New Data: US Dental Physician Medical Group M&A Down 27% Year-Over-Year in Q3 2026

Source: Physician Medical Group M&A Report

DentalGoodNews｜On October 19, 2026, Irving Levin Associates, a healthcare M&A research firm, released its quarterly M&A data report "Physician Medical Group M&A Report" from its LevinPro HC platform. The report data shows that in the third quarter of 2026 (Q3:26), a total of 105 M&A transactions were announced in the U.S. Physician Medical Group (hereinafter referred to as "PMG") sector, a decrease of 23% compared with 137 transactions in the third quarter of 2025 (Q3:25), and a slight decline from 107 transactions in the second quarter of 2026 (Q2:26); in the first three quarters of 2026, a cumulative total of 368 M&A transactions were announced in this sector.

By segment, dentistry remained the most concentrated segment for PMG transactions. In Q3:26, there were 51 dental transactions, accounting for 49% of total PMG transactions, a decrease of 7% from 55 in Q2:26 and a decrease of 27% from 70 in Q3:25. In the same period, dermatology transactions totaled 11, higher than 5 in Q2:26 and 8 in Q3:25; otolaryngology, obstetrics and gynecology, and cardiology transactions totaled 7, 5, and 4, respectively.

Source: Physician Medical Group M&A Report

From the perspective of investors, Private Equity (PE) firms and their platform companies remained the most active investors in the PMG market, completing 53 transactions in Q3:26, accounting for more than 50%, compared with 47% in Q3:25.

In the dental sector, Dental Service Organizations (DSOs) completed 30 transactions in Q3:26, of which 16 were PE-backed DSOs, while independent, physician-owned groups began entering the market in the third quarter. By comparison, among the 46 DSO transactions in Q2:26, PE-backed DSOs completed 27; among the 36 DSO transactions in Q3:25, PE-backed DSOs completed 23.

Source: Physician Medical Group M&A Report

In terms of transaction value, only 2 transactions in Q3:26 disclosed prices, with a combined disclosed value of US$68.7 million, compared with 5 transactions totaling US$5.7 billion in Q3:25. Among them, Park Dental Partners, Inc.'s acquisition of North Carolina-based Village Family Dental DSO was valued at US$39.1 million, and Singapore-based Q&M Dental's acquisition of Thailand's Deezy was valued at more than US$29.6 million.