In the first half of 2026, dealmakers in the medical technology sector continued the busy pace of the previous year. After M&A activity hit a ten-year high in 2025, another wave of deals exceeding $1 billion emerged in the first half of this year. PricewaterhouseCoopersrecent reportstated that total medtech M&A in the first half of this year reached $36.5 billion, with both the number and value of deals higher than the median levels of 2025.

This active pace reflects medtech companies' efforts to refocus their portfolios on faster-growing product areas. Boston Scientific, Medtronic, and Stryker were among the companies that signed agreements during this period to enter rapidly expanding markets.

At the same time, there were also deals that helped companies exit slower-growing areas, most notably Thermo Fisher Scientific's plan to sell a business unit that grew by approximately 2% last year.

The following are the top ten acquisition deals in the medtech sector in the first half of 2026, as compiled by MedTech Dive:

1. Boston Scientific acquires Penumbra

Amount:$14.5 billion

Announcement date:January 15

Boston Scientific signed an agreement at the beginning of the yearto acquirePenumbra, gaining its thrombus removal devices. Penumbra also sells a system for controlling bleeding, and its thrombus removal devices are indicated for conditions such as pulmonary embolism, stroke, and deep vein thrombosis.

BTIG analyst Ryan Zimmerman wrote in a January research report that this deal would take Boston Scientific into the new markets of thrombectomy and embolization therapy, adding a growth asset. Boston Scientific expects to complete the deal this year.

2. Danaher acquires Masimo

Amount:$9.9 billion

Completion date:June 10

Danaher acquired Masimo by paying $9.9 billionfor, establishing a position in the pulse oximetry market to compete with Medtronic. The company believes Masimo is complementary to its existing Radiometer business, which focuses on blood gas analysis and other testing in acute care settings.

Based on the overlap between the two businesses, Danaher set a target of achieving $125 million in annual cost synergies and more than $50 million in sales synergies by the fifth full year after the deal closes. Radiometer, founded in Denmark, can leverage its presence in Europe to help Masimo grow in the region.

3. Boston Scientific buys stake in MiRus

Amount:$1.5 billion

Announcement date:May 18

Boston Scientific paid $1.5 billionto acquireapproximately one-third of MiRus's equity. The deal gives Boston Scientific an exclusive option to acquire MiRus's transcatheter aortic valve replacement system upon paying an additional total of $3 billion and meeting certain milestones.

Boston Scientific said MiRus's Siegel system is the first nickel-free, balloon-expandable TAVR valve designed to restore function and normal blood flow in severely stenotic aortic valves. After setbacks with the Acurate Neo2, Acurate Prime, and Lotus Edge systems, acquiring this device could make Boston Scientific a challenger in the TAVR market once again.

4. AIP acquires Avanos Medical

Amount:$1.27 billion

Announcement date:April 14

Avanos Medical accepted a privatization offer fromprivate equity partnership American Industrial Partners. The specialty nutrition and pain management company competes with rivals such as Boston Scientific, Cook Medical, Medtronic, and Stryker. Avanos CEO Dave Pacitti said AIP would support the company in strengthening its competitive position.

5. Thermo Fisher agrees to sell microbiology division

Amount:$1.08 billion

Announcement date:April 27

Thermo Fisher Scientificaccepted an offer from Astorgto sell its microbiology business. The division sells antimicrobial susceptibility testing and culture media for clinical, pharmaceutical, and food safety applications. Private equity firm Astorg will operate the business as an independent private platform.

6. Roche acquires PathAI

Amount:$750 million upfront, plus up to $300 million in milestone payments

Announcement date:May 7

Rocheagreed to acquire PathAIto gain ownership of its digital pathology platform. The Swiss company plans to expand PathAI's platform globally and combine the acquired tools with its existing cancer diagnostics capabilities. Roche believes PathAI's clinical trial support and translational research capabilities are highly complementary to its companion diagnostics expertise.

7. Agilent acquires Biocare Medical

Amount:$950 million

Completion date:June 25

Agilentacquired Biocare Medicalto gain automated immunohistochemistry instruments and reagents. These products generated more than $90 million in sales last year, serving the cancer and infectious disease diagnostics and research markets. Agilent serves the same market segments through its life sciences and diagnostics businesses.

8. Stryker acquires Amplitude Vascular

Amount:$435 million upfront, plus up to $400 million in milestone payments

Completion date:May 7

Strykeracquired Amplitude Vascular Systems, adding an intravascular lithotripsy platform to its portfolio. Johnson & Johnson established a leading position in the IVL field in 2024 with its $13.1 billionacquisition of Shockwave Medical. Boston Scientific and Abbott have also entered the field since then.

Leerink Partners analyst Mike Kratky wrote in an April research report that Amplitude's Pulse system is "one of the most credible next-generation challengers to Shockwave IVL."

9. Medtronic acquires SPR Therapeutics

Amount:$650 million

Announcement date:May 20

Medtronicagreed to acquireSPR Therapeutics to expand its neuromodulation portfolio. SPR sells Sprint, a peripheral nerve stimulation device for treating chronic pain. The device can provide up to 60 days of pain treatment. Medtronic views this temporary device as a way to enable earlier intervention for chronic pain patients.

10. Medtronic acquires CathWorks

Amount:$585 million

Completion date:April 20

Medtronicacquired CathWorksto expand its presence in the catheterization lab. CathWorks sells a system called FFRangio that uses artificial intelligence and computational science to assess the entire coronary tree from routine vascular X-ray images. Since 2022, Medtronic has been co-promoting the system in the United States, Europe, and Japan.