2025医疗领域投资白皮书：私募股权投资者调研 Investing in Healthcare 2025 Stax PE Investor Survey

Investingin

Healthcare2025

StaxPEInvestorSurvey

STAXWHITEPAPER2025

TABLEOFCONTENTS

Introduction03

KeyTakeaways

04

Sample&Methodology

05

InvestorSentiment

06

TariffImpacton2025Outlook

09

ThematicAreasofFocus

12

HospitalFacilitiesandHospitalOperationsTechnology

13

HealthcareServices

14

PharmaTechandOutsourcedServices

15

AIinHealthcareInvestment

16

StaxHealthcareTeam18

INTRODUCTION

Thehealthcareprivateequityinvestmentlandscapein2025is

expectedtobeshapedbyamixofoptimismandcaution.Even

withtariff-relateduncertaintyandachallengingmacroeconomic,investorsentimenthasstrengthenedsincethestartoftheyear,withmanyexpectingsteadyorincreaseddealactivity.

Acombinationofattractiveassetscomingtomarket,record-longholdperiods,andpressurefromLPsisdrivingexpectationsfor

greatercapitaldeployment.Atthesametime,tariffs,shiftingreimbursementdynamics,andoperationalchallengesare

promptinginvestorstoadoptamorerigorousanddata-drivendiligenceapproach.

Withinthisenvironment,thematicfocusareassuchashealthcarefacilities,hospitaloperationssoftware,andnon-physician

servicesaredrawingsignificantattention,withAIincreasinglyviewedasanimportantinfluenceoninvestmentopportunities.

KEYTAKEAWAYSFROMSTAX2025

HEALTHCAREPEINVESTORSURVEY

Nearly80%ofsurveyedhealthcare-focusedPEinvestorsremainoptimisticabouthealthcaredealflowfortheremainderof2025,despiteanenvironmentoftariffuncertainty.

Investoroptimismforincreaseddealactivitystemsfromexpectationsofattractiveassetscomingtomarket,coupledwithrecordlongholdperiodsforcingnewassetsin-market.

Onaverage,investorsanticipatedeployingabout6%morecapitalin2025comparedto2024.

Surveyresultsshowthat50%investorsbelievemarkettariffuncertaintywillmoderatelyorsignificantlyimpactdealactivityin2025.Duetoelevatedtariffs,investorsaremost

oftentestingPortCocustomerpricingsensitivity(85%sample)asanadditionalstepduringthediligenceprocess.

HealthcarePEinvestorsseetariffstobemostimpactfulinend-marketsrelianton

commoditizedconsumables,suchasretailhealth(e.g.,urgentcare),consumerhealth(e.g.,Medspas),andhealthcarefacilities(e.g.,ASCs,SNFsetc.).Onaverage,investorsexpectassetvaluationstoriseonlymodestly(lowsingledigits)giventariffuncertainty.

Thetop3thematicareasoffocusforhealthcarePEinvestorsarefacilities(e.g.,ASCs,

SNFs),hospitaloperationssoftware(e.g.,schedulingoptimization,compliancesoftware,etc.)andretailhealth(e.g.,urgentcare).Non-physicianhealthcareservices(e.g.,dental,physicaltherapy)andpharmatechandoutsourcedservicesalsorankedhighly.

Investorsinclinicalservicesdeliveryseethestill-fragmenteddentalandphysicaltherapymarketsasattractiveinvestmentopportunities.Whilelessinfavorduetoreimbursementpressure,investorsfocusedonphysicianpracticemanagement(PPM)arefocusedon

primarycare,wheretech-enabledvalue-basedcareremainsasacriticalinvestmentthesis.

Healthcaresoftwareinvestorsaretargetinghospitaloperationssoftwareincluding

optimizedpatientfloworschedulinginadditiontocompliancesoftware.Software

servingpharmamarketingisalsoinfavoraspharma’sspendtoimprovepatientandHCPtargetingcontinuestoaccelerate.

Around80%ofinvestorsexpectAItoplayasignificantrolein2025dealflow,with

hospitaloperationssoftwareemergingastheleadinginvestmentareatheyseebeingsignificantlyshapedbyAI.

