Healthcare sector M&A outlook
Discover the trends, opportunities and M&A activity shaping UK healthcare, from outsourced pharma services and care providers to medical products.
Corporate Finance
| Note: The insights presented in this article are based on publicly available market data, transaction evidence, and industry research available as of October 2026. They should be considered a snapshot of the market and may not reflect subsequent developments. |
Understanding the drivers of growth, investment and consolidation shaping healthcare markets
Within the broader healthcare and life sciences sector, we explore four key subsectors: outsourced pharma services, specialist outpatients and community healthcare, health and social care, and medical products.
Across each specialist area, we examine the market forces catalysing growth and M&A activity, highlight specific subsectors generating buyer and investor interest, and explore the differentiating characteristics that distinguish high-quality businesses. We also share practical perspectives for owners considering their strategic options, whether a transaction is imminent or several years away. By assessing these four areas together we provide a connected view of the opportunities, challenges, and trends shaping the wider healthcare M&A market.
Key findings
Outsourced pharma services
Supporting pharmaceutical and biotech businesses as they respond to increasing outsourcing, innovation and investor demand
Pharmaceutical and biotech companies are increasingly turning to external partners across the drug lifecycle, from discovery and clinical development to market access, regulatory support and commercialisation. This reflects the growing complexity of new therapies, the pressure to bring products to market efficiently, and the need to access scarce scientific, technical, and technology-enabled capabilities.
Against this backdrop, specialist providers with deep expertise, strong client relationships and visible revenues can play a strategically important role and make for attractive investment or acquisition targets. We expect particular interest in firms in the CRO, HEOR, Medical Affairs and Communications, Development & Manufacturing, Reglulatory & Safety, and Specialist Consulting & Technology spaces.
Relevant deals
Investment: Ashley Medical Communications
Crowe advised the shareholders of Ashley Medical Communications on their investment from Hypha Partners LLP to support the management buy-out.
Sale: Lexica
Crowe advised Guy’s and St Thomas’ NHS Trust, the shareholder of Lexica, a healthcare and life sciences consultancy practice, on its sale to WSP.
Acquisition: RApport Global Strategic Services
Crowe provided vendor due diligence to ELIQUENT Life Services, a regulatory consulting firm on its sale of RApport Global Strategic Services.
Acquisition: Roquefort Therapeutics plc
Crowe provided reporting accountant services to Roquefort Therapeutics plc on its acquisition of Oncogeni Limited, a biotechnology company.
Acquisition: Allcures plc
Crowe provided buy-side support to Allcures Plc on its acquisition of The Hub Pharmacy, a chain of pharmacies.
Reverse Takeover: BSF Enterprise plc
Crowe provided reporting accountant services to BSF Enterprise plc on its acquisition of 3D Bio-Tissues Limited and re-admission to the Main Market.
Admission: Wellnex Life plc
Crowe provided reporting accountant services to Wellnex Life Plc, a healthcare and pharmaceutical manufacturer, on its placing and admission to AIM.
Admission: Cardiogeni plc
Crowe provided reporting accountant services to Cardiogeni Plc, a clinical stage biotechnology company, on its admission to the AQSE.
Specialist outpatients and community healthcare
Helping healthcare providers navigate shifting care pathways, growing demand and evolving delivery models
Healthcare delivery is moving beyond the traditional hospital setting as the NHS seeks additional capacity, shorter waiting times, and more care delivered closer to patients’ homes. Independent providers are helping to meet this demand across diagnostics, specialist clinics, community services, mental health, and other outpatient pathways, supported by greater patient choice and a mix of NHS, insured, and self-pay income.
We expect continued pressure on NHS capacity, and strategic decisions such as the commitment to moving care from hospitals into community settings in the 10 Year Health Plan, to drive continued demand and provide the conditions required to scale. We expect buyer and investor appetites to be driven by a desire to add new specialist services to existing platforms, and to expand into new markets and contracts. Many clinics are still owned by their founders and clinicians, leaving considerable scope for consolidation within the sector.
Relevant deals
Acquisition: LycaHealth
Crowe provided financial and tax due diligence to LycaHealth on its acquisition of KIMS Hospital, a Kent-based independent hospital.
