This article aims to unpack the expectations, the divergences, and the realities of healthcare M&A activity in 2025. Drawing on proprietary insights from PNC Healthcare, internal perspectives from colleagues across the nation, and external perspectives from our partners in all corners of the industry, we examine:
- What was expected among market participants and why
- What occurred, and how tariffs and H.R. 1 altered the playing field
- What comes next for strategics, sponsors, and policymakers alike
In a year so far defined as much by its unfulfilled expectations around transaction volume as by the new Administration’s big policy goals, we seek to offer a grounded and actionable outlook on the state of dealmaking in healthcare.
