Profile

Affidea is the largest European provider of advanced diagnostic imaging, outpatient and cancer care services. Founded in 1991, the company operates today 320 centers across 15 countries, providing high-quality medical services to nearly 12 million patients every year. Affidea has successfully added and integrated around 100 centers in the last three years. Due to its track record for patient safety, the company became the most awarded diagnostic imaging provider in Europe by the European Society of Radiology – Over 50% of the centers recognized on the Eurosafe Wall of Stars belong to Affidea.

In June 2022, Affidea was awarded the Diagnostic Provider of the Year Award at the HealthInvestor Awards 2022.

Investment case

Affidea is the leading player in a large, resilient and attractive market with mid-single digit annual growth, driven by solid fundamentals:

  • Rising demand from an ageing population 
  • Increasing importance of prevention through scans as governments seek ways to reduce healthcare costs
  • An undersupplied market resulting in longer public waiting times driving people and governments to seek solutions in the private segment
  • High barriers to entry: i) sticky long-term contracts with the public sector, ii) high capex requirements on equipment, iii) complex imaging regulations and licenses required, and iv) radiologist shortage

In addition to the above organic tailwinds, the European market remains largely fragmented, which presents a sizeable consolidation opportunity.

The growth avenues are multiple as Affidea is well positioned in this market with a scalable platform diversified across countries and payors:

  • Local market leader (top 3) in the majority of its 15 countries that act as magnet for (non)-medical talent and enable scale benefits
  • Track record of successfully executing and integrating M&A, with 40 companies acquired since 2014
  • Over indexed toward higher-growing modalities (MRI and CT)
  • Private paid segment expected to grow faster than the public paid segment
  • Solid positioning to leverage the teleradiology / artificial intelligence opportunity