Bain & Company January 9, 2026
As leaders refocus portfolios, dealmaking officially returns.
At a Glance
- Spin-offs and divestitures now represent more than one-third of strategic deal value.
- Category leadership, not deal size, is defining winners.
Medtech deal value rose year over year and rebounded above pre-2023 levels, bolstered by renewed strategic confidence and several large transactions (see Figure 1). The second half of the year was particularly strong, nearly doubling first-half deal value as valuations continued to decline. Robust dealmaking is likely to continue into 2026.
Figure 1
While large deals such as Waters’ acquisition of BD’s biosciences and diagnostics businesses and Stryker’s acquisition of Inari Medical grabbed the headlines,...
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