1、2026 Healthcare and Life Sciences Investment OutlookProof over promise:Disciplined transformation in an AI-enabled,value-based Contents2Executive summary49Healthcare services7Subsector analyses55Healthcare payers12Biopharma62Healthcare IT19Life sciences tools and diagnostics70Conclusion68New frontie

2、rs:HCLS digital25Medical devices71How KPMG can help31Biopharma services37Tax and tariff outlooks72Authors73Related thought leadership40Healthcare overview9Life sciences overview43Hospitals and health systems1 2026 KPMG LLP,a Delaware limited liability partnership and its subsidiaries,are part of the

3、 KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Executive summaryThis reports insights are based on extensive global research into the deal and market environments,as well as our annua

4、l survey of corporate and private equity(PE)dealmakers across eight subsectors.Crucial to creating this report is the extensive knowledge and experience of our HCLS leaders,who work with our clients on their most pressing deals,strategy,and transformations worldwide.Uncertainty on many fronts challe

5、nged HCLS deal markets in 2025,holding back some potential transactions while spurring others.Interest rate cuts by the US Federal Reserve that began in 2024 were paused through much of 2025 before being restarted late in the year.Company leaders had to make sense of wide-ranging government policy a

6、lterations,including a shifting array of new tariffs,passage of a major tax bill,and changes in leadership and direction at federal agencies.Pressure to reduce drug prices and bring research and manufacturing back to the US reverberated through life sciences subsectors while changes in demand,financ