Quarterly Healthcare M&A Update Q4 2025
MedTech – Strategic fit over momentum
The global MedTech M&A market showed stable transaction activity in 2025, both globally and in the DACH region, at a level comparable to the previous year. Transactions were primarily driven by acquisitions aimed at expanding product portfolios, followed by technology-driven acquisitions.
Valuations remained broadly in line with 2024 levels. The highest multiples were observed in the Healthcare Equipment segment.
Key insights at a glance
- Buyers prioritize strategic fit, technological depth, and scalability
- The median EV/EBITDA multiple stands at approximately 13.2x, with significant differences depending on deal size
- Financial investors accounted for around 45% of transactions in 2025 as buyers
Explore our latest Healthcare Report for detailed insights into the MedTech sector
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