Here 10 statistics highlighting shifting consolidation trends among ASCs:
1. Nearly 2,000 ASCs were under partnership by a national operator in 2023 — up from approximately 1,339 centers in 2011.
2. ASC chains control about 33.5% of freestanding ASCs, with the remaining 66.5% still held by independents.
3. The ASC market is reentering a phase of aggressive private equity activity as capital flow resumes and buyers target scale in strategic geographies.
4. While ASC deal volume dropped by 50% in the first half of 2025 compared to the same period in 2023 and 2024, this decline may understate real activity because smaller transactions involving independent ASCs and joint ventures often go unreported.
5. Several states have either adopted or proposed new private equity laws that could have significant impacts on mergers and acquisitions in the ASC space.
6. Private equity firms were involved in 280 physician medical group transactions in 2024, accounting for 59% of total healthcare deals that year.
7. According to an October 2024 survey from VMG Health, 59% of independent ASCs would consider a strategic partnership rather than a full sale. Among those open to partnerships, 71% would consider working with a health system, 31% with a management company and 29% with a private equity group.
8. Between 2018 and 2023, the overall share of ASCs with some level of corporate ownership grew modestly, from 20% to 21.1%.
9. Many ASCs are rethinking ownership to attract younger surgeons wary of high buy-in costs.
10. ASC deal multiples are holding around eight times the operating income, signaling a maturing and more competitive M&A environment.
