1、2026 HEALTHCARE OUTLOOK1Institutional Research GroupBrian Wright Lead Research Analyst,Healthcare Aaron DeGagne,CFA Senior Analyst,Healthcare Ben Zercher,PhD Senior Analyst,Healthcare Ben Riccio Associate Analyst,Industry&Technology Research Published on December 2,20252026 Healthcare OutlookHealthc

2、ares rebound to accelerate in 2026PitchBook is a Morningstar company providing the most comprehensive,most accurate,and hard-to-find data for professionals doing business in the private markets.Key highlights 2026 should see rebound in activity across biopharma and healthcare services with continued

3、 strength in healthtech and HCIT.Early indications are that AI is improving clinical trial success rates,potentially doubling historical norms.We provide a full analysis by clinical phase along with ramification for early-stage life science investor return profiles.The bottom-line is that funding in

4、 the early stage has been weak,and prospective return profiles have never been better.We provide lists of companies and investors specializing in these areas.Continued high medical costs are likely to drive more significant healthcare reforms,with activity heating up in 2026.We highlight potential a

5、reas of reform.We expect continued convergence in capability development plays in healthcare IT and healthtech,which should lead to substantial acquisitions of VC-backed healthtech companies by PE-backed HCIT companies.We expect IPO exit activity to pick up across all healthcare.Key highlights 1Over

6、view 22026 outlooks 4Biotech,pharma,&biotools 4Healthcare services 9PE healthcare IT 12Medtech 13Healthtech 15Appendix 172026 HEALTHCARE OUTLOOK2OverviewWe see 2026 as providing one of the best investing opportunities we have seen in decades across a number of subsectors.In biotech,M&A activity bega