MedTech is a transformed industry. Having weathered financial upheavals, pandemics and geopolitical turmoil over the last two decades, the MedTech industry in the US and Europe still generated US$650b in revenues in the last calendar year — up 11% — with the first six months of 2026 witnessing a further 7% surge in the year-on-year (YoY) topline. Moreover, between July 2025 and June 2026, both financing and M&A investment reached the highest 12-month totals recorded in the history of this report.
US$63b raised in financing in the 12 months ending June 30, up 85% YoY
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The current blockbuster investment levels signal the turning point MedTech is experiencing. Recent years have seen the emergence of a two-tier MedTech industry, with a breakout group of high-performing, high-differentiation, high-innovation strategic leaders who pulled away from the larger group of companies, which constitute the broader sector. For companies outside this outperforming cohort, there are more concerning signs. 50% of these companies are still operating with two years or less of cash reserves available.
Five mega-deals of over US$10b in value
As this report has always highlighted, innovation remains the sector’s heartbeat. In today’s complex operating environment, MedTech companies need to follow the leading practices modeled by industry leaders. The biggest strategic challenge is remaining at the forefront of innovation, while also building capabilities, capital allocation and communication strategies to convert innovation into ongoing profitable growth. Those who meet this challenge today can keep setting the pace of the industry for another 20 years to come.
Innovation is thriving; premarket approvals surged 28%