Agathos Management LLP invests into Lexxic
Crowe provided financial and tax due diligence to agathos Management LLP on its investment into Lexxic, a neurodiversity assessment provider.
Investment: YFM Equity Partners
Crowe provided financial and tax due diligence to YFM Equity Partners on its investment in Psychology Tools Limited.
Admission: One Health Group plc
Crowe provided reporting accountant services to One Health Group plc, provider of NHS-funded medical procedures, on its admission to AIM.
Relevant deals
Sale: Careskills Academy Limited
Crowe advised the shareholder of Careskills Academy, an e-learning provider to the social care market, on its sale to The Citation Group.
Acquisition: Montreux Healthcare Fund
Crowe provided buy-side support to Montreux Healthcare Fund on its acquisitions of AJ Case Management and Medbank Healthcare Solutions.
Acquisition: Montreux Healthcare Fund
Crowe provided financial due diligence to the Montreux Healthcare fund on its acquisition of Active Assistance, a specialist care provider.
Admission: Polarean Imaging plc
Crowe has advised Polarean Imaging Plc with their admission to AIM.
Medical products
Helping medical device businesses navigate innovation, regulation and opportunities for long-term growth
Healthcare providers in the UK are under pressure from both a demand and cost perspective, looking to deliver more care in community settings, manage costs, and improve patient outcomes. The medical products market in the UK remains fragmented, with substantial opportunity for consolidation within the supply chain. Key products include medical consumables, wound care products, Mobility products, surgical equipment, monitoring equipment and associated services.
Strategic acquirers and private equity-backed platforms are making acquisitions to increase their product offerings and to access & consolidate a larger share of customers. Stand-out businesses in the medical products market are those that have differentiated, specialist products and recognisable brands. In a trust-based market, owners of businesses with well-established customer relationships and a reliable track record of procurement & delivery are well positioned within the M&A market. Repeat revenue streams in the form of long-term supply contracts, and medical device maintenance also make companies in the space attractive for investment/acquisition.
Relevant deals
Acquisition: Belimed AG
Crowe provided financial and tax due diligence to Belimed AG on its acquisition of Amity Limited, a speciality chemical manufacturer.
Admission: Belluscura PLC (AIM)
Crowe provided transactional services to Belluscura PLC on its acquisition of TMT Acquisition plc.
Admission: Polarean Imaging Plc
Crowe has advised Polarean Imaging Plc with their admission to AIM.
Recent activity
Corporate Finance Deals
Discover the deals, market activity and investment opportunities driving growth and value creation for businesses.
SECTOR EXPERTISE
Life Sciences and Healthcare
Understand the opportunities, challenges and deal drivers influencing organisations across life sciences and healthcare.
Services
How we can help
Crowe UK provides integrated deal advisory services with a strong emphasis on commercial value, execution certainty and outcomes.
Our team combines transaction experience, sector insight and financial rigour to support clients at every stage of the deal lifecycle, from strategy and preparation through to execution and completion.
Capital Markets
Supporting businesses considering equity raises, shareholder liquidity events and capital structuring, helping position them clearly and credibly for investors, funding discussions and long-term sustainable growth.
Mergers and Acquisitions (M&A)
Advising on buy-side and sell-side transactions, supporting teams and shareholders with target identification, buyer sourcing, process management and negotiation, maximising value and achieving strategic outcomes.
Valuations
Delivering robust business valuations for statutory and transactional purposes, including purchase price allocations, providing clear insights that support decision-making, reporting requirements and stakeholder confidence.
Due diligence
Going beyond the numbers to assess earnings quality, cashflow, working capital and key commercial risks, providing useful insights to support negotiations, manage risk and inform post-deal planning.
Modelling
Developing flexible financial models to evaluate scenarios, assess performance and support strategic decisions, combining technical accuracy with commercial insight to provide clarity in complex situations.
Debt advisory
Advising on debt raising, refinancing and capital structure optimisation, supporting lender engagement and funding strategy to ensure financing solutions align with business objectives and transaction requirements.
Contact us
Charlie Copp
Partner, Corporate Finance and Head of Life Sciences and HealthcareLondon