Healthcare isn't immune to the conditions facing the rest of the market, but several long-term trends provide it with some resilience. Longer life expectancy means more healthcare. Medtech driving new services and markets. Evolving sub-sectors present interesting private equity investment opportunities including precision medicine and pharmacogenetics. Regional trends differ - in Europe funding mainly comes from governments but is shifting to private providers; the US has the highest concentration of PE healthcare deal activity at 59% ($79 billion) in 2022. PE healthcare transactions since 2010 yielded median IRR of 26.9%, surpassing other industries by 560 basis points.