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Top 10 Largest MedTech Mergers and Acquisitions of the Decade

Top 10 Largest MedTech Mergers and Acquisitions of the Decade

In the last 10 years, the medical device industry has witnessed billions of dollars in mergers and acquisitions.

The medical device and medtech industry has undergone significant mergers and acquisitions over the past decade. These strategic deals have reshaped the competitive landscape, spurred innovation and enabled companies to diversify their product offerings, expand into new markets and enhance operational efficiencies. This list highlights the top 10 largest mergers and acquisitions among companies in the medical device, medtech and diagnostics sector from the past decade.


Related: Top 10 Medical Device Inventions of 2024, According to TIME


1. Medtronic’s Acquisition of Covidien

Deal value: $43 billion
Announced: June 2014
Closed: January 2015

In January 2015, Medtronic, a leading medtech company, acquired Covidien, an Ireland-based medical device manufacturer, in a deal worth approximately $43 billion, one of the largest to date. This merger aimed to create a broader and more diversified product portfolio in medical devices and therapies. The merger created a business with an estimated $27 billion in revenue and a combined 85,000 employees. Medtronic shifted its legal domicile to Ireland, but the combined company kept its executive offices in Minneapolis, USA.

2. Abbott’s Acquisition of St. Jude Medical

Deal value: $25 billion
Announced: April 2016
Closed: January 2017

In January 2017, Abbott, a global healthcare company, completed its acquisition of St. Jude Medical, a medical device company specializing in cardiovascular and implantable neurostimulation technologies. The deal was valued at approximately $25 billion and strengthened Abbott’s presence in the cardiovascular devices market.

3. Becton Dickinson Purchased C.R. Bard

Deal value: $24 billion
Announced: April 2017
Closed: December 2017

In April 2017, US medical equipment supplier Becton Dickinson (BD) inked an agreement to acquire C.R. Bard in a $24 billion cash-and-stock deal, adding Bard’s devices to its portfolio in the high-growth sectors of oncology and surgery. The merged company is uniquely equipped to enhance both disease treatment for patients and the overall care process for healthcare providers.

4. Danaher Acquires Cytiva out of GE’s Biopharma Business

Deal value: $21.4 billion
Announced: February 2019
Closed: March 2020

In 2019, Danaher, a life sciences and diagnostics innovator, acquired the Biopharma business from General Electric Company’s (GE) Life Sciences division. Now operating as Cytiva, the business functions as a standalone company within Danaher’s Life Sciences segment. The combined entity provides biomanufacturers with products and technologies spanning the entire bioprocess spectrum, from cell culture to drug product manufacturing.

5. Thermo Fisher’s Acquisition of PPD

Deal value: $17.4 billion
Announced: April 2021
Closed: December 2021

Thermo Fisher Scientific, a worldwide supplier of analytical instruments, clinical development solutions, specialty diagnostics, lab, pharmaceutical and biotech services, acquired PPD, a leading global provider of clinical research services to the biopharma and biotech industry, for $17.4 billion in 2021. With PPD’s integration, Thermo Fisher now provides a full suite of world-class services across the clinical development spectrum — ranging from scientific discovery and evaluating safety, efficacy and healthcare outcomes to managing clinical trial logistics and advancing drug development and manufacturing.

6. Johnson & Johnson (J&J) Buys Abiomed

Deal value: $16.6 billion
Announced: November 2022
Closed: December 2022

Abiomed became a part of Johnson & Johnson (J&J), operating as a standalone business within its MedTech segment in 2022 in a deal valued at $16.6 billion. Since 2008, Abiomed’s Impella heart pumps — the world’s smallest — have been used in the US, generating $985 million in global revenue in fiscal year 2022. The acquisition enhanced capabilities in physician education, commercial excellence and strong clinical expertise — further supported by faster access to and adoption of lifesaving technologies for patients worldwide.

7. Siemens Healthineers Acquires Varian Medical Systems

Deal value: $16.4 billion
Announced: August 2020
Closed: April 2021

With a renewed focus on building out its cancer care offerings, Siemens Healthineers laid out a plan in mid-2020 to acquire Varian Medical Systems. Less than a year later, the $16.4 billion deal closed, effectively bulking up Siemens’ oncology portfolio with its acquisition target’s own slate of hardware and software for radiation therapy. The combination created a multi-disciplinary global healthcare leader with the most comprehensive cancer care portfolio in the industry.

8. Zimmer Merges with Biomet

Deal value: $13.35 billion
Announced: April 2014
Closed: June 2015

In June 2015, Zimmer and Biomet merged, forming Zimmer Biomet Holdings, one of the largest medical device companies specializing in musculoskeletal healthcare. The transaction was valued at approximately $13.4 billion. The company offers a comprehensive and diversified portfolio of musculoskeletal solutions. The scale of Zimmer Biomet provides for increased competitiveness in core franchises and a stronger presence in emerging markets. Zimmer Biomet also expects to create operational synergies that will enhance value for stockholders.

9. J&J Buys Shockwave Medical

Deal value: $13.1 billion
Announced: April 2024
Closed: May 2024

J&J MedTech has inked a $13.1 billion deal to bring Shockwave Medical into the fold. The acquisition provides J&J with access to a device that uses shockwaves to break down calcified plaque in heart vessels, much like the method used to treat kidney stones. This transaction further strengthens J&J MedTech’s leadership in cardiovascular intervention. Shockwave is ultimately expected to become J&J MedTech’s thirteenth priority platform, as defined by annual sales of at least $1 billion.

10. Baxter’s Acquisition of Hillrom

Deal value: $12.5 billion
Announced: September 2021
Closed: December 2021

With its $12.5 billion acquisition of Hillrom, Baxter hoped to build a medtech powerhouse. The combined annual revenue is expected to be around $20 billion, driven by Hillrom’s smart hospital beds and vital sign equipment, along with Baxter’s portfolio in kidney care, medication delivery and advanced surgery, covering healthcare settings from hospitals to homes.




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