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India is expected to see an upward trajectory in deal activity in 2024, according to a report by Bain & Company's Global Healthcare Private Equity and M&A report. The report cites a surge in healthcare spending and the resilience of pharma manufacturing and services. India overtook China in 2022 in deal volume and value size, and remained top in the Asia Pacific region in 2023. The report predicts 22 healthcare deals in 2023, with deal value reaching $4.6 billion.

For deal flows to be revived, buyers need to be more confident about China’s growth, and they need to see some strong and high-profile deals go through first, industry insiders say.

​The biggest merger and acquisition deal was Reliance Retail Ventures' majority buy of Superdry's assets in the local region for USD 48 million, while the top ADIA's USD 598 investment for a 0.6 per cent stake in Reliance Retail was the top billing transaction, involving a private equity ​fund​, the consultancy firm said.

Over the past year, M&A dealmakers have confronted their most prolonged challenges since the 2008–2009 financial crisis. Rising interest rates, geopolitical tensions, and recession fears contributed to a sustained downturn in deal activity that bottomed out in the first quarter of 2023.

Statistics from GlobalData and Ansarada both point to slowed deal activity within the region, but emerging technologies such as artificial intelligence (AI) may present opportunities.