Med-tech M&A activity opened 2026 at a slower pace, with January deal value totaling $665.33 million, coming in well below the 2025 monthly average of $3.51 billion and trailing most individual months last year.
Med-tech M&A activity cooled in 2025, with total reported deal value falling to about $42.14 billion, down from $57.9 billion in 2024 and far below the levels seen in 2021 and 2022, when annual totals exceeded $150 billion.
Med-tech M&A value in 2025 totaled about $38.99 billion through November, reflecting a clear slowdown from 2024’s $57.92 billion and well below the peak years of 2021 and 2022, when 11-month totals exceeded $119 billion and $132 billion, respectively. Activity this year has been uneven, with a strong April ($9.04 billion) and July ($7.29 billion) accounting for a large share of the total, while several months posted relatively modest figures. November was particularly quiet, delivering just $5 million in M&A value, down sharply from $1.68 billion in October and marking the weakest month of the year.
Med-tech M&A activity cooled in October, with the total disclosed deal value reaching $1.68 billion, a step down from September’s $4.84 billion and well below several stronger months earlier in the year.
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.
Through the first eight months of 2025, med-tech M&A deal value reached $30.74 billion, a modest rebound from $34.77 billion during the same period in 2024. August contributed $2.42 billion, down from July’s $6.21 billion, yet still ahead of several earlier months in 2025.
Reported med-tech deal value in the first seven months of 2025 remained sharply subdued, totaling just $657.44 million across all non-M&A transactions, a fraction of the $1.24 billion reported by this time last year. The current total is the lowest for any January-to-July period in the past seven years, though less than 2% of deals disclosed dollar values.
Med-tech publicly disclosed deal value reached just $5 million in June 2025, capping a weak quarter for the sector. Total deal value for the first half of the year came to just $320.14 million, with no single month crossing the $200 million mark.
Med-tech M&A activity dipped in May, reaching $1.52 billion, down from $2.07 billion in April and a far cry from the highs seen earlier this year, such as $4.92 billion in January and $5.99 billion in February.
