Healthcare operations multinationals are far more likely to establish subsidiaries in North America than the average multinational company according to analysis of GlobalData’s exclusively compiled subsidiary database.

Companies establish subsidiaries for a variety of reasons: they can allow them to expand into profitable new markets, to increase revenue, and to diversify their holdings to better manage risk. As a vital component to a company’s expansion plans, the establishment of a subsidiary can offer insight into investment trends, with our database allowing you to see these investment patterns on a wider, sector level.

GlobalData’s multinational company database – which can be viewed in full on our sister site Investment Monitor – contains information for 2,188 of the world’s top multinational companies (MNCs) by revenue. Of these MNCs, 15 are in the healthcare operations industry, representing 0.7% of the companies in our database.

These healthcare operations companies are less likely than average to establish subsidiaries in Western Europe (9.1% vs 36.8%) and are more likely to establish them in North America (78.7% vs 27.8%).

Overall, the 15 healthcare operations MNCs in our database operate 4,701 subsidiaries. This comes to an average of 313.4 subsidiaries per company, compared to an average of 99 for the entire database of 2,188 companies. It should be noted, however, that the number of subsidiaries is by no means evenly distributed within the sector. The most common number of subsidiaries for an MNC in the sector (the mode) is 107, while the median comes in at 109, indicating that the simple average is skewed heavily by the bigger parent companies.

US-based HCA Healthcare Inc has the largest number of subsidiaries among the healthcare operations sector MNCs within our database with 2,452. This means it ranks in second place across our entire database when measured by the total number of subsidiaries.

Where has HCA Healthcare Inc established subsidiaries?

HCA Healthcare Inc’s subsidiaries are distributed across the world with 97.1% of the total located in North America, the highest for any region. Some 2,380 of HCA Healthcare Inc's subsidiaries are located in its home country of the US, while the UK was the second most popular destination with 59.

After HCA Healthcare Inc, Universal Health Services Inc had the second largest number of subsidiaries within the healthcare operations industry MNCs in the database with 576, while DaVita Inc was third with 457 and Encompass Health Corp was fourth with 219.

Where has Universal Health Services Inc established subsidiaries?

Overall, 4,221 of the subsidiaries owned by the healthcare operations MNCs in the database were located in the same country as the parent company was headquartered. This meant that MNCs in the sector were more likely than average to have a preference for domestic subsidiaries at 89.8%, with the figure for the entire database standing at 45.7%.


GlobalData has compiled a list of top MNCs based on revenue. Any top companies that did not have a subsidiary were removed from the list. The latest company annual reports (2019 and 2020, where available) and websites were analysed for a total of 2,188 companies. For a subsidiary to be included, the parent company had to have a majority ownership/control in the subsidiary. Affiliates, associates, joint operations and joint ventures were included as long as the ownership criteria was met. Subsidiary information was captured at a country level. Country names were standardised. In total, 216,898 subsidiaries were captured.