The Growing, Highly Fragmented OB/GYN Market Offers Attractive Prospects for Buyers

OB/GYN is a large and fragmented market with sustainable growth supported by long-term trends. It also serves as a key referral point to a wide variety of other women’s health specialties, including mammography/imaging, high-risk pregnancies, advanced infertility issues, and advanced pelvic disorders. Buyers have increasingly taken notice of this potential, with a number of private equity-backed platforms gaining traction in the market and operating across geographies.

As we discuss in our new OB/GYN Market Overview, this $34 billion-plus sector is composed primarily of local physician practice groups.1 Treatment occurs in both clinic or outpatient facilities as well as hospital-based settings. As a result, OB/GYNs typically have admitting privileges and serve as an important patient conduit to hospitals (e.g., labor and delivery).

Demand for OB/GYN services is growing, as rising insurance coverage and disposable income have led to a sharp increase in preventive care visits. Yet despite the roughly 45,000 licensed physicians practicing in the field, there’s a shortage of OB/GYNs, and the provider base is aging, presenting an attractive opportunity for sophisticated providers to fill the void. Additionally, with OB/GYNs serving as a gateway to highly valued referral streams to hospitals and specialist providers, OB/GYN platforms have an opportunity to create vertical care models and add ancillary services to grow top-line revenue, improve their cost structure, and more holistically address patients’ needs. As the sector evolves, larger and more sophisticated OB/GYN platforms will have a meaningful ability to influence quality and cost of care as well as hospital inpatient labor and delivery admission volumes in markets where they have scale.

In our OB/GYN Market Overview, we explore in more detail the factors driving both supply and demand in the sector and provide an overview of several key trends that make the OB/GYN market attractive to buyers. We also highlight how increasing buyer interest is beginning to reshape the market and provide our outlook for OB/GYN M&A in the next several years.

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Andy Dixon, Managing Director

Cheairs Porter, Managing Director

1. Market size based on extrapolations of total OB/GYN visits in 2015 and average cost of visit (NAMCS, Statista, Doximity)

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