The demand side of healthcare has consolidated faster than the supply side built to serve it. In Europe, Doctolib's £100M UK push and Medicus acquisition pulled French, German and UK primary care onto a single platform; the European Commission's December 2025 MDR/IVDR revision proposal explicitly acknowledges "structural deficiencies" in the notified body pipeline causing "certification bottlenecks, reduced availability of products, and unsustainable pressure on SMEs."
In the US, the top three GPOs (Vizient, Premier, HealthTrust) cover roughly 80% of hospital staffed beds, and the Transcarent and Accolade merger closed in April 2025 at $621M, creating a 20-million-member, 1,700-employer platform with a built-in marketplace for point solutions. EY's 2025 Pulse of MedTech reports the same shape globally: the number of medtech companies has fallen 11% since the start of the decade while the commercial-leaders cohort has grown 20%.
Across digital health, medtech and diagnostics, the addressable customer count is smaller than the patient market suggests, sales cycles run twelve months and longer, and pricing is set by counterparties whose explicit job is to extract concessions. The realistic options now are platform, partner, or be acquired.