医疗器械外包

Q1 2025 Houlihan Lokey, Inc. (NYSE:HLI) is a leading global investment bank with expertise in mergers andacquisitions, capital markets, financial restructuring, and financial and valuation advisory.Our firm is the trusted advisor to more top decision-makers than any other independent global investment bank.LeadingCapital MarketsAdvisorNo. 1Global M&A AdvisorAboutOur Firm2CORPORATE FINANCE2024 M&A Advisory RankingsAll Global TransactionsAdvisor1Houlihan Lokey2Rothschild3Goldman Sachs4JP Morgan5Morgan StanleySource: LSEG (formerly Refinitiv).Excludes accounting firms and brokers. No. 1Global RestructuringAdvisorNo. 1Global M&A Fairness OpinionAdvisor Over the Past 25 Years1,800+Transactions Completed Valued atMore Than $3.8 Trillion Collectively2,000+Annual ValuationEngagementsFINANCIAL RESTRUCTURINGFINANCIAL AND VALUATION ADVISORY2024 Global Distressed Debt &Bankruptcy Restructuring RankingsAdvisorDeals1Houlihan Lokey882PJT Partners593Rothschild484Lazard445Perella Weinberg Partners40Source: LSEG (formerly Refinitiv).2000-2024 Global M&AFairness Advisory RankingsAdvisor1Houlihan Lokey2Duff & Phelps, A Kroll Business3JP Morgan4UBS5Morgan StanleySource:LSEG (formerly Refinitiv).Announced or completed transactions.Deals415406371342309 Learn more about howour advisors can serveyour needs:Corporate FinanceFinancial andValuation AdvisoryFinancial RestructuringOur Industry Coverage Deals1,2431,0451,020792698 1,300+Sponsors covered, providingmarket insights and knowledgeof buyer behavior.800+Companies sold to financialsponsors over the past five years.Fully Integrated FinancialSponsor Coverage29Senior officers dedicated tothe sponsor community in theAmericas and Europe. Our clientsbenefit fromour local presenceand global reach.AMERICASAtlantaLos AngelesBaltimoreMiamiBostonMinneapolisCharlotteNew YorkChicagoSan FranciscoDallasSão PauloHoustonWashington, D.C.36LocationsWorldwide~2,000Total FinancialProfessionals3(1)As of December 31, 2024.(2)As of January 31, 2025.(3)LTM ended December 31, 2024. Houlihan Lokey’sGlobal Medical Technology Practice4Mark FrancisPaul TomasicManaging DirectorGlobal Head of HealthcareManaging DirectorHead of EuropeanHealthcareDallasLondonMFrancis@HL.comPTomasic@HL.comKeith BarryJonGuskindRainer HepbergerManaging DirectorHead of MedicalTechnologyManagingDirectorManagingDirectorSan FranciscoNew YorkLondonKBarry@HL.comJGuskind@HL.comRainer.Hepberger@HL.comAllan BurtonCasey DeLucaChristian LunnySenior Vice PresidentVice PresidentManaging DirectorSan FranciscoNew YorkSydneyABurton@HL.comCDeLuca@HL.comCLunny@HL.comU.S.CoveragePartnersEuropeanCoveragePartnersAsia-PacificCoveragePartnersTombstones included herein represent selected transactions closed from 2022 forward.GlobalLeadership Featured Medical Technology TransactionsbyaofDUOMEDUnder LOI Daniel FritzManagingDirectorZurichDaniel.Fritz@HL.comTakashi MisatoManaging DirectorTokyoTakashi.Misato@HL.com Medical Device Outsourcing Outlook2025 and BeyondWe are pleased to present our segment spotlight on the medical contract and outsourcedmanufacturing market. If there is additional content you would find useful or if you are interested indiscussing any of our perspectives further, please do not hesitate to reach out. We look forward tocontinuing the dialogue on this sector.Balancing the necessity of embracing industry innovation while optimizing internal resource allocation has created arobust market for medical device outsourcing across multiple functional areas along the product development valuechain. OEMs rely on outsource partners not only for component and product manufacturing, but also for upfront designand engineering, research and development services, regulatory and quality support, supply chain management, andpackaging and sterilization. Through this collaborative approach, medical technology and diagnostics companies havebenefitted from greater speed to market and reduced costs, while streamlining internal operations.The medical device outsourcing industry is poised for significant growth going forward, driven by technologicaladvancements, a dynamic regulatory landscape, and strategic shifts in global supply chains. We remain bullish on thesector and believe medical device outsourcing stands as an exceptionally attractive area for investment within healthcare.Houlihan Lokey’s OutlookGlobal Medical Contract Manufacturing Market ($ in Billions)$90$101$112$124$139$15420242025E2026E2027E2028E2029ESources: Precedence Research, Wall Street equity research, public domain.2024–2030 CAGR: ~11% Key TakeawaysAlthough deal activity softened in 2023 and 2024 compared to banneryears in 2021 and 2022, demand-side pressure remains elevated. Whilewe are hopeful that new platform and add-on activity will pick up in2025, deal activity may slip to 2026, as many medical device outsourcingassets remain impacted by the industry-wide destocking phenomenon.Despite this uncertainty, we believe the broader medical contractmanufacturing and medical device