Med-tech M&A activity totaled $4.84 billion in September, down slightly from $7.29 billion in July but stronger than August’s $2.42 billion. Year-to-date disclosed deal value reached $37.21 billion, roughly on par with the $41.79 billion recorded during the same period in 2024. While still far below the highs of 2021 and 2022, when annual totals surpassed $100 billion, the 2025 data show that consolidation within the med-tech sector remains steady.