FUSÕES E AQUISIÇÕES NO SETOR DE SAÚDE SUPLEMENTAR NO BRASIL DE 2012 A 2024

Giovanna Marani Batista, Mônica Andrade and André Soares Motta Santos
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Giovanna Marani Batista: UFMG
André Soares Motta Santos: Cedeplar/UFMG

No 690, Textos para Discussão Cedeplar-UFMG from Cedeplar, Universidade Federal de Minas Gerais

Abstract: This study analyzes mergers and acquisitions (M&A) in the supplementary health sector in Brazil between 2012 and 2024. It focuses on identifying transactions and the consolidation dynamics of the main economic groups, understanding their market share, classifying operational strategies, mapping territorial expansion and conducting a network analysis to visualize interactions between acquirers and targets. The methodology included document analysis of Concentration Acts (AC) approved by CADE involving health plan operators and insurers, cross-referencing with ANS data on the number of beneficiaries per operator and network visualization. The results reveal a strong concentration of operations among a few economic groups, especially Intermédica Group (GNDI), Hapvida Group and Amil Group, which accounted for over 88% of the M&A transactions observed. The strategies mainly prioritized vertical integration, particularly through acquisitions of hospitals, laboratories, emergency care units and diagnostic imaging services. Territorial expansion focused on more populous regions with higher market potential, such as the state of São Paulo. These movements reflect efforts by the operators to achieve economies of scale, internalize stages of the production chain, control costs and strengthen market presence. Such strategies reinforce entry barriers and increase the market power of dominant groups, generating regulatory challenges and implications for competition. This research contributes to understanding the competitive dynamics and consolidation mechanisms in Brazil’s supplementary health sector.

Keywords: Supplementary; health.; Mergers; and; acquisitions.; Economic; groups.; Vertical; integration.; Territorial; expansion. (search for similar items in EconPapers)
JEL-codes: I11 L41 L42 (search for similar items in EconPapers)
Pages: 47 pages
Date: 2025-12
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