In 2025, MedTech, device, digital health, and wearables saw a strategic shift toward higher-value deals. R&D partnerships fell to 14 deals worth $1.5 billion, with $68 million upfront, favoring milestone-driven collaborations over volume-based deals, compared with 32 deals and $335 million in 2024. M&A activity rose to 92 deals, but total value fell to $16.2 billion (upfront $600 million), reflecting smaller, cautious acquisitions versus 2024’s $28.3 billion. Venture funding strengthened in dollars despite a slight drop in rounds, with 236 financings raising $9.2 billion versus 256 rounds for $7.3 billion in 2024. IPO activity rebounded sharply with 8 offerings raising $1.1 billion, up from 1 IPO at $112 million in 2024.
Key deals include R&D: Re-Vana/BI ($1 billion potential milestones), Revival/Olympus JV ($458 million), Biomimetic/Sanara ($4 million milestones); M&A: Stryker/Inari ($4.9 billion), HistoSonics/Investor Syndicate ($2.3 billion), Terumo/OrganOx ($1.5 billion); Venture: BVI Medical ($1 billion), Oura Health ($900 million, $11 billion valuation), Neuralink ($650 million, $9 billion pre-money); IPOs: Hinge Health ($437 million), Shenzhen Edge Medical ($154 million), Saluda Medical ($151 million). Overall, 2025 underlined fewer but larger partnerships, selective acquisitions, sizeable ventures, and a renewed IPO push.
Medtech, Device, Digital Health, Wearables R&D Partnerships
In 2025, MedTech, device, digital health, and wearables R&D partnerships declined in volume to 14 deals but delivered significantly higher value, totaling $1.5 billion with $68 million in upfront cash and equity. The year was defined by fewer, larger collaborations, with most value tied to longer-term milestone payments rather than substantial upfront commitments. In comparison, 2024 recorded 32 deals totaling $335 million, including $67 million in upfront cash and equity, reflecting higher deal volume but smaller partnership sizes. Across both years, the sector generated 46 deals worth $1.8 billion, with $135 million paid upfront.
Top R&D Partnerships Medtech, Device, Digital Health, Wearables in 2025
Re-Vana development and commercialization deal with Boehringer Ingelheim – July 2025
Re-Vana granted Boehringer Ingelheim exclusive global rights to develop and commercialize extended-release ophthalmic therapies designed to reduce injection frequency from monthly to once every 6 to 12 months. The collaboration combines Re-Vana’s delivery platform with BI’s R&D capabilities and ophthalmology pipeline, including 4 Phase II assets. The companies will jointly manage early feasibility and development, while BI will lead clinical development, regulatory approval, and commercialization. The agreement covers up to 3 projects per year and includes potential payments of up to $1 billion in upfront, development, regulatory, and commercial milestones for the initial 3 targets, plus royalties.
Revival Healthcare formed Swan EndoSurgical as a joint venture with Olympus – July 2025
Revival Healthcare and Olympus formed Swan EndoSurgical, a Texas-based joint venture focused on developing endoluminal robotic devices for gastrointestinal cancer treatment. Revival holds a 55% controlling stake and leads decision-making, while Olympus owns 45% and retains an option to acquire the venture at a preset valuation. The partners will jointly invest up to $458 million, including up to $206 million from Revival, with $65 million provided upfront. Funding will be deployed in stages, tied to predefined milestone achievements.
BMI development and commercialization deal with Sanara for OsStic – January 2025
Biomimetic Innovations granted Sanara MedTech exclusive US rights to develop and commercialize OsStic, a synthetic injectable bone void filler with adjunctive internal fixation technology for fracture management. OsStic received FDA Breakthrough Device Designation in December 2023. The agreement has an initial term of five years with automatic two-year renewals at Sanara’s discretion. Financial terms include €3 million (approx. $3.1 million) upfront, €1 million (approx. $1.1 million) in convertible debt, and up to €4 million (approx. $4.1 million) in clinical development and regulatory milestones.
Medtech, Device, Digital Health, Wearables M&A
In 2025, M&A activity in MedTech, devices, digital health, and wearables increased in volume, with 92 deals compared with 75 in 2024. However, total deal value, including contingents, declined to $16.2 billion from $28.3 billion in 2024, while upfront cash without contingents fell to $600 million from $1.1 billion, indicating cautious capital deployment in 2025. In contrast, 2024 recorded fewer deals but significantly higher aggregate value, driven by several large acquisitions. Across both years, the sector completed 167 deals worth $44 billion, including contingents, with $1.7 billion in upfront cash.
Top M&A’s Medtech, Device, Digital Health, Wearables in 2025
Stryker acquired Inari – January 2025
Stryker agreed to acquire Inari Medical, a developer of devices for chronic venous diseases, including venous thromboembolism. Inari’s portfolio includes ClotTriever for deep vein thrombosis, the FlowTriever System for pulmonary embolism, the InThrill System for small vessel thrombosis, and the LimFlow System for chronic limb-threatening ischemia. The acquisition strengthens Stryker’s position in the peripheral vascular segment and complements its Neurovascular business. Under the terms, Inari shareholders received $80 per share in cash, implying a fully diluted equity value of approx. $4.9 billion. The transaction closed on February 19, 2025.
K5 Global, Bezos Expeditions, and Wellington Management acquired HistoSonics – August 2025
Announced in August 2025, a syndicate of investors, including K5 Global, Bezos Expeditions, and Wellington Management, acquired HistoSonics, a developer of Robotically Assisted Sonic Therapy (RAST) for non-invasive tumor treatment. The company’s focused ultrasound technology, which received FDA De Novo clearance in 2023, enables targeted tissue destruction without surgery or toxicity. With over 2,000 patients treated and 50 additional system installations planned by year-end, the investment will support expansion into new indications, including kidney, pancreas, and prostate cancers. HistoSonics will receive $2.3 billion and will continue to operate under its existing leadership.
