The size and dynamism of the Greek private healthcare market is extraordinary. Big hospital group Hygeia has just completed its acquisition of 50% of Safak in neighbouring Turkey for $48m.

The deal gives Hygeia access to the Istanbul/Mamara area which is effectively 'another Greece', with 17m people and 40% of Turkey's GDP.

The larger Greek groups look well financed, with money to spend. They are certainly adventurous. Hygeia is building the first private hospital in Albania and has also taken a 50% stake in a venture to build a stem cell and cord bank in Romania, alongside Centro Medical Unirea. Set up in the mid90s, Unirea has built a chain of 8 clinics in Bucharest and recently 3i took a minority stake in the company.

 
Our analysis: I guess the dynamism of the Greek sector is perhaps not that surprising, given the size of the private sector.

Public healthcare is underfunded, so the private sector is huge. In 2004 the OECD reckoned it took no less than 4.2% of GDP - roughly twice the level found in Germany and France. Other big Greek groups include Athens Medical, Euromedica, Praxitelio and maternity specialist Group Iaso.