Reviewing Current Trends: Private Equity in Anesthesiology

In 2023, the United States alone spent 17.6% of its gross domestic product on health care, reaching $4.9 trillion, or $14,570 per person. With the healthcare sector being such a large market, for-profit companies have shown increasing interest. For example, private equity firms have invested more than $750 billion in the U.S. healthcare market. In 2010, the estimated annual private equity investment in the healthcare market was $41.5 billion, but in 2021, it increased to more than $200 billion. Traditionally, private equity firms focused on specialties such as dermatology, which have substantial potential to generate additional income from elective procedures and ancillary services. However, there has been an increasing interest in the field of anesthesia. In fact, between 2013 and 2016, 33.1% (1,894 of 5,714) of physicians employed by groups acquired by private equity firms were anesthesiologists, and 19.4% (69 of 355) of the acquired practices were anesthesia groups. The dramatic growth of private equity investments in anesthesia presents both promising opportunities and concerns about the future direction of the field, particularly how anesthesia services will be delivered, managed, and funded in the U.S. healthcare system.