidation and portfolio optimization. "For several years now, we have seen acquisitions and scaling up within dentistry, physiotherapy, psychology, and other segments of primary care," says Spitaels. "But strengthening positions goes beyond mere scaling up. It involves specialization, multidisciplinary collaboration, and a more efficient organization of care." 

Transact to transform 

Spitaels points to the principle of transact to transform. “A small practice is often unable to invest independently in advanced technology or specialized support. By merging practices, investments in IT, data, and supporting technology become profitable. At the same time, larger practices also offer opportunities for greater specialization and a more efficient deployment of available people and resources.” 

Transactions have also taken place in the Dutch laboratory sector. Under pressure from insurers, a shift is visible towards fewer, larger, and integrated laboratories. PwC has actively supported these developments and possesses the expertise to support future initiatives in this sector as well. 

Value creation

Technological development forms the common thread in virtually every subsector within healthcare. Everywhere, the focus is on tech-enabled care. This is reflected, among other things, in an increase in transactions in the Medical Devices sector, where technological improvements are being integrated. The attention to tech-enabled care translates into, among other things, remote patient monitoring and technical aids for home use, as well as data-driven planning and AI-supported diagnostics. “This requires investments in digital infrastructure and the formation of new business models,” says Spitaels. According to him, the shift towards tech-enabled care shows that in the coming years, value creation lies not only in cost savings but also primarily in redesigning effective care.

Investor Preferences

Innovation also plays a major role in dealmaking in the pharmaceutical and biotechnology sector. The 2025 acquisition of the Dutch biotech company Merus by industry peer Genmab underscores this. Merus is developing a cancer drug  for which expectations are high. At the same time, Spitaels notes that investors prefer platform technologies, contract research organizations, and assets with multiple product lines. "Dependence on a single outcome is considered less attractive. Diversification and economies of scale have become more important in mergers and acquisitions." According to Spitaels, the pursuit of diversified platforms also explains the increase in transactions in preventive care. 

Shaping Deals

Spitaels believes that a targeted transformation is taking place in the healthcare sector. As a result, investors face strategic choices. "Review your portfolio critically. Which assets can evolve into scalable platforms? Where is additional technology needed? Healthcare is and remains one of the largest and most dynamic sectors of the economy. Aging, prevention, and digitalization are creating continuous movement. Those who prepare well can ride the next wave of deals and help shape it."