Following major consolidation in dentistry, optometry and veterinary services, attention is now shifting towards podiatry. Healthcare M&A specialists Verilo explore whether the sector could be next.
Over the past decade, private equity and corporate buyers have fundamentally reshaped several UK healthcare markets.
Dentistry has led the way. Bridgepoint’s £800m acquisition of MyDentist, reportedly valued at around 10x EV/EBITDA, highlighted the premium commanded by large, well-run platforms.
Figures from Christie & Co reveal that associate-led dental practices typically sell for between 6.5x and 8x EBITDA, with corporate-backed operations achieving valuations at the upper end.
The veterinary industry has gone even further.
The Competition and Markets Authority (CMA) estimates that about 60% of UK vet practices are now owned by large groups, compared to only 10% in 2013. During this time, prices for veterinary services increased by 63% between 2016 and 2023.
This aggressive corporate expansion has drawn global private equity investment and triggered a full CMA investigation, with provisional findings released in October 2025.
Optometry has followed a similar model. Specsavers is currently investing more than £85,000 per day into its UK and Ireland estate, underlining the scale of capital now entering high-street healthcare.
According to Verilo, which has advised on over 100 healthcare deals totalling more than £30m, podiatry is now showing comparable early-stage consolidation signals.
Joshua Catlett, Verilo founder, says, “The playbook is familiar. You have strong demographic demand, fragmented provision, and services that sit right at the intersection of clinical need and commercial opportunity. Podiatry is ticking those boxes, and buyers are starting to notice.”
The UK podiatry market continues to grow, supported by an ageing population, rising rates of diabetes, increasing musculoskeletal issues and greater public awareness of foot health.
Market research suggests the global podiatry services sector was valued at USD 4.3 billion in 2020 and is projected to reach approximately USD 5 billion by 2028. The UK represents a significant portion of this expansion.
From a commercial perspective, podiatry offers diverse revenue opportunities.
Most practices combine routine treatments with higher-value services such as gait analysis, biomechanics, minor surgery, sports podiatry, orthotics and cosmetic procedures.
This blend of income streams is particularly attractive to investors.
KPMG Corporate Finance has described podiatry as “an attractive consolidation opportunity,” highlighting that the market is “highly fragmented” and “largely served by smaller private practices, presenting an opportunity to embark on a roll-up strategy.”
Investment is also increasing across connected musculoskeletal and foot health sectors.
For example, orthotics provider TalarMade recently secured private equity investment from Rockpool to support acquisitions and national expansion, signalling rising institutional interest.
Verilo’s 2025 Healthcare M&A Market Report shows independent medical and allied health practices typically sell for between 3.5x and 6x EBITDA, depending on size, margins and speciality.
Dental practices, meanwhile, often achieve higher multiples, with larger groups approaching double-digit valuations.
Against this backdrop, Catlett says high-performing podiatry clinics are beginning to command pricing towards the top of the allied health range.
“We’re seeing more buyers build podiatry explicitly into their strategy. They’re looking for regional clusters, strong referral relationships, and practices that can plug into wider MSK and chronic disease pathways. For owners who have built reputable podiatry businesses, there is a window opening where buyer appetite and strategic logic line up.”
For sellers, this creates both opportunity and preparation requirements.
Practices with strong financials, clear governance frameworks and defined growth strategies – including multidisciplinary MSK services – are likely to benefit first if consolidation accelerates.
“Podiatry won’t become dentistry or veterinary care tomorrow, but the direction of travel is clear. The sector has solid fundamentals and a lot of independent practices. If we do see a genuine roll-up phase, it will be the prepared clinics, with clean numbers, processes and a clear proposition, that secure the best terms.”
Verilo reports increasing inbound enquiries from podiatry owners and buyers actively targeting the sector, indicating that the next consolidation phase may already be taking shape.
