Who are the most active HealthTech acquirers in Europe in the last 2 years?

The European HealthTech M&A landscape has been very active over the last two years (2023-2025), with a strong focus on digital health, AI, and data-driven solutions. The acquirers are a mix of large corporate players, established European healthcare companies, and increasingly, private equity firms.

Here are some of the most active HealthTech acquirers and key trends in Europe:

Key Corporate Acquirers

Sanofi: This French pharmaceutical giant has been active in M&A, particularly to expand its portfolio and enter new areas like vaccines. They have a strong presence in Europe and are using acquisitions to access new technologies and markets.

AstraZeneca: As a major UK-based pharmaceutical company, AstraZeneca has been involved in several deals to bolster its pipeline, including the acquisition of companies with promising therapeutic programs.

Novartis: This Swiss-based company has been leveraging partnerships and acquisitions to develop new therapeutic proteins and drugs, often with a focus on AI and data to accelerate discovery and development.

Roche: Based in Switzerland, Roche has been a significant player in diagnostics and pharmaceuticals, and is actively involved in collaborations and acquisitions to leverage AI and data for drug discovery and neurological diseases.

Siemens Healthineers: While also a MedTech player, Siemens Healthineers has a strong focus on digital health and diagnostics. Its acquisitions are aimed at enhancing its portfolio with digital solutions and AI-driven platforms.

Carl Zeiss Meditec: This German company has been a key acquirer, particularly in the ophthalmic and digital health sectors, to strengthen its position in medical technology.
 

Notable European-Based and Global Acquirers with European Focus

ArchiMed: A global private equity firm specializing in healthcare, ArchiMed has been highly active in the European market. They have a history of acquiring and expanding companies in various healthcare sub-sectors, including consumer health and medical devices.

Nordic Capital: This is another highly active and experienced private equity firm with a strong focus on healthcare investments across Europe. They are known for investing in companies with the potential to grow and expand into new markets, including in HealthTech.

HOPCo (Healthcare Outcomes Performance Company): This US-based firm is acquiring European HealthTech companies to advance AI-driven patient care, demonstrating the interest of non-European companies in the continent's innovative startups.

Enovis: This company has been making strategic acquisitions to build out its orthopedic and surgical solutions, which often include digital and data-driven components for improved patient outcomes.

Key Trends Driving HealthTech M&A

AI and Data-Driven Solutions: This is a major driver of M&A activity. Companies are acquiring startups that use AI for drug discovery, diagnostics, radiology analysis, and patient care management to improve efficiency and accuracy.

Decentralised Healthcare: Acquirers are showing significant interest in startups that enable remote patient monitoring, digital therapeutics, and at-home care. This trend accelerated during the pandemic and continues to be a focus.

Chronic Disease Management: There is a strong appetite for companies that offer digital solutions for managing chronic conditions, such as diabetes, cardiovascular diseases, and mental health.

Private Equity Engagement: Private equity firms are playing an increasingly significant role in the European HealthTech M&A landscape. They are deploying substantial capital and often targeting smaller, but fast-growing, companies with strong cash flow.

Focus on 'Scope Deals': The market has seen a shift from a few large-scale mergers to a higher volume of smaller, strategic acquisitions. These "scope deals" are aimed at acquiring specific technologies and filling portfolio gaps.

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