Real Estate/REITs Dealtracker: Q1 2025
Thought leadershipThe Indian real estate sector commenced 2025 with a marked resurgence in transaction activity, reflecting sustained investor confidence and strategic alignment across asset classes.
The first quarter of 2025 reflected sustained investor attention in India’s healthcare and pharmaceutical sector, marked by consistent deal activity and strategic alignment with long-term growth drivers. Transaction trends across both segments signalled a targeted approach to market expansion, technology integration, and infrastructure development. Pharma transactions continued to focus on scale-building in API and CDMO operations, while the healthcare space saw meaningful consolidation in single-specialty hospitals and diagnostics.
Health tech remained active, with early-stage investments gaining traction, particularly in digital platforms geared toward preventive and chronic care. The quarter also highlighted an increasing preference for scalable, asset-light business models in diagnostics and consumer healthcare. Amid macroeconomic headwinds, investor behaviour leaned towards selectivity and value optimisation, yet appetite for high-quality, innovation-driven platforms remained firm.
This edition of the Dealtracker analyses key sector movements and investment preferences, offering insights into the shifting priorities of both strategic and financial investors. As industry fundamentals remain strong, the trajectory of deals suggests a maturing market favouring innovation, access, and operational resilience.
Key insights from the Pharma and Healthcare Dealtracker Q1 2025
Investor interest in India’s healthcare and pharmaceutical landscape remains resilient, with strong momentum in health tech, CDMO/API manufacturing, single-specialty care platforms and consolidation in multi-specialty hospital. The sector’s shift toward regulated market access, digital innovation, and scalable consumer health models continues to drive deal flow. While the fundamentals remain robust, macroeconomic pressures and potential US tariff measures may moderate deal values and volumes in the near term. Nevertheless, the sector presents compelling opportunities for both strategic and financial investors looking to tap into India’s evolving healthcare ecosystem.
Bhanu Prakash Kalmath S J
Partner and Healthcare Services Industry Leader, Grant Thornton Bharat
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