Industry report: Medical Devices

As of 2025, Europe’s medical devices market is valued at over $140 billion, with M&A activity remaining robust as buyers continue to prioritise high-growth targets across diagnostics, surgical technologies, and connected care.

In our latest industry report, Corporate Finance Partner Nick Wallis, Director Sam Barr, and Senior Associate Amelia Palmer spotlight the strongest market drivers, regulatory shifts, and deal activity shaping this rapidly evolving industry.

Key takeaways from the report include

• Ageing populations and innovation drive growth – Europe’s medical devices market is expanding steadily, fuelled by demographic pressures and rapid technological advancement. 
• Consolidation in specialist segments – Recent M&A activity highlights strong momentum in niche, high-growth areas, as buyers scale specialist platforms to meet demand for value-led care.
• Selective capital, strategic consolidation – Medical device M&A is increasingly selective, with buyers prioritising scalable, high-quality assets. Deal values are rising, with Private Equity continuing to drive mid-market consolidation through targeted bolt-ons.
• Positive outlook amid structural change – Despite ongoing reform and selective funding, the outlook for medical device M&A remains strong, with buyers targeting scalable, tech-enabled businesses aligned to decentralised care and system-wide efficiency.