Not every healthcare practice looks the same to a buyer. Two practices can be the same size, in the same city, with the same revenue. But if one is in a specialty that buyers are actively targeting and the other isn't, they will get very different offers.
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In 2026, healthcare M&A is active. Global private equity deal value in healthcare hit a record high in 2025, topping $191 billion, according to FOCUS Investment Banking. But buyer interest is not spread evenly. It is focused on specific specialties for specific reasons.
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If you're thinking about selling now or in the next few years, knowing where buyers are putting their money gives you real context for what your practice is worth.
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Here is where the action is in 2026.
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The specialties drawing the most buyer activity right now
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Dental
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Dental has been one of the busiest categories in healthcare M&A for several years.
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That didn't change in 2025. According to the Private Equity Stakeholder Project's 2025 annual review, dental was the second most active PE subsector, with 149 tracked deals. Of those, 95% were add-on deals made by PE-backed dental groups that are still growing.
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Specialty dental is especially hot right now. Oral surgeons, endodontists, and orthodontists have all seen strong deal activity as DSOs look to add high-margin procedures to their platforms.
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For dental sellers, the demand is real. The market has matured though. Buyers are more careful than they were three years ago. Clean books and solid operations matter more than ever.
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Behavioral health
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Behavioral health has been active for years and is still going strong. According to the American Health Law Association's 2025 review, behavioral health deals grew 7.5% over 2023 levels. The activity has held into 2026.
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The reason is simple. Demand for mental health and substance use services far exceeds the available supply in most U.S. markets. Telehealth has made these practices easier to scale. And insurance coverage for mental health has improved over time.
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There's also a tech angle. AI use among behavioral health providers jumped from 17% in 2024 to 27% in 2025, according to PCE Investment Bankers. Buyers see these practices as both a care business and a platform that can grow.

The good news for sellers: consolidation in behavioral health is still early. Buyers are still paying strong prices for quality practices, not fighting over the last ones in a crowded market.
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Cardiology

Cardiology is one of the highest-valued specialties in healthcare M&A right now. FOCUS Investment Banking named it one of the two most competitive specialties for buyers in 2025, alongside gastroenterology.

The reason is demand. Heart disease is the leading cause of death in the U.S. The patient pool is large and growing. Cardiology practices that own their own imaging or procedure facilities generate extra revenue that makes them even more valuable to buyers.

Across all healthcare, median sale multiples dropped to about 11.5x EBITDA in 2025, down from 14.5x the year before. But cardiology is holding above that average. Well-run practices are still selling at double-digit multiples.

Dermatology

Dermatology ranked as one of the top two PE-backed outpatient specialties by deal count in 2025. Buyers have been active here for years. The specialty has matured, but interest is still strong.

The reason dermatology holds up is its revenue mix. Medical dermatology brings steady, insurance-backed income. Cosmetic services like injectables and laser treatments bring in high-margin cash-pay revenue. That mix makes these practices less exposed to insurance cuts than other specialties.

Sellers in dermatology should know that multiples have come down somewhat. Buyers are being more selective. Practices with a strong cosmetic revenue mix and stable staff are still getting competitive offers.

Ophthalmology

Ophthalmology, especially retina practices, is drawing strong buyer interest in 2026. PCE Investment Bankers identified it as one of the most active bidding areas for private equity buyers.

One deal shows just how serious buyers are. Cencora, a major healthcare distributor, completed its acquisition of Retina Consultants of America. When distributors start buying practices directly, it signals how valuable those patient relationships have become.

Practices that perform cataract surgery, retinal procedures, or LASIK have predictable, high-value procedures that buyers can plan around. Add in an aging U.S. population that needs more eye care every year, and the long-term case for this specialty is strong.

Gastroenterology

GI practices consistently rank near the top of buyer interest lists. The reasons are similar to cardiology: steady demand, a large patient base, and strong revenue from owned procedure centers.

Colorectal cancer screening is now recommended starting at age 45, adding millions more patients to the pool. That broader demand makes GI practices a more attractive long-term investment.

According to PCE Investment Bankers, 67% of healthcare M&A professionals named specialty care as the most resilient M&A segment heading into 2026. GI is one of the specialties driving that view.

Pediatrics

Pediatrics is one of the fastest-growing PE targets in 2026. Private equity investments in pediatric outpatient care tripled year-over-year in 2025, according to both FOCUS Investment Banking and the Private Equity Stakeholder Project.

The reason is fragmentation. Pediatric care is still mostly delivered by small, independent practices. That means there is a long runway for buyers to build platforms, similar to what already happened in dental and dermatology. Buyers who move now are getting in earlier in that process, which
usually means better prices.

For pediatric practice owners, this shift is worth paying attention to. Consolidation interest here is newer than in other specialties. Multiples haven't been compressed by years of heavy deal-making. Sellers who act now are in a stronger spot than those who wait.

Medical aesthetics

Medical aesthetics has grown in buyer appeal. The revenue is mostly cash-pay, the margins on injectables are high, and the customer base for non-surgical aesthetic treatments keeps growing.

Buyers are most interested in full-service practices. Those offering a mix of injectables, body treatments, laser services, and skin care attract more interest than single-service clinics. Diverse services mean more ways to grow, which is what buyers are paying for.

One other advantage: this space draws both healthcare-focused PE groups and consumer-focused investors. More buyer types mean more competition, which is good for sellers.

What makes a specialty attractive to buyers

Looking at all eight specialties, a few things keep showing up. Understanding them helps you see whether your practice is likely to draw strong buyer interest.
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Patients come back on a regular schedule. Buyers love practices where patients return. Preventive dental care, mental health therapy, cardiology follow-up visits, and GI screenings all have built-in return patterns. That steady flow makes revenue more predictable and easier to value.
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The practice earns beyond the exam room. Practices that own imaging, surgery, or infusion services generate income beyond what doctors bill directly. That extra revenue often has an outsized effect on the sale price.
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The market isn't crowded yet. The most active M&A markets are the ones where no single buyer has taken over yet. Behavioral health and pediatrics are still fragmented. Dental and dermatology are more consolidated. Earlier-stage markets mean more buyer competition and better prices for
sellers.
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Insurance risk is manageable. Buyers are cautious about specialties that could face insurance cuts. Practices with a mix of commercial insurance, cash-pay, and government coverage are valued more than those that depend heavily on one source.
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What this means if you own a practice in one of these specialties
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If your specialty is on this list, buyers are actively looking for what you have. That's a strong position to be in. But good market conditions don't automatically lead to a good outcome.
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Buyers in these specialties see a lot of deals. The practices that stand out are the ones that are easy to evaluate. Clean financials, stable staff, written systems, and a clear picture of your practice's value are what separate a fast, competitive process from a slow, frustrating one.
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If your specialty isn't on this list, that doesn't mean your practice isn't sellable. It means the buyer pool may be smaller. Knowing that going in helps you set realistic expectations and find the right path to market.
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Thinking about selling in today's market? VentureCare helps healthcare owners capitalize on favorable conditions, connect with the right buyers, and secure optimal outcomes. Start the conversation with our team today.