Medtech M&A 2024: Big Deals Dominate, but Targeted Acquisitions Shape the Future

The medical technology sector experienced a surge in mergers and acquisitions (M&A) activity throughout 2024, headlined by major deals such as Johnson & Johnson’s $13.1 billion purchase of Shockwave Medical and Boston Scientific’s $3.7 billion acquisition of Axonics. These large-scale transactions, along with Boston Scientific's $1.26 billion buyout of Silk Road Medical, exemplify strategic investments in high-growth areas like cardiac health and minimally invasive procedures. However, the year was defined by a wider trend of smaller, targeted acquisitions, such as Boston Scientific’s purchase of Cortex and Intera Oncology, and Stryker's acquisition of Nico, highlighting a focus on precision growth in fields like cancer treatment and neurological devices.

Artificial intelligence and advanced diagnostic tools also emerged as pivotal growth areas, as evidenced by GE Healthcare’s and Samsung Medison’s acquisitions of AI-focused companies. Deals like Tempus AI’s $600 million purchase of Ambry Genetics and Medtronic’s acquisition of Fortimedix underscore the industry’s commitment to innovation in personalized medicine and minimally invasive surgeries. As 2024 progresses, the medtech M&A landscape reflects a balance between headline-grabbing mega-deals and strategic, smaller transactions aimed at enhancing specialized capabilities and expanding market share.