During Q3, biopharma merger and acquisition value reached $15.4bn and drew in $37.6bn in potential deal value from alliances. Device company M&A values reached $550m, while in vitro diagnostic firms and research tools players completed M&A activity that totaled $1.9bn.

The performances of the leading medtechs in the first year of the COVID-19 pandemic were impossible to compare and certainly unrepresentative of normal business cycles and competitive activity. Elective care was largely put on hold and emergency needs boosted exceptional demand for certain product types. More than anything else, 2020 tested management skills and planning.

2019 saw fewer revenues-boosting major acquisitions by top-tier medtechs. Companies that reported after the calendar year-end were the first to see the consequences of the pandemic on their annual figures.