Healthcare companies expanded and adjusted operations in 2025 as demand for services remained high across insurance, hospitals, pharmacy, distribution and home-based care. The year saw deal activity, investment in new technologies and continued workforce pressures.
Global healthcare deal volume reached an estimated $403 billion in 2025, up 56% year over year, even as the number of transactions declined. In the US, spending on AI tools in healthcare reached about $1.4 billion.
Workforce challenges also persisted. CBRE reported that US life sciences employment climbed to about 2.1 million in early 2025, while the unemployment rate for life sciences roles rose to 3.1%. Layoffs continued even as hiring activity resumed, and growth in life sciences graduates slowed compared to prior years.
A 2025 Reuters-reported survey found that 55% of US healthcare workers planned to search for or switch jobs by 2026.
Employee count offers one way to understand how these organizations operate across large healthcare networks.
The list below highlights the top 30 publicly traded healthcare companies by employee number, as featured on companiesmarketcap.com. Our list gives a brief overview of each company and what they have been doing recently.
1. UnitedHealth — 400,000 employees
US-based UnitedHealth operates across insurance (UnitedHealthcare) and care delivery (Optum). In 2025, it reported $447.6 billion in revenue. UnitedHealth has committed more than $7 million to maternal and infant health programs across four US states and expanded doula support to employer-sponsored plans, extending access to pregnancy and postpartum services to more than 7.2 million members.
2. HCA Healthcare — 226,000 employees
HCA Healthcare, a US hospital operator, runs a large network of acute care facilities and outpatient centers. In 2026, 92 of its hospitals were recognized among the top 10% nationwide for patient safety based on complication and mortality rates. HCA was also named a World’s Most Admired Company by Fortune magazine, 12 years in a row.
3. CVS Health — 219,000 employees
CVS Health combines retail pharmacy, pharmacy benefit management and insurance services in the US. In 2026, its foundation invested $2.24 million to expand community-based care coordination in Ohio, allowing them to “meet patients where they are.” CVS also launched a $5 million scholarship program in Louisiana to support pharmacy students pursuing their PharmD degrees.
4. Fresenius — 175,202 employees
Germany-based Fresenius operates hospitals, dialysis services and healthcare platforms globally. The company partnered with SAP to build an AI-supported healthcare infrastructure using interoperable systems such as electronic medical records and hospital information systems. Fresenius Kabi, a part of Fresenius, has collaborated with Phlow to establish a US-based supply chain for epinephrine injection, with domestic API production and finished-dose manufacturing planned for hospital use.
5. Fresenius Medical Care — 112,445 employees
Fresenius Medical Care, headquartered in Germany, provides dialysis services worldwide. Last year, the company received FDA clearance for its 5008X CAREsystem and initiated US rollout of high-volume hemodiafiltration (HDF), a therapy designed to enhance toxin removal during dialysis and supported by large-scale clinical studies.
6. Elevance Health — 104,200 employees
Elevance Health is a US health insurer serving commercial and government populations. In 2025, Carelon generated $71.7 billion in revenue, driven by pharmacy benefit services and risk-based care models, and expanded its capabilities through the acquisition of CareBridge, which focuses on home- and community-based services for complex patient populations.
7. Universal Health Services — 99,300 employees
Universal Health Services, based in the US, operates acute care hospitals and behavioral health facilities. In 2025, it reported $17.4 billion in revenue. In March 2026, UHS agreed to acquire virtual behavioral health company Talkspace for approximately $835 million. The transaction adds a nationwide virtual care platform and extends UHS’s behavioral health services into employer, payer and direct-to-consumer channels.
8. Ramsay Health Care — 90,000 employees
Australia-based Ramsay Health Care operates hospitals and clinics across multiple regions. For the six months ending December 2025, the company treated about 631,900 patients, a 2.4% increase, while revenue rose 8.2%. It also invested $202.5 million in new facilities and upgrades, including surgical theatres, and announced plans to acquire National Capital Private Hospital in Australia for about $251 million.
