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Medical Technology M&A Pulse – Q3 2025

December 9, 2025

MEDICAL TECHNOLOGY M&A MARKET DYNAMICS

  • M&A activity in the Medical Technology sector remained subdued in Q3 2025 at 102 announced transactions, significantly below the 165 deals recorded in Q3 2024. However, activity was essentially flat compared to Q2 2025, representing a stabilization following consecutive quarterly declines.
  • Strategic buyers remained the primary drivers of M&A activity this quarter, accounting for 58% of total deal volume, or 59 transactions.
  • Activity was well distributed across subsectors, with the Therapeutic Device segment leading at 26% of total deals. Diagnostic (non-imaging) followed at 15%. The Consumable / Disposable, Contract Manufacturing, Equipment, and Service subsectors were all tied at approximately 11%. This mix reflects a balanced and diversified M&A landscape.

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