Updated: June 2026
Published by Physician Growth Partners
Although private equity investment in the ENT, Asthma & Allergy sector is relatively nascent with only 10 major active platforms to date, the specialty is very fragmented with high patient demand and a mismatched supply of providers, fueling growing interest from investors.
This growing appetite is driven by the interplay between subspecialties (ENT, Asthma, Allergy, Audiology) and the ability to capture ancillaries. For example, ENT and allergy often see an overlapping patient base, and many ENT practices already run their own allergy and immunotherapy testing services. Larger ENT platforms tend to prefer the fully integrated model while several pure-play platforms exist to focus exclusively in allergy. Platforms that are heavy on one side or the other sometimes look to balance the revenue mix across subspecialties. This market update draws on the latest market insights, recent transactions, and Physician Growth Partners’ experience and perspective on the ENT, Asthma & Allergy M&A landscape.
The demand for ENT, Asthma & Allergy services continues to rise with disease prevalence. More than 50 million Americans have allergies, accounting for around 30% of adults and 40% of children. 1 Asthma is also very common, affecting one in twelve people.2 The disease is often poorly treated in upwards of 62% of adult patients and requires ongoing management. 3 Across ENT, Asthma & Allergy, there is clear evidence for increasing clinical demand, with an aging population experiencing more chronic airway disease (allergic rhinitis, asthma, chronic rhinosinusitis, sleep apnea, etc.), underpinning the repeat volume of patients.
The ENT treatment market was estimated to be around $18.9B in 2024 and $20.1B in 2025 (6.3% y/y growth). On top of that, the ongoing management of allergic diseases is costing the U.S. more than $110.0B USD a year in spending. At the same time, the fields are considered highly fragmented and underserved. There are only an estimated 12,000 otolaryngologists practicing in the U.S., and are heavily concentrated in metropolitan areas, with only about 10% of ENTs in rural regions. 4
A very fragmented field with rising demand and a shrinking provider base makes ENT, Asthma, and Allergy practices extremely attractive next wave targets to private equity and strategic consolidators. These players can create value through scale and investments in ancillary services like ambulatory surgery centers, in-office imaging, allergy immunotherapy, audiology, and sleep care.
Valuations within the sector are driven by ancillary mix (and the opportunity to add ancillaries), scale, and reputation. Based on PGP’s firsthand experience advising groups in the space, practices with a larger footprint and clear lines of sight to growth are the ones that achieve premium valuations at double digit EBITDA multiples. Smaller tuck-in practices generally trade at lower single digit EBITDA multiples. There are several service line components to a practice that can drive valuations higher:
Key valuation drivers by service line:
| Service Line | Key Valuation Drivers |
|---|---|
Professional Services | Surgical and medical treatment of conditions affecting the ears, nose, sinuses, throat, head, and neck (I.e., balloon sinuplasty, sinusitis treatment, etc.) |
Ambulatory Surgery Centers (ASC) | CON state, number of OR rooms, Surgical volume, payor mix, and capacity utilization |
In-Office Imaging (for sinus CTs) | Integrated ancillaries (or opportunity to add), margin driver |
| Audiology & Hearing Aids | Device margin, performed in house, OTC hearing-aid dynamics |
Allergy & Immunotherapy Testing and Injections | Comprehensive testing (skin prick testing, blood testing, patch testing), allergy shots and immunotherapy |
Asthma & Nasal Polyp Care | Nasal sprays, biologic injections, aspirin desensitization, endoscopic sinus surgery, etc. |
The buyer universe consists of several distinct acquirers:
From January 2025 through March 2026, more than 13 ENT and allergy transactions were announced, making the specialty one of the most active areas of market consolidation.
| Date | Buyer | Target | Commentary |
|---|---|---|---|
| Jan 2025 | ENT Partners | Alan E. Oshinsky, MD, PA & The Hearing Wellness Center | Two Baltimore-area practices with 5 combined locations and a team of 2 otolaryngologists and 3 audiologists, focused on ENT, sleep medicine, and audiology services. |
| Jan 2025 | Parallel ENT & Allergy | Allergy & Asthma Associates of Michigan | Multi-physician Michigan allergy and asthma group expanding Parallel’s Midwest footprint. (Advised by PGP) |
| Mar 2025 | Align ENT + Allergy | Princeton Allergy & Asthma Associates | 6-physician asthma and allergy clinic with 4 locations; noted as Align’s first New Jersey partnership. |
| Jun 2025 | Elevate ENT Partners | Camellia ENT | Single-location ENT practice. |
| Jun 2025 | ENT Partners | ENT Specialists | Single-physician practice, expanding ENT Partners’ footprint in Chicago. |
| Jul 2025 | Align ENT + Allergy | Allergy & Asthma Physicians of Commerce Township | 2-location allergy and asthma practice; allowed Align ENT + Allergy to expand into Michigan. (Advised by PGP) |
| Oct 2025 | Parallel ENT & Allergy | F. Parker Thornton, MD | Practice absorbed into Head & Neck Surgery of Kansas City (Parallel) upon Dr. Thornton’s retirement after 40 years. |
| Nov 2025 | Align ENT + Allergy | Hunterdon Otolaryngology & Allergy Associates | Two-location practice that expands Align’s presence in NJ. |
| Nov 2025 | Precision Healthcare Specialists | ENT & Allergy Specialists of Florida | Brings 6 physicians and 3 ENT locations to Precision’s Southwest Florida network. |
| Jan 2026 | ENT & Allergy Associates | Houston ENT & Allergy | 6-location practice with 16 ENT specialists, 3 allergists, and 13 audiologists. |
| Jan 2026 | Parallel ENT & Allergy | Atkins Expert Sinus Care / Central Texas Sinus & Allergy / Texas Sinus & Snoring | 3-practice regional tuck-in deal in Texas. |
| Mar 2026 | Align ENT + Allergy | Michigan Ear Institute | One of the nation’s leading medical and surgical ENT groups with over 7 surgical physicians specializing in otology, neurotology, and skull base surgery. (Advised by PGP) |
| Mar 2026 | Align ENT + Allergy | Lakeshore Ear, Nose & Throat Center | A prominent Southeast Michigan practice featuring 15+ physicians and 5 advanced practice providers across six clinical locations. (Advised by PGP) |
Client Advised by PGP
PGP is one of the most active advisors in the ENT & Allergy space advising on four of nine transactions since 2025:
These transactions demonstrate PGP’s expertise in the sector, delivering strong outcomes for its ENT & Allergy clients and reaffirming the market’s continued appetite for high-quality practices. PGP remains highly active in the ENT & Allergy space, with several practices currently in the market seeking private equity and strategic partners.
