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Market strategy briefQ2 2026Next refresh: mid-Nov 2026

Higher Spend Concentration + Slower posture

Life Sciences Tools, Diagnostics & MedTech

Higher Spend Concentration + Slower · $366.1B disclosed spend · led by Bolt On plays · activity cooling across 155 public buyers.

Priority buyers pair regulatory know-how and commercial channels with repeat acquisitions that fill product, testing, or workflow gaps.

Bolt On dominantSpend HHI 716Cooling -27

Disclosed acquisition spend is above the atlas median HHI (576), while recent activity is flat or cooling.

Public buyers

155

70 core (10+)

Recorded buys

1,334

182 last 3 yrs

Disclosed spend

$366.1B

$68.3B recent

Matched issuers

289

4 segments

Strategy fingerprint

How this market gets bought

Spend-weighted strategy mix from public buyers' 10-K language. Each archetype shows the buyers who lead it.

Bolt 21%
Geo 21%
Horiz 19%
Platform 15%
Tech 13%
Tuck InBolt OnPlatformGeographic ExpansionHorizontal ConsolidationVertical IntegrationTechnology AcquisitionTalent Acquisition

Tuck In

7% mix

Small additive deals folded directly into the existing business.

“We continue to look for additional potential acquisitions as part of our consumer product ‘roll-up” strategy.”

NexGel, Inc. (