9. DaVita — 76,000 employees
DaVita, a US-based dialysis provider, delivers kidney care services globally. In 2025, the company delivered more than 7.26 million dialysis treatments in the fourth quarter alone, averaging about 91,600 treatments per day in the US, with annual revenue reaching $13.6 billion. The company suffered a ransomware attack that affected 2.7 million individuals after unauthorized access to a lab database, though patient care continued. The attack cost DaVita about $13.5 million in 2025.
10. Tenet Healthcare — 74,480 employees
Tenet Healthcare operates hospitals and ambulatory care centers across the US. In early 2026, Tenet reached an agreement with CommonSpirit Health to restructure its ownership of Conifer Health Solutions, with payments totaling $1.9 billion. The company’s ambulatory segment included interests in more than 500 surgery centers across 37 states at the end of 2025.
11. Siemens Healthineers — 72,000 employees
Germany-based Siemens Healthineers develops imaging, diagnostics and therapy technologies. Siemens took a tariff-hit of up to $340 million in 2025. In 2026, the company expanded its collaboration with Mayo Clinic to advance AI-enabled imaging for conditions such as neurodegenerative disease, prostate cancer and liver tumors. It also received funding from the Gates Foundation to develop AI models that use routine blood data to help identify risks such as pre-eclampsia and anemia in low-resource settings.
12. The Cigna Group — 71,295 employees
The Cigna Group provides insurance and health services globally. Cigna’s Global Health Benefits business launched a digital program with Carrot Fertility to support family-building and hormonal health, providing access to more than 11,000 providers across over 170 countries. The service includes care navigation, expert consultations and multilingual support for members and their partners.
13. Apollo Hospitals — 71,113 employees
India-based Apollo Hospitals operates hospitals, pharmacies and digital health platforms. Apollo plans to spin off and list its digital health and pharmacy business, according to Reuters. The company partnered with OneBanc to develop AI-enabled corporate wellness programs designed to support preventive care and workforce health. The initiative combines clinical services with digital tools to help employers address rising healthcare costs and support early risk detection.
14. IHH Healthcare — 70,000 employees
IHH Healthcare, headquartered in Malaysia, operates hospitals across Asia and Europe. In 2026, the company launched ‘IHH Catalyst’ in partnership with Fortis Healthcare, a platform designed to support health-tech and medtech startups in testing and deploying solutions within hospital settings. The program focuses on areas such as chronic disease management, oncology and patient care workflows.
15. Hapvida — 66,000 employees
Hapvida, headquartered in Brazil, operates an integrated healthcare model combining health insurance plans with a network of hospitals, clinics and diagnostic units. The company primarily serves members in Brazil’s private healthcare market, with a focus on coordinated care delivery through its owned provider network.
16. Centene — 60,500 employees
Centene Corporation, a US-based managed care organization, provides government-sponsored and commercial healthcare programs, including Medicaid services through its subsidiary Health Net. In 2026, Health Net announced a $4.4 million investment to expand a community-based facility in Los Angeles County, supporting job training, housing services and coordinated care programs. The site will provide vocational training, residential support and case management services for underserved populations.
17. RaiaDrogasil — 57,295 employees
Brazil-based RaiaDrogasil operates one of the country’s largest pharmacy chains. In 2025, the company reported around $9.1 billion ($47.6 billion BRL) in revenue and expanded its healthcare services, delivering more than 7 million in-store services such as testing and vaccinations across over 2,800 locations. It also signed an agreement to sell its specialty pharma unit 4Bio for approximately $115.4 million to 134.7 million, focusing on retail pharmacy and patient-facing services.
18. Cardinal Health — 53,084 employees
Cardinal Health is a US pharmaceutical distributor and healthcare services company. In 2025, the company completed its acquisition of Solaris Health, adding a network of more than 750 providers across 250 locations in 14 states. The deal expands Cardinal Health’s physician services platform, particularly in urology, and adds scale to its multi-specialty care network.
