医疗科技并购复苏：交易趋势与预测

Dealmaking trends and predictions Contents Background and Introduction3MedTech M&A predictions likely to shape dealmaking4Deep-dive on MedTech M&A predictions5Conclusion12Authors13Endnotes14 Backgroundand introduction After a few slow years post-pandemic,the MedTech sector is experiencing a stronguptick in dealmaking activity.These M&A trends come on the heels of solid earningsgrowth in the sector. This should give MedTech M&A executives a strong reason to beenergized. In 2024, MedTech stocks (S&P 500 Health Care Equipment index) grew by 18%1from theirlowest post-COVID value in October 2023. These stockssignificantly outperformedthe overall S&P 500 Health Care index, which grew at about 9% during the same period.Inflation-adjusted revenue of US MedTech companies alsowitnessedan approximate 6%year-over-year increase in 2024, compared with a nearly 2% decline in 2023. In 2025, USMedTech companies are expected to have an YoY growth of almost 3%.2 MedTech M&A activity, by contrast, has been largely muted over the last few years, ascompanies primarily focused on enhancing profitability and leveraging divestituresto realign portfolios. Today, we see clear signs ofa resurgence in MedTech M&A activity. MedTech M&A deal value in 2024 surpassed the total deal activity in 2022 and 2023. Morethan 40 deals with a cumulative value of $32.2 billion were announced in 2024, markingan approximate66% increasecompared to 2023 activity.3This trend has continued in2025 with 30 deals with cumulative value of about $14 billion announced as of mid-June.We anticipate that thismomentum will continue and accelerate in the coming years,given the favorable outlook toward M&A under the Trump administration. In this paper, we confidently stand behind MedTech M&A predictions likely to shapedealmaking, based on detailed research and analysis around key M&A trends in this space. MedTech M&A predictionslikely to shape dealmaking 3.Expanded M&A and venture funding toward ‘innovative’tech as new opportunities emerge 1.Margin pressures will continue to drive portfolio balancingand sell-side activity Large, diversified MedTech conglomerates continue to face profitmargin and growth pressures due to increased competition,pricing pressures, and higher regulatory compliance costs. Weanticipate thatthey will continue to leverage divestituresand spin-offsto counter these headwinds and optimize theirportfolio to enhance shareholder value. MedTech companies have beenrapidly adopting cutting-edge/proprietary technologies(e.g., wearables and connectedcare, Generative AI-based solutions), which are expected totransform the sector and improve patient outcomes. Theseinnovative technologies alsohave been a significant focusof venture capital (VC), and we see clear signs that traditionalMedTech companies will aggressively leverage M&Atoacquire these innovative technology businesses to enhance theirpipeline and fuel future growth. 2.M&A growth in high-growth attractive therapeutic areaswill drive deal volumes After a slowdown in 2022 and 2023, we saw notable increasesin buy-side M&A activity in 2024. This trend has continuedin 2025, and we expectMedTech companies will activelysearch for high-growth small/mid-cap companiesandinnovative pre-commercial companies in higher-growth marketsand therapeutic areas (TAs), such as in vitro diagnostics,cardiovascular, and orthopedic. This will be further fueled by theexpected favorable macroeconomic outlook andstrong cashreserves that MedTech companies have accumulateddueto a flurry of divestitures or limited buy-side investments overpast two to three years. 4.Offensive and defensive M&A tactics from incumbents asGLP-1 investments increase Rapid adoption of GLP-1 (weight-loss) drugs has createduncertainty for MedTech companies. Thesepose a threat todevice usagein obesity-linked conditions (e.g., sleep apnea,diabetes, orthopedics, and cardiovascular care). MedTechcompanies will need toleverage M&A to “GLP-1 proof”their portfolios. 5.Revived interest from private equity (PE) in MedTech givenstrong dry powder and attractive valuationsAfter a slowdown in 2022 and 2023, theMedTech sectorexperienced notable PE investmentsin 2024 with increasedactivity inselect therapeutic areas(e.g., dental, nephrology,urology, and diagnostics). Astrong dry powder positionislikely to propel further PE activity. We also anticipatemore clubdeals in the coming months, in which PE firms partner withcorporate buyers who are looking to double down on their focusin certain therapeutic areas. Deep-dive on MedTechM&A predictions Amid prevailing trends, opportunities,and challenges, the MedTech sector ispoised for significant transformation inthe coming years, driven by an evolvingM&A landscape. As we look ahead,five key M&A predictions emerge,each illustrating theshifting prioritiesand strategies for both establishedincumbents and emerging disrupterswithin this sector. Prediction 1 Margin pressures will continueto drive portfolio bal