Goldman Sachs, Morgan Stanley and JP Morgan’s combined Healthcare and Technology predictions for 2026

Goldman Sachs, Morgan Stanley and J.P. Morgan are broadly aligned on 2026 as an AI driven but more selective year for healthcare and technology, with higher capital deployment, more focused M&A  and a premium on profitable, workflow‑integrated healthtech.​

Shared big picture for 2026

All three see AI as a core productivity and earnings driver across sectors, with healthcare one of the main beneficiaries of full‑scale adoption and associated capex.​

The macro backdrop is framed as slower but positive growth with lower rates and more dispersion, favouring quality growth and cash‑generative platforms in healthcare and tech over speculative stories.​

Healthcare and healthtech views

Goldman flags healthcare as a prime beneficiary of an innovation‑driven M&A cycle into 2026, with larger, platform‑style deals in AI‑enabled revenue cycle, workflow platforms, advanced diagnostics and clinically validated digital therapeutics.​

J.P. Morgan’s healthcare technology spotlight expects AI‑enabled healthtech (ambient documentation, analytics, automation) to become the norm, with AI features commanding valuation premia as adoption rises among providers and payors.​

MedTech and services angles

Morgan Stanley explicitly calls out a 2026 “healthcare revival,” overweight the sector, and is bullish on MedTech as post‑pandemic inventory and supply chain issues clear, enabling more normalised growth and renewed capital deployment.​

Across the banks, structural themes include shift to lower‑acuity and home‑based care, at‑home diagnostics and monitoring, and “plug‑and‑play” hospitals where robotics and devices integrate into modular clinical spaces.​

AI, capex and digital infrastructure

Goldman expects AI capex by hyperscalers and large platforms to exceed 500 billion dollars by 2026, with an expanding universe of beneficiaries beyond core infrastructure into application‑layer and productivity tools, including healthcare IT.​

J.P. Morgan and Morgan Stanley both emphasise AI moving from experimentation to production, with use cases like imaging, predictive monitoring, scheduling and documentation driving measurable efficiency and clinical impact.​

Capital markets and M&A setup

Goldman’s global M&A outlook and healthcare‑specific synthesis point to higher healthcare deal volumes, more transformative transactions and strategics/PE using M&A to acquire AI and data capabilities rather than build them in‑house.​

Morgan Stanley highlights a K‑shaped recovery where high‑ROIC, innovation‑rich assets command premiums and MedTech uses divestitures plus focused M&A in cardiovascular, neuro and other high‑growth segments to re‑rate.