19. Cencora — 51,000 employees
Cencora, formerly AmerisourceBergen, distributes pharmaceuticals globally. In 2025, the company announced a $1 billion investment to expand its US distribution network, including new automated facilities and increased cold chain capacity for specialty medicines. Cencora has agreed to acquire a majority stake in OneOncology in a transaction valued at about $7.4 billion, expanding its presence in community-based cancer care.
20. Community Health Systems — 45,000 employees
Community Health Systems operates hospitals across the US. In 2026, it entered an agreement to sell four hospitals and related outpatient assets in Arkansas to Freeman Health System for approximately $112 million. The transaction is expected to close in the second quarter of 2026, subject to regulatory approvals and customary conditions.
Related: Healthcare Layoffs 2026: A Running Roundup
21. McKesson — 43,000 employees
McKesson is a US-based pharmaceutical distributor and services provider. In 2025, it outlined plans to spin off its medical-surgical solutions unit as part of a portfolio shift. In January 2026, the company completed the sale of its retail and distribution businesses in Norway to NorgesGruppen, representing the final phase of its exit from European operations.
22. AIER Eye Hospital — 42,693 employees
Aier Eye Hospital Group, headquartered in China, operates a network of specialty eye hospitals providing ophthalmology services across the country and internationally. The company focuses on services such as cataract surgery, refractive procedures and retinal disease treatment, delivered through its hospital network.
23. The Ensign Group — 39,300 employees
The Ensign Group provides post-acute care services in the US. In 2025, the company expanded its footprint through multiple acquisitions, bringing its portfolio to 378 healthcare operations across 17 states. The growth strategy includes both acquiring facilities and investing in real estate tied to its care operations.
24. Baxter — 38,000 employees
Baxter, a US-based medical products company, manufactures IV therapies and hospital supplies. Baxter has entered a multi-year partnership with MUSC Health to integrate connected care technologies at the bedside. The focus is on improving nursing workflows, reducing administrative burden and supporting patient monitoring through real-time data.
25. Ramsay Santé — 38,000 employees
France-based Ramsay Santé operates hospitals and clinics across Europe. In 2026, the company announced plans to distribute its 52.79% stake in Ramsay Santé to shareholders, effectively separating its ownership of the French hospital business. The distribution is expected to take place in the fourth quarter of 2026, subject to approvals.
26. BrightSpring Health Services — 37,000 employees
BrightSpring provides pharmacy and home-based care services in the US. The company launched scholarship programs last year supporting students pursuing healthcare careers, including a $10,000 annual award for post-secondary education and four $5,000 annual scholarships for nursing students specializing in hospice care.
27. Healthcare Services Group — 35,300 employees
Healthcare Services Group supplies housekeeping and dining services to healthcare facilities. In 2025, the company reported $1.84 billion in annual revenue, with its Campus division surpassing $100 million in revenue. Quarterly revenue reached $466.7 million, with Environmental and Dietary Services contributing $210.8 million and $255.9 million, respectively.
28. Aveanna Healthcare — 33,500 employees
Aveanna Healthcare, based in the US, provides home-based care services for medically complex patients, including pediatric and adult populations. In 2026, the company entered an agreement to acquire Family First Homecare, a pediatric home care provider with 27 locations across seven US states. The transaction is expected to close in the second quarter of 2026, subject to customary conditions.
29. Bangkok Dusit Medical Services (BDMS) — 33,251 employees
Bangkok Dusit Medical Services, headquartered in Thailand, operates a network of private hospitals and healthcare facilities across Southeast Asia. In 2026, the company expanded its preventive care and diagnostics efforts through partnerships with organizations including Illumina and Abbott, supporting cross-border initiatives in genomics, precision diagnostics and wellness-focused care models.
30. PACS Group — 32,433 employees
PACS Group, based in the US, operates post-acute care facilities, including skilled nursing and rehabilitation centers. In 2026, the company acquired operations of three facilities totaling 230 beds and expanded its real estate holdings across multiple states. The additions bring its portfolio to 324 communities and nearly 36,000 beds across 17 states.
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