Healthcare continues to grow more complex, creating uncertainty for founders and independent practitioners. In response, many providers are exploring partnerships with larger platforms to diversify and de-risk, while gaining access to greater scale, resources, and infrastructure needed to remain competitive and continue delivering care independently.
From PGP’s firsthand experience, the current market represents a compelling time to evaluate a potential transaction for the following reasons:
Premium Valuation Environment: Market activity has improved recently, and we are seeing valuations return to premium levels like those reached in 2021 and 2022. Paired with improved economic stability, a more competitive buyer landscape, and new capital support higher valuation benchmarks for well-run practices.
Reimbursement Environment: The current reimbursement environment remains challenging, especially when taken in conjunction with inflationary pressure on the cost side with labor, supplies, and operating costs all increasing. While expenses have risen meaningfully, reimbursement rates have historically continued to contract, creating margin pressure and making growth and disciplined cost management increasingly important. Practices who see capital as a constraint to growth are under especially high pressure which may warrant consideration of a partner to bring capital to support such initiatives and investment.
Health Systems Competing for Specialists: Local health systems are looking to bring ENT and Allergy care divisions in-house to capture volume amidst a decreasing supply of specialists and increased competition from PE-backed groups. Health Systems have the capability to fund large guarantees to physicians and provide better institutional organization at levels independent practices cannot often match.
Substantial Institutional Dry Powder: private equity investors have significant dry powder that remains undeployed. ENT and allergy remains one of the more attractive and relatively newer specialties undergoing consolidation. As a result, PGP expects continued add-on activity and new platform formation over the next year as sponsors look to aggressively deploy capital.
The Aging ENT and Allergy Workforce: Many practice owners are nearing retirement, the average otolaryngologist is in their early 50s. Many older owners want to diversify and achieve a succession plan while younger physicians prefer joining larger platforms who have stronger operational capabilities and ancillary services.
ENT and Allergy is still new to private equity. As previously mentioned, there are around 10 platforms, with the earliest founded in 2019. Groups like SENTA, ENT Partners and Parallel ENT, are reaching the end of the typical five-to-seven-year hold period, so we expect second bite and recapitalizations to begin soon.
For independent ENT and Allergy practices that have not yet completed a transaction, it is important to conduct thorough due diligence on the buyers in the market. The goal should be to identify a partner that allows physicians to maintain the level of control they desire, continue practicing in a similar manner, access resources that alleviate historical administrative and operational burdens, and benefit from a proven track record of success in keeping physicians aligned.
As in any sector, not all groups are created equal. It is critical for practices to conduct thorough diligence and engage an investment banker who can help navigate a transaction beyond valuation, with equal focus on cultural fit, physician alignment, and selecting the right long-term partner.
No obligation. Completely confidential. Typically 30 minutes.
Sources & Citations
[1] American College of Allergy, Asthma & Immunology, Allergy Facts and Statistics, 2023.
[2] American College of Allergy, Asthma & Immunology, Asthma Facts and Statistics, 2023.
[3] Centers for Disease Control and Prevention, Trends in Asthma Treatment Outcomes Among U.S. Adults, 2024.
[4] American Academy of Otolaryngology-Head and Neck Surgery, About the American Academy of Otolaryngology–Head and Neck Surgery, 2025.
[5] PR Newswire, Parallel ENT & Allergy Expands Texas Presence — Welcomes Three Leading Practices, 2026.
[6] Business Wire, Louisiana-Based Camellia ENT Joins Elevate ENT Partners, 2025.
[7] PR Newswire, ENT Partners Expands Midwest Presence with Acquisition of ENT Specialists, Ltd, 2025.
[8] South Florida Hospital News, Precision Healthcare Specialists Acquires ENT & Allergy Specialists of Florida, 2025.
[9] WellSpan Health, WellSpan Enhances Patient Care with Addition of the ENT Center in Lancaster and Ephrata, 2024.
[10] PR Newswire, PGP Advises Allergy & Asthma Physicians of Commerce Township in Affiliation with Align ENT + Allergy, 2025.
[11] Physician Growth Partners, PGP Serves as Exclusive Advisor to Allergy & Asthma Associates of Michigan in Affiliation with Parallel ENT & Allergy, 2025.
[12] American Medical Association, What to Expect from the 2026 Medicare Physician Fee Schedule, 2025.
[13] SENTA Partners, About SENTA Partners, 2025.
[14] Laryngoscope (Dominguez et al.), Changes in Medicare Reimbursement for Otolaryngology Procedures (Dominguez et al.), 2021.
Physician Growth Partners · This content is provided for informational purposes only and does not constitute legal, financial, or investment advice. All transaction data sourced as cited. © 2026 Physician Growth Advisors, LLC. All rights reserved.