PE-backed orthopedic deal volume fell to its lowest level since 2020 in 2024, with just seven announced transactions — down from 28 in 2022. But the sector turned a corner in 2025, when four new sponsor platform investments were made including Evolve (NY), OrthoNOW (FL), and Precision (MI), alongside a sponsor-to-sponsor transaction for OSM. Through September 2026, fourteen deals have been announced, with eight by health systems and three PE-backed — suggesting the market is active but bifurcating between health system acquirers and private equity.
This BGP Advisors Orthopedics & MSK M&A Update tracks 222 third-party announced U.S. orthopedic and MSK transactions from 2018 through September 30, 2026. It covers which PE-backed platforms led the formation wave, which are still active, where deal activity is concentrated geographically, and what the current environment means for independent orthopedic practice owners evaluating a transaction.
For additional information or to discuss a potential transaction, please contact Andrew Adams at andrew.adams@bayshoregp.com.
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