The total transaction value of medical technology (medtech) dealmaking in 2025 surged to $92.8 billion – the highest level in more than a decade – but overall activity remained muted, with just 46 deals announced through Nov. 30, according to PwC’s "US Deals 2026 outlook"
report
.
The report found the value spike was driven almost entirely by three mega-deals that dominated the year’s mergers and acquisitions (M&A) landscape.
Abbott Laboratories’ $23.5 billion acquisition of Exact Sciences led the pack, signaling continued appetite for molecular diagnostics and data-driven testing. Blackstone followed with a $20.5 billion take-private of Hologic.
Rounding out the top three was Waters Corporation’s $17.5 billion purchase of Becton Dickinson’s biosciences and diagnostics unit.
The report noted that, beyond those transactions, dealmakers largely moved cautiously amid regulatory uncertainty, macroeconomic pressure and shifting investor expectations, which lengthened diligence timelines and raised the bar for execution.
Still, several second-half transactions – including Stryker’s $4.9 billion acquisition of Inari Medical and GE HealthCare’s $2.3 billion purchase of imaging software provider Intelerad – suggested momentum may be building heading into 2026.
The report noted that companies that can point to scalable digital infrastructure and measurable clinical or operational impact are increasingly viewed as premium assets, with imaging software, diagnostics platforms and data-enabled procedural technologies expected to remain focal points.
"Acquirers are increasingly focused on evidence, not aspiration," James Woods, principal of deals and U.S. medtech leader at PwC, told
MobiHealthNews
.
He explained that for AI, robotics and connected-care platforms, buyers want proof of scalable digital infrastructure, measurable clinical or operational impact, and clear pathways for integration into existing workflows.
That includes real-world data demonstrating improved outcomes, efficiency gains or cost reduction, along with regulatory readiness, cybersecurity robustness and commercial traction.
"Technologies that combine differentiation with repeatable deployment and clear value creation are the ones most likely to command premium valuations in this environment," Woods said.
For activity to broaden in 2026, confidence around execution needs to improve, he stated.
"As regulatory clarity increases, portfolio reviews conclude and capital markets stabilize, we expect more mid-sized, capability-building transactions to come to market," Woods said.
He added that continued divestitures of non-core or subscale assets should also expand the opportunity set, helping translate available capital into broader deal flow.
"Buyers are adapting by building more flexibility and discipline into the deal process," Woods said.
Longer diligence timelines – particularly around supply chains, data flows, manufacturing footprint and regulatory exposure – are now the norm.
“As a result, we’re seeing greater use of staged transactions, minority investments, carve-outs and structured capital solutions that allow acquirers to manage risk while maintaining strategic upside,” Woods said.
He added that integration planning is also starting earlier, with a sharper focus on operational resilience, diversified sourcing and regulatory compliance from day one.
“In 2026, success will come from pairing strategic conviction with rigorous, scenario-based execution planning,” Woods said.