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Gus Iversen, Editor in Chief | June 30, 2026
Medical technology mergers and acquisitions slowed during the first quarter of 2026, with dealmakers announcing 83 transactions, down from 118 in the same period last year, according to a new market report from investment bank PMCF.
The decline in volume did not translate into smaller transactions. Instead, a limited number of large strategic acquisitions pushed average deal value higher as corporate buyers continued to target established assets with strong clinical positions.
PMCF said strategic acquirers accounted for roughly 87% of announced transactions during the quarter, while private equity activity remained subdued amid higher financing costs and more selective underwriting. Medical equipment represented the largest share of activity at 31%, followed by services at 24% and therapeutic devices at 16%. Buyers also showed continued interest in diagnostics, preventive care and other markets with recurring demand.
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The report noted that average disclosed enterprise value-to-EBITDA multiples increased to 20.4x in the quarter, compared with 18.4x a year earlier, while average transaction value climbed to about $1.1 billion from $439 million. PMCF attributed much of that increase to several large acquisitions, including Boston Scientific's planned $14.8 billion acquisition of Penumbra, and Danaher's agreement to acquire Masimo for $9.9 billion.
The market also continued to contend with broader economic pressures. Tariffs remained a significant consideration for manufacturers despite changes to U.S. trade policy, leading acquirers to place greater emphasis on supply chain geography and domestic manufacturing during due diligence,
according to the report.
Meanwhile, public MedTech companies faced a difficult quarter. PMCF's index showed a median three-month stock price decline of 9.6%, while valuation multiples continued to compress, with the median EV/EBITDA multiple falling to about 13.9x. Despite those headwinds, PMCF said easing financing conditions could support a gradual recovery in deal activity as buyers remain focused on high-quality assets.
