Behavioral healthcare deal volume rose more than 42% in 2025, with 104 publicly announced transactions compared to 73 in 2024 and 83 in 2023, according to results published in “The Health Care M&A Report.” While full-year activity rose significantly, deal announcements slowed each quarter, revealing a shift in the market place.
Here are four things to know:
- The 2025 total marked the most active year for the sector since 2022, with 114 deals announced.
- Quarterly deal activity declined steadily throughout the year, falling from 32 in the first quarter to 28 in the second, 26 in the third and 18 in the fourth — a 22% drop from the 23 deals reported in the fourth quarter of 2024.
- Counseling and psychiatric care was the most active specialty in 2025, accounting for 52 deals — nearly triple the 18 recorded in 2024 — including nine deals in the fourth quarter alone. This reflects heightened demand for outpatient services and talk therapy.
- Substance use disorder treatment ranked second for investor interest with 18 deals in 2025, followed by autism spectrum disorder treatment and intellectual and developmental disability care, which each recorded 11 transactions.