Terumo acquired OrganOx – August 2025
Terumo agreed to acquire OrganOx, a developer of normothermic machine perfusion technology for organ preservation. Its lead product, Metra, is a liver perfusion device that maintains organ viability by circulating oxygenated fluid at body temperature, enabling real-time monitoring and improved transplant outcomes. Metra received FDA approval in 2021 and was launched in the US in 2022, with additional approvals and commercialization in the EU, UK, Australia, and Canada. Under the terms, OrganOx will receive $1.5 billion upfront and become a wholly owned subsidiary of Terumo. The transaction was completed on October 30, 2025.
Medtech, Device, Digital Health, Wearables Venture Funding
In 2025, venture funding in MedTech, device, digital health, and wearables strengthened in dollars despite a slight decline in deal count, with 236 financings raising $9.2 billion compared to 2024, when the sector recorded 256 rounds totaling $7.3 billion, reflecting higher activity by count but lower capital raised. Across both years, the market generated 492 rounds and $16.5 billion in funding.
Top Venture Funding Medtech, Device, Digital Health, Wearables – 2025
BVI Medical – Series Unspecified -$1B – March 2025
BVI Medical completed a $1 billion strategic capital raise in partnership with TPG to refinance existing debt and support accelerated growth. The financing strengthens BVI’s balance sheet and positions the company for new product launches and global expansion. The raise follows a period of operational momentum, including portfolio expansion, pipeline growth, increased IOL manufacturing capacity in Europe, and the launch of products such as SERENITY and SERENITY Toric. The capital will support scaling operations and meeting rising global demand.
Oura – Series Unspecified – $900M – October 2025
Oura Health raised approximately $900 million in a series E round led by Fidelity, with participation from ICONIQ Capital, Whale Rock Capital Management, and Atreides Management, valuing the company at about $11 billion, nearly double its prior valuation. The company has sold over 5.5 million devices, with more than half of sales in the past year. It reported $500 million in revenue in 2024 and is on track to exceed $1 billion in 2025. Proceeds will support AI-driven health features, manufacturing scale-up, global distribution, and platform expansion, with a strategic focus on advancing preventive health through diagnostics, integrations, and partnerships with healthcare providers, insurers, and employers.
Neuralink – Series E – $650M – June 2025
Neuralink raised $650 million in a series E round to expand patient access and develop new devices, bringing total funding to over $1.2 billion. Investors included ARK Invest, DFJ Growth, Founders Fund, G42, Human Capital, Lightspeed, QIA, Sequoia Capital, Thrive Capital, Valor Equity Partners, and Vy Capital. Neuralink’s N1 implant, featuring 1,024 electrodes across 64 threads, enables paralyzed patients to control digital devices via thought. The company previously raised $280 million in a series D round in August 2023. The latest deal values Neuralink at $9 billion pre-money.
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Medtech, Device, Digital Health, Wearables IPO Activity
In 2025, IPO activity in MedTech, device, digital health, and wearables increased sharply, with 8 offerings raising $1.1 billion, marking a significantly stronger year for public market fundraising compared to 2024, when the sector recorded just 1 IPO raising $112 million, reflecting a limited listing environment. Across both years, 9 IPOs raised $1.2 billion.
Top IPO Activity Medtech, Device, Digital Health, Wearables – 2025
Hinge Health – IPO – $437.3M – March 2025
Hinge Health completed its IPO on the New York Stock Exchange under the ticker HNGE, raising approximately $437 million by selling 9.14 million shares. The stock opened at $39.25, a 23% premium over the $32 IPO price, and closed at $37.56, reflecting strong investor confidence. Founded in 2014, Hinge Health delivers comprehensive digital musculoskeletal care, including health coaching, orthopedic consultation, physical therapy, and advanced tools such as surgery decision support. The IPO follows substantial private funding, including a $300 million series D and $400 million series E in 2021, with the formal SEC filing completed in March 2025.
 Shenzhen Edge Medical – IPO – $154M – December 2025
Shenzhen Edge Medical Co. Ltd. announced its IPO on the Hong Kong Stock Exchange (HKEX: 02675), raising HKD 1.19 billion (US$154 million) through a global offering of 27.72 million H shares priced at HKD 43.24 each. The proceeds will fund R&D, expand manufacturing capacity, and support the company’s international growth beyond China. The IPO, jointly sponsored by Morgan Stanley and GF Capital (Hong Kong), is expected to list on January 8, 2026.
Saluda Medical – IPO – $151M – December 2025
Saluda Medical, Inc., a commercial-stage developer of closed-loop neuromodulation therapies for chronic neurological conditions, began trading on the Australian Securities Exchange under the ticker SLD following its IPO. The company raised AUD 230.8 million (US$150 million) by issuing ~87.1 million CHESS Depositary Interests at AUD 2.65 per share, with proceeds earmarked for expanding sales, marketing, commercial support, and product development. Saluda’s platform automatically adjusts therapy based on real-time neural feedback, enabling precise, dose-controlled neuromodulation. Existing investors include Wellington Management, Fidelity Management & Research Company, T. Rowe Price-advised funds, TPG Life Sciences Innovations, and Redmile Group, LLC.
Also check out MedTech, Device, Digital Health, and Wearables M&A and Ventures – Q1 2025