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INDUSTRYINSIGHTS

Survey

Sample

WesurveyeddedicatedhealthcarePEinvestors

pre-and-posttariffstogaugetheiroutlookforthe2025healthcaredealmarket.Thesample

compositionisbrokendownbyfundsize(AUM)andinvestortitleasfollows:

Figure1:SurveyRespondentsbyPrimaryFundSize($AUM)n=200

40%

33%

29%

30%

20%14%

20%

4%

10%

0%

Lessthan$100M$100M–$250M$250M–$1B$1B–$5BMorethan$5B

Source:

Figure2:SurveyRespondentsbyPosition

n=200

34%

VP/Principal

28%

Partner

26%

Director

12%

ManagingDirector

Source:POTLOC

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INDUSTRYINSIGHTS

Investor

Sentiment

Followingtheadministrationchangeand

implementationofelevatedtariffs,wereassessedinvestorsentiment.

Overall,confidenceinhealthcaredealflowand

investmentactivityremainedpositive,with~80%ofrespondentsexpressingoptimism.Notably,

52%arenowhighlyoptimisticaboutdealflowfortheremainderoftheyear,upsignificantlyfrom

31%inQ1.

Figure3:HealthcareDealFlowandActivityOutlookforRemainderof2025

Q.Whatisyouroutlookforhealthcaredealflowandactivityin2025?

60%

52%

47%

40%

31%

24%

20%

12%12%

9%

10%

1%

2%

0%

HighlyOptimisticModerately

Neutral

Moderately

Highly

Optimistic

Pessimistic

Pessimistic

mmQ1:Pre-Tariffs(n=200)mwQ2:Post-Tariffs(n=50)

Source:POTLOC

?

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INDUSTRYINSIGHTS

Investorconfidenceisfueledbyastrongpipelineofattractiveassetscomingtomarket,supportedbyabackdropofdeclininginterestrates(withtheFedFundsRateunchangedsinceDecember2024).Inaddition,record-longholdperiodsarecreatingheightenedpressurefromLPstoreturncommittedcapital;further

reinforcingexpectationsforanactivehealthcaredealmarketin2025.

Figure4:DriversofIncreasedHealthcareDealActivity(Q1:Pre-Tariff)

Q.Whatfactorsdoyouexpectwilldriveincreasedhealthcaredealactivityin2025?n=118

AttractiveAssetsComingtoMarket

70%

53%lisningInterest

LongPortCoHoldPeriods

40%

31%

HighLevelsofDryPowder

DeriskedRegulatoryEnvironment

30%

27%

PressurefromLPstoReturnCapital

Buyer-SellerBid-AskCompression

20%

Source:POTLOC

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INDUSTRYINSIGHTS

Onaverage,investorsanticipatedeployingabout6%morehealthcarecapitalin

2025comparedto2024,withthisexpectationremainingconsistentbothbeforeandaftertheimplementationofelevatedtariffs.

Figure5:ExpectationsforTotalHealthcareDeployedCapitals

2024vs.2025

Q.Howdoyouexpectyourteam’stotaldeployedhealthcarecapitalin2025tocompareto2024?

Q1:Pre-TariffsQ2:Post-Tariffs

Increase

>20%

11%–19%

6%–10%

1%–5%

NoChange

Decrease

1%–5%

6%–10%

11%–19%

>20%

-10%10%30%50%

1%

13%

42%

9%

29%

4%

1%

1%

1%

Average=+6.0%

n=200

-10%10%30%50%

I4%

16%

32%

24%

8%

2%

2%

0%

12%

Average=+5.8%

n=50

Source:POTLOC

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INDUSTRYINSIGHTS

Tarriff

Impacton2025

Outlook

Nearlyhalfofinvestors(48%)expecttariffstohaveonlyaminorimpactondealflow,while38%

anticipateamoderateeffectthroughyear-end.

Staxhasobservedsomeslowdowninhealthcare

dealactivityinQ2andearlyQ3,reflectingreducedriskappetiteinuncertainmarketconditions.

