Market Overview: The Healthcare Practices Market in Germany – IMAP Sector Report H1/2026

Current Developments in the German Healthcare Practices Market

The German healthcare practices market remained resilient and growth-oriented throughout 2025 and into the first half of 2026. Germany's wider healthcare economy now generates around €498.2 billion in gross value added – equivalent to 12.5% of the entire German economy – and employs 7.7 million people, making it one of the most significant drivers of the national economy despite macroeconomic uncertainty.

This growth is underpinned by a highly regulated, largely recession-resistant reimbursement system and steadily rising demand for nursing, therapy, and outpatient care services. At the same time, structural challenges continue to shape the market: demographic change is driving up demand for care, while a shortage of skilled professionals limits the supply of qualified staff. Add to this the ongoing shift toward outpatient care and, in many cases, a lack of family succession in practices, care services, and homes.

"The healthcare practices market stands out for its resilience to economic cycles, regulated and predictable cash flows, and strong demographic tailwinds. Given the highly fragmented provider landscape, investors are increasingly building cross-regional platforms – from nursing and general medicine to specialist fields such as ophthalmology, urology, and radiology – an environment with considerable consolidation potential," says Florian Böschen, Partner at IMAP M&A Consultants AG.

Key Findings from the Report

Between 2020 and the first half of 2026, IMAP recorded 429 M&A transactions in the German healthcare practices market. Around 60% of target companies were already held by a financial investor, and 75% of all buyers overall were strategic acquirers. The majority of buyers (60%) were based in Germany, with a further 34% from elsewhere in Europe.

The most active acquirers of recent years include both international and domestic consolidators, among them a Europe-wide leading network of veterinary practices with 54 acquisitions, as well as German radiology and occupational-medicine groups with double-digit deal counts each. In total, the report identifies 76 active buy-and-build platforms owned by financial investors – more than half of which have already been held in portfolio for six years or more. Platform formation has slowed noticeably over the past two years, which the report attributes to rising interest rates and geopolitical uncertainty.

What the Report Covers and Who It Is For

The IMAP sector report covers eight sub-segments of the healthcare practices market: nursing and therapy, occupational medicine, medical care centers (MVZ) and clinics, as well as the specialist fields of ophthalmology, hearing care, dentistry, and veterinary medicine. For each of the 76 platforms identified, the analysis provides details on the investor, available key metrics, positioning, acquisition history, and portfolio holding period.