The Asia Pacific region is home to four of the ten largest acute care operators in the world, trading at an average EV/EBITDA multiple of 22x. APAC now has 58 listed healthcare services groups for an aggregate market cap of $158bn. But has it passed its peak? At the Healthcare Business International conference in London, private equity firms spoke of 2016 as a ‘crash year’, marked by political uncertainty and financial instability.