Goldman Sachs - Healthcare M&A forecasts and predictions 2026

Goldman Sachs expects a strong, innovation‑driven M&A cycle into 2026, with healthcare one of the core beneficiaries of abundant capital, AI adoption and a more constructive regulatory backdrop.

While the firm does not publish a standalone “healthcare‑only 2026 M&A outlook” publicly, its global M&A and equity views, combined with external synthesis of their comments, point to higher healthcare deal volumes and a rising share of large, transformative transactions.

Big picture: Goldman’s 2026 M&A stance

Goldman frames 2026 M&A as a “think big, build bigger” phase, driven by strategic repositioning and scale, powered by AI and ample public/private capital.

Management has publicly described the outlook for M&A into 2026 as “very encouraging,” expecting current momentum to continue rather than fade.

External analysis that leans on Goldman’s numbers suggests global M&A volumes could approach or exceed the prior 2021 record, with a particular pickup in mega‑deals (above 5 billion dollars).

Healthcare’s role in that thesis

Recent materials reference healthcare as one of the sectors leading risk‑asset performance into 2026, supported by resilient earnings and structural demand.

Sector commentary across banks (and echoed in independent write‑ups of Goldman’s outlook) highlights healthcare as a prime user of AI, data platforms and automation, which in turn pulls in both strategic and financial buyers via M&A.

Healthcare is repeatedly cited among the top beneficiaries of improved financing conditions and more deal‑friendly antitrust stances, enabling larger, more complex combinations.

HealthTech / MedTech‑specific implications

External healthcare M&A forecasts that reference Goldman’s global deal value expectations project accelerating HealthTech and MedTech consolidation in 2026, with deal flow shifting from numerous small transactions to fewer, higher‑value platform deals.

Hotspots flagged in these syntheses include AI‑enabled revenue cycle and workflow platforms, advanced diagnostics and data/AI infrastructure, neurovascular and other high‑growth therapeutic areas, and clinically validated digital therapeutics with clear reimbursement pathways.

Large strategics and PE are expected to use M&A to acquire AI and GenAI capabilities rather than build them, especially to protect margins and address patent cliffs or pricing pressure.

Deal structure, scale and financing

The 2026 setup assumes stabilising or easier credit markets, which lower the cost of leveraged buyouts and corporates’ ability to fund larger all‑cash or cash‑plus‑stock deals.

With CEO confidence recovering and equity markets still constructive (though with slower expected returns than 2025), stock‑for‑stock and mixed consideration deals become more attractive, particularly for sizeable healthcare transactions.

Forecasts call for modest growth in US deal volumes by count but disproportionately higher growth in aggregate value, reflecting a greater share of large and mega‑deals rather than a pure volume rebound

Source: https://www.goldmansachs.com/what-we-do/investment-banking/insights/articles/2026-ma-outlook