Med-tech deal value, excluding M&As, totaled $628.41 million in the first quarter (Q1) of 2026, an increase of about 322% from the $149.08 million recorded in Q1 2025 though a 36% drop from Q4 2025‘s $978.58 million.

Med-tech deal value has been volatile over the past eight years, swinging from $3.12 billion in 2018 to a peak of $10.63 billion in 2023, before dropping to $2.12 billion in 2024 and climbing to $2.69 billion in 2025. The first quarter (Q1) of 2025 marked one of the lowest in value, garnering $149.08 million, the lowest quarter since Q1 2021 brought in $168.05 million. Q2 2025 was also comparatively low, with medical technology deals bringing in $192.16 million.

Med-tech deal value continued its decline in the second quarter of 2025, totaling just $172.2 million in publicly disclosed deals, and bringing the first half of the year total to $321.2 million.

Biopharma stocks saw a resurgence in 2023, with the BioWorld Stock Index finishing the year with a gain of 33.59%, in contrast to the 32.75% decline in 2022. An analysis of 516 stocks from the index showed that 193 companies (37%) concluded the year on a positive note, while shares of 322 companies (62%) experienced a downturn. Anebulo Pharmaceuticals Inc. (NASDAQ:ANEB), a biopharma focused on substance use disorders, saw its stock end 2023 at the same price as its 2022 closing. Meanwhile, the BioWorld Biopharmaceutical Index ended November up 4.37%.

Biopharma stocks saw a resurgence in 2023, with the BioWorld Stock Index finishing the year with a gain of 33.59%, in contrast to the 32.75% decline in 2022. An analysis of 516 stocks from the index showed that 193 companies (37%) concluded the year on a positive note, while shares of 322 companies (62%) experienced a downturn. Anebulo Pharmaceuticals Inc. (NASDAQ:ANEB), a biopharma focused on substance use disorders, saw its stock end 2023 at the same price as its 2022 closing. Meanwhile, the BioWorld Biopharmaceutical Index ended November up 4.37%.

Carl Zeiss Meditec AG reported it plans to buy Dutch Ophthalmic Research Center BV (DORC) from investment firm Eurazeo SE for approximately €985 million (US$1.08 billion).

While biopharma dealmaking remains active, a strong third quarter (Q3) was not enough to bring it to the same level seen during each of the last three years, although values are coming close. At the same time, M&As appear to be rising above 2022, but even with the increase, they still lag behind other years. If the Pfizer Inc./Seagen Inc. merger, worth $43 billion, closes before the end of 2023, for example, M&As will still not come close to the overall value seen in 2019 and 2020.

While biopharma dealmaking remains active, a strong third quarter (Q3) was not enough to bring it to the same level seen during each of the last three years, although values are coming close. At the same time, M&As appear to be rising above 2022, but even with the increase, they still lag behind other years. If the Pfizer Inc./Seagen Inc. merger, worth $43 billion, closes before the end of 2023, for example, M&As will still not come close to the overall value seen in 2019 and 2020.