MergersAndAcquisitions.net today announced the release of its new Healthcare & MedTech M&A Trends & Analysis Report, a comprehensive review of global and North American transaction activity across the medical technology ecosystem. The report examines 24 months of deal flow, valuation trends, strategic acquisition themes, and private equity participation, giving corporate development teams, investors, and founder-operators clear visibility into where capital is moving—and why.
The study analyzes movements across key sub-sectors including cardiovascular, neurovascular, urology/pelvic health, imaging and diagnostics, radiopharma, surgical robotics, and AI-enabled MedTech. It also includes case studies of high-profile acquisitions such as Johnson & Johnson’s purchase of Shockwave Medical, Stryker’s acquisition of Inari Medical, Boston Scientific’s acquisition of Axonics, and other cornerstone deals that shaped the recent cycle.
“Despite the slowdown in 2023, the MedTech landscape has demonstrated remarkable resilience, and the rebound we’re now seeing is both broad-based and strategically motivated,” said Nate Nead, Managing Director at MergersAndAcquisitions.net. “The most active acquirers—both strategic and private equity—aren’t simply buying growth. They’re repositioning portfolios, expanding adjacencies, and accelerating access to technologies that will define the next decade of patient care. Our report is designed to give operators and investors a clear roadmap for how to think about timing, valuation, and competitive positioning as the cycle continues to strengthen.”
Deal Activity Rebounds After 2023 Lull
The report notes a meaningful uptick in M&A activity throughout 2024 and into 2025, fueled by:
- Improving interest-rate visibility and renewed confidence in credit markets
- A backlog of strategic initiatives paused over the previous 18 months
- A more balanced valuation environment, with premium multiples preserved in high-growth device categories
- Strong demand for tuck-in acquisitions supporting commercial scaling or technology expansion
While mega-deals captured headlines, the report emphasizes that mid-market transactions—founder-led MedTech companies with $10M–$300M in revenue—are driving the most predictable volume and continue to command strong interest from both strategics and sponsors.
“If you look beyond the billion-dollar transactions, you’ll see a very healthy middle market that never lost its underlying momentum,” Nead said. “These are businesses with strong clinical evidence, recurring revenue mechanics, and defensible IP. They fit squarely into the buy-and-build frameworks of private equity while also filling capability gaps for strategics under pressure to innovate faster.”
Valuation Trends & Competitive Dynamics
The new report outlines how valuation multiples have evolved across the MedTech ecosystem. High-growth categories such as structural heart, peripheral vascular intervention, neurovascular, and specialized diagnostics continue to trade at notable premiums, while more mature categories have stabilized at historically sustainable ranges.
Key valuation insights include:
- Premium EV/Revenue and EV/EBITDA multiples in cardio-intervention and neurovascular segments
- Normalization in categories that surged due to pandemic-driven demand
- Increasing valuation spreads between companies with strong vs. weak reimbursement outlooks
- Heightened scrutiny on clinical evidence and regulatory certainty as gating factors in valuation
The report also highlights the influence of the 2023 DOJ/FTC Merger Guidelines on transaction pacing, diligence rigor, and structural considerations—especially in concentrated niches where market definition and competitive impact require additional scrutiny.
Strategic & PE Buyers Remain Highly Active
The analysis identifies Johnson & Johnson, Stryker, Boston Scientific, Medtronic, Siemens Healthineers, Abbott, GE HealthCare, Edwards, BD, and Zimmer Biomet as among the most active corporate buyers over the past two years. Their acquisition strategies reflect a combination of adjacency stacking, portfolio rebalancing, and accelerated technology acquisition.
Private equity participation also remains strong, especially across:
- Contract manufacturing (CMO/CDMO)
- Surgical/diagnostic consumables
- MedTech software and data platforms
- Specialized device companies with scalable footprints
“What stands out most in this cycle is the intentionality behind the deals,” Nead said. “Strategics are buying with a clear sense of where clinical workflows are moving, how reimbursement is shifting, and where AI and robotics will unlock meaningful differentiation. Private equity, on the other hand, is building highly specialized platforms with operational rigor and defensible market positioning. Both groups are extremely thesis-driven right now.”
Case Studies & Operator-Focused Takeaways
The report includes sector-specific transaction case studies detailing:
- Enterprise value benchmarks
- Strategic rationales
- Commercial and R&D synergies
- Integration frameworks
- Market impact and forward-looking implications
These insights are designed to help MedTech executives assess exit timing, prepare for buy-side expansion, and benchmark their company against prevailing market dynamics.
“Founders and operators often underestimate how much timing and positioning matter,” Nead noted. “This report gives them a framework not just for evaluating their valuation potential, but for understanding the strategic logic that makes certain companies irresistible acquisition targets.”
About MergersAndAcquisitions.net
MergersAndAcquisitions.net provides middle-market companies, investors, and corporate buyers with buy-side and sell-side advisory, valuation analysis, diligence support, and integration planning. The firm’s Healthcare & Life Sciences practice serves founder-led MedTech companies, private equity sponsors, and strategic acquirers across the U.S. and abroad.