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State of Play
In the last decade, private equity firms have moved swiftly to consolidate the fertility clinic industry—across the U.S., Europe, and parts of Asia.
By 2018, nearly 30% of all assisted reproductive technology (ART) cycles in the U.S. were performed by clinics affiliated with private equity platforms. Today, that share is even higher.
And while the headlines around PE in healthcare often skew negative—citing stories of over-levered hospital groups and underfunded staffing—a 2023 academic study from professors at UC Berkeley and Copenhagen Business School painted a more nuanced picture for fertility clinics. Their findings? IVF success rates increased by 13.6% following a clinic’s acquisition by a fertility platform.
Let’s unpack what’s driving private equity interest in this space—and how firms are building scale.