Healthcare merger and acquisition (M&A) activity in 2023 was characterized by a status of constantly changing expectations. We entered the year with uncertainty driven by inflation, rising interest rates, global security concerns, and a fear of recession. However, the U.S. economy remained unexpectedly resilient; not only was a recession avoided, but economic and employment growth have also continued to beat expectations.

From analyzing transaction activity and regulatory shifts to reimbursement outlooks and beyond, we give insight into the forces propelling M&A across these prominent healthcare verticals. This annual report examines the healthcare M&A landscape in 2023 and gives a 2024 outlook.