Infusion Therapy Valuation Multiples and M&A Trends 2025

Will Hamilton
May 29
4 min read

Updated: Jun 13

The infusion therapy market has experienced significant growth in recent years, driven by the increasing prevalence of chronic diseases, advancements in healthcare technology and treatments, and the rising demand for home-based care. Infusion therapy, which involves the administration of medications or fluids directly into a patient’s bloodstream, is commonly used to treat conditions such as cancer, diabetes, infections, and autoimmune disorders. The shift toward outpatient and home infusion services has been a key trend, as it offers patients greater convenience, reduces hospital stays, and lowers overall healthcare costs. Advances in smart infusion pumps, wireless monitoring systems, and patient-controlled devices have improved the safety, efficiency, and accuracy of infusion treatments. Moreover, the increasing adoption of biologics and targeted therapies has expanded the scope of infusion therapy, particularly in oncology and immunology.

However, the market faces challenges such as high treatment costs, regulatory complexities, and the risk of infections associated with IV therapies. Despite these hurdles, the infusion therapy market is expected to continue its upward trajectory, supported by ongoing research and development, favorable reimbursement policies, and the growing emphasis on personalized medicine.

Key Growth Drivers

Key growth drivers for the industry include the following:

Rising Prevalence of Chronic Diseases: The increasing incidence of chronic conditions such as cancer, diabetes, and cardiovascular diseases is driving the demand for infusion therapies, which are often essential for managing these conditions.
Aging Population: The global aging population is more susceptible to chronic illnesses and requires frequent medical interventions, including infusion therapies, to manage their health, thus boosting market growth.
Technological Advancements: Innovations in infusion pump technology, including the development of smart pumps and wireless monitoring systems, are enhancing the safety, efficiency, and convenience of infusion therapies, driving market adoption.
Increasing Preference for Home Healthcare: There is a growing trend towards home-based infusion therapy, which offers patients greater comfort and convenience while reducing healthcare costs. This shift is supported by advancements in portable and user-friendly infusion devices.
Expansion of Healthcare Infrastructure: Improvements in healthcare infrastructure, particularly in rural markets, are increasing access to advanced medical treatments, including infusion therapies, thereby fueling market growth.
Government Initiatives and Reimbursement Policies: Supportive government initiatives and favorable reimbursement policies for infusion therapies are encouraging their adoption, contributing to market expansion.

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Infusion Therapy M&A Trends

The number of announced infusion therapy M&A deals grew significantly between 2019 and 2022, and nearly reached an all-time high in 2024 after a down year in 2023.

New platform creation exploded in 2024 with 11 announced platform deals, which was significantly more than in 2023 and 2022 combined. This level of new platform creation should lead to increased add-on activity in 2025 and beyond, which is a major headwind for overall deal volume.

While the infusion therapy industry remains fragmented with a large number of potential acquirers, the number of platforms that have made more than a handful of acquisitions over the past few years is fairly small, as the average deal size tends to be fairly large. By far the largest acquirer in terms of announced deals since 2019 is publicly-traded Option Care, with eight. However, this list is likely to look much different in five years.

Infusion Therapy EBITDA Multiple Trends

In terms of multiples, the trend is definitely pointing up, as recent platform deals have pushed 20x in recent years, up from the low double digits and even single digits in the early 2010s.

Factors Impacting the EBITDA Multiple for Infusion Therapy Providers

Acquisition multiples are a function of perceived risk and growth. Key considerations within the infusion therapy industry include the following:

Site of Care Mix (Home vs. Ambulatory vs. Hospital): Infusion therapy providers focused on ambulatory infusion centers (AICs) or home infusion tend to command higher multiples than hospital-based or mixed models, due to cost-efficiency, scalability, and payer preferences. Payers actively steer patients toward lower-cost settings, increasing demand and margins for home and AIC-based providers over time.
Specialty Drug Mix and Revenue per Patient: Providers with a focus on high-margin specialty biologics (e.g., immunoglobulins, monoclonal antibodies, or oncology drugs) typically receive higher multiples than those focused on lower-acuity hydration or antibiotic infusions. Revenue per patient encounter and drug mix (buy-and-bill vs. SP model) are major valuation levers.
Payer Contracts and Reimbursement: Contracts with commercial insurers at favorable reimbursement rates significantly enhance profitability and predictability. Providers heavily reliant on Medicare/Medicaid or lacking in-network status with key payers are typically discounted by buyers.
Scale, Geographic Footprint, and Market Share: Larger providers with multiple sites in high-growth MSAs or states, or those with a strong referral base from specialists, attract strategic and PE-backed buyers seeking platforms or add-ons. Buyers are paying premiums for scalable, de novo-ready businesses with defensible market positions.

About Scope Research

Scope Research compiles a variety of healthcare M&A databases and provides healthcare valuation services. The Scope Research Healthcare M&A Valuation Database currently has financial details for 32 infusion therapy deals going back to 2010, all of which include reported EBITDA multiples. The data can be purchased individually, while our affordable annual subscriptions provide access to all of our healthcare M&A databases and segments, updated continuously.