Onaverage,investorsprojecttariffswilldriveassetvaluationsupbyroughly2%.Withhigh-quality

assetsinshortsupply,about70%ofinvestorsstillanticipateatleastasingle-digitvaluationincreasecomparedtopre-tarifflevels.

Figure6:TariffImpactonHealthcareDealFlow(Q2:Post-Tariff)

Q.Towhatextenthavetariffsimpactedyourhealthcaredealflowandactivity?n=50

60%

48%

38%

40%

20%

12%

2%

0%

VerySignificant

SignificantModerateMinor

Source:

Figure7:TariffImpactonAssetValuationsIn-Market(Q2:Post-Tariff)

Q.Towhatextenthavetariffsimpactedvaluationsofhealthcareassetsin-marketversusbeforetariffswereimplemented?

n=50

48%

Average=+2.0%

50%

20%

30%

18%

10%

-10%

4%8%2%

Increase6%–10%

Increase1%–5%

FlatDecreaseDecreaseDecrease

1%–5%6%–10%11%–19%

Source:

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INDUSTRYINSIGHTS

Tariffshaveshiftedinvestorfocusduringtheduediligenceprocess,withmore

considerationevaluatingtheabilitytopassonincreasedsourcingcostsonto

customers.Whilesupplychainanalysisandcosttracingarealsoreviewed,theseconsiderationsremainsecondarytocustomerpricingsensitivity.

Figure8:TopDueDiligenceConsiderationsduetoTariffUncertainty

(Q2:Post-Tariff)

Q.Whatduediligenceconsiderationshavebecomeaprominentareaoffocusduetotariffuncertainty?n=50

Pricing86%

72%

CountryofOriginTracing

SupplyChainAnalysis

56%

40%

SupplierRelationshipStrength

Inventory

ContingencyPlanning

30%

28%

Source:POTLOC

CapExImpactfromSourcingRelocation

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INDUSTRYINSIGHTS

Healthcareservices,includingretailhealth,consumer-drivenserviceslikemedspas,andhealthcarefacilities(e.g.,SNFs,ASCs,etc.)areimpactedbycommoditized

disposableproductsoftensourcedinternationally.Whiletheimpactisless

pronouncedthaninmedicalproducts,downstreamareasofservicedelivery,

includinghospitaloperationstechnologyorrevenuecyclemanagement(RCM),mayalsofeeltheeffects.

Figure9:AreasofInvestmentFocusMostImpactedbyTariff

Uncertainty(Q2:Post-Tariff)

Q.Whichareasofinvestmentfocusdoyouexpecttoseethemostsignificantimpactoftariffuncertainty?n=50

0%50%100%

80%

76%

76%

Areasimpactedbyinternationallysourced commoditized consumables,though themagnitudefora servicedeliverymodelmaybelower.

RetailHealth(e.g.,UrgentCare)

ConsumerHealth(e.g.,Medspa,LaserTreatment)

Facilities(e.g.,SNFs,ASCs)

42%

36%

Downstreamimpactofservicesdelivery.

HospitalOperationsTech(e.g.,ComplianceSoftware)

RCM

28%

BehavioralHealthServices

24%

HomeHealth

Source:POTLOC

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INDUSTRYINSIGHTS

Thematic

AreasofFocus

Consolidationofhealthcarefacilities(e.g.,SNFs,ASCs,dialysiscenters)remainsafavoredstrategyamonginvestors.Potentialexitsthroughhospitalconsolidationandtheextensionofhospital

networkscontinuetosupportfacilityroll-upstrategies.

Staxhasalsoseenstronginvestorinterestinthe

standardizationofhospitaltechnology,particularlyashospitalsseektoimprovecompliance,

governance,andcybersecurity.Fragmentednon-physicianservicessuchasdental,veterinary,or

physicaltherapy,presentattractiveopportunitiesdespitesignificantconsolidationactivityinrecentyears.

Figure10:2025AreasofThematicFocusinHealthcare

Q.Withinhealthcare,whatare2025areasofthematicfocusforyourfund?

n=200

0%25%50%75%

HealthcareFacilities

HospitalOperationsTechnology

RetailHealth

Non-physicianHealthcareServicesPharmaOutsourcedTechandServices

HomeHealth

ConsumerHealthandWellnessPhysicianPracticeManagement(PPM)

BehavioralHealthServicesRevenueCycleManagement(RCM)

PracticeManagement/EMR

PayerTechnology

EmployerSponsoredHealthPlans

Rank1Rank2Rank3Rank4Rank5

Source:POTLOC

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INDUSTRYINSIGHTS

In2025,healthcarefacilities—includinghospitals,urgentcarecenters,SNFs,andASCs—remainakeyareaofinvestorfocus.Staxcontinuestoseestrongclientinterestinsoftwarethatenhancesand

streamlineshospitaloperations,reflectingongoinginvestordemand.

Forward-thinkinghospitalsareinvestingin

technologytoeasecapacitypressuresforboth

patientsandstaff,withtech-enabledcybersecurityandcompliancealsoemergingastopspending

priorities.

Hospital

Facilities&Hospital

OperationsTech

Figure11:HealthcareFacilities

Hospitals

29%

UrgentCare

24%

ASCs

13%

DialysisCenters

11%

StandaloneEDs

9%

Q.Whatspecifichealthcarefacilitytypedoesyourfundfocuson?n=106

'。

SNFs

13%

Source:POTLOC

Figure12:HospitalOperationsTechnology

40%

20%

0%

Q.Whatspecificoperationstechnologydoesyourfundfocuson?n=101

28%

22%

21%

15%

15%

Optimized

Scheduling/Staffing

PatientFlow

PatientSafetyMgmt.

ComplianceRiskMgmt.

Procurement

Mgmt.

Source:POTLOC

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INDUSTRYINSIGHTS

Healthcare

Services

Investorinterestinhealthcareservicesdelivery

remainsmoderatelystrong,thoughsome

hesitationpersistsaroundreimbursementriskasaprimarydeliverymodel.

Dentalofficesarestillhighlyfragmented,makingDSOconsolidationanattractiveexitstrategyandacontinuedareaofinterest.opportunityforanexit,likelytosupportinvestorinterest.

Formoredetail,

seeourreportondentalmarketinvestment

opportunities

.

PrimarycareisstillmostinfavoramongstPPMs,withinvestorsdrawntoPCPassetsthatalignwiththeongoingshifttowardvalue-basedcareasaninvestmentthesis.

Figure13:Non-PhysicianServices

Dental

34%

ChiropracticCare

13%

Optometry

10%

Veterinary

8%

Podiatry

5%

Q.Whatspecificnonphysicianservicesdoesyourfundfocuson?n=69

PhysicalTherapy

31%

Source:POTLOC

Figure14:PhysicianPracticeManagement

30%

15%

0%

Q.Whatspecificphysicianpracticemanagementdoesyourfundfocuson?n=48

20%

18%

15%

12%

16%

7%

7%

5%

PrimaryCardiologyOncologyNeurologyDermatologyWomen'sPsychiatryOther

CareHealth

Source:POTLOC

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INDUSTRYINSIGHTS

Pharma

Techand

OutsourcedServices

Inpharmatechandoutsourcedservices,investorattentioniscenteredonclinicaltrialtechnologyandmarketingtechforpatientsandHCPs.Overthepast12months,Staxhassupportedbuy-andsell-sideinvestorprocessesallfocusedinpharmamarketingtechnology.Pharma’swillingnessto

spendonadvanced,targetedmarketing,

particularlyinoncology,raredisease,neurology,andcardiology,drivesthisspendandthatthe

investmentopportunitiesthatcomewithit.

Clinicaltrialsitesarestillheavilyfragmented,creatingopportunitiesin-sitemanagement.

InvestorinterestherehasgrownasthetraditionalCROmodelfacesdisruption,withmanypharma

companiesshiftingsitemanagementbackin-houseratherthanrelyingsolelyonCROs.

Figure15:PharmaTech+Services

Q.Whatspecificareasdoesyourfundfocuson?n=61

11%

ClinicalTrialTech

23%

12%

Patient/HCPMarketingTech

CROs/SiteMgmt.

13%

Pre-clinicalTargetIdentificationTech

21%

Outsourced

CommercializationCMOs/CDMOs

20