After two years of muted activity, there are firm expectations of a deal recovery next year with 68% of all participants expecting M&A levels to be higher than in 2023. Healthcare corporates lead the way, with 70% predicting greater deal volumes. Institutional investors are a little more cautious with just 56% predicting an increase and 35% seeing activity remain at current levels. Overall, only 5% predict M&A activity levels to be lower.