Private equity in healthcare saw its second highest year on record in 2022, closing on roughly $90 billion worth of deals, according to a report from consulting from Bain and Co.

Despite a slowdown caused by macro-economic and geopolitical forces in the second half of the year, 2022 was still the second-best year on record for healthcare dealmaking, due in large part to the white-hot pace of investment at the start of the year, according to the report.