Podiatry physician practice M&A

Read more about M&A trends and activity in this sector

Walter Olshanski

Walter Olshanski

Managing Director, KPMG Corporate Finance LLC

+1 332-259-3301

Podiatry physician practice M&A activity overview

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The fragmented U.S. podiatry physician practice market, dominated by groups with less than 3 physicians, represents an attractive consolidation opportunity.

  • There are approximately 4,500 podiatry physician practices in the U.S. and more than 96 percent of these practices are comprised of five or fewer physicians.(1)
  • Historically, the podiatry market has remained largely untouched by outside investment and general merger activity, leaving significant room for consolidation.
  • As solo podiatry practices face diminishing margins, private equity interest has increased as they recognize the opportunity to consolidate and achieve economies of scale.
  • As a result, podiatry is seeing increased interest from financial players including recent investments by Albaron Partners, Shore Capital, Siguler Guff, VSS, Compass Group, SunGate Capital, and NMS Capital.

Podiatry physician practice M&A activity(2)

Deal activity since 2018

Deal activity by geography since 2018

Key factors driving consolidation activity in the sector

Fragmented market

The sector is highly fragmented and is largely served by smaller private practices, presenting an opportunity to embark roll-up strategy.

Diverse revenue streams

Presence of ancillary services such as diagnostic vascular and nerve testing, cosmetic treatments, physical therapy, and in-office dispensing of foot care products, makes the specialty more attractive for potential buyers. 

Favourable macro trends

An aging American population and rising awareness of podiatry services will boost the growth of the specialty, thus fueling the interest of buyers in the sector.

Increased bargaining power

Larger podiatry practices have more resources to allocate towards marketing expenditures and negotiations with managed-care organizations to be included in their provider network.



  1. Practices with main specialty of Podiatry per Definitive Healthcare;
  2. Capital IQ, Mergermarket, and Press releases.


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