UK Oncology M&A and Investment: Market Trends, Key Players, and Growth Opportunities

What is Driving M&A and Investment in UK Oncology?

The UK oncology market is seeing growing interest from investors and strategic buyers, driven by rising cancer incidence, long NHS wait times, and increasing demand for faster access to diagnostics and treatment.

Key UK and European Oncology Platforms

A number of international platforms have already established a strong presence.

GenesisCare, despite recent challenges in the US, remains the UK’s largest independent cancer care provider with 14 centres. Amethyst, a pan-European radiotherapy group, has just been acquired by Fremman Capital, while Telemos-backed Stingray is reportedly exploring a sale following its successful buy-and-build strategy across Germany and France.

Icon Group, headquartered in Australia, is also expanding in the UK. It recently announced a new partnership with Nuffield Health to develop cancer centres in Brighton, Derby and Warwickshire. This follows its 2024 acquisition of Pharmaxo, bringing specialist pharmacy capabilities in-house to support more integrated delivery of oncology services.

Private Oncology Embedded Within NHS Infrastructure

The private sector is also increasingly embedded in NHS infrastructure. HCA Healthcare has partnered with hospitals such as The Christie and Guy’s to deliver private oncology services within NHS hospitals. Nova Healthcare in Leeds provides a similar model, integrating private treatment within the Leeds Cancer Centre.

Growth Strategies: Acquisition vs. Greenfield Development

M&A has been a key route to scale, with consolidators like Amethyst and Stingray acquiring single-site centres and regional groups to build national and pan-European networks. Greenfield development remains a feature, particularly in underserved areas, though the collapse of Rutherford Health’s UK proton network highlights the risks of speculative expansion ahead of demand.

Why the Opportunity Remains Compelling

The opportunity remains significant. Demand is rising, NHS capacity is constrained, and private pay is growing. Oncology is seen as a resilient, high-need area with growing appetite for cutting-edge modalities such as Gamma Knife, proton beam therapy and precision diagnostics.

Whether through acquisition, partnership or targeted development, we expect continued activity in the UK and wider European oncology market as operators seek to build scale and invest in advanced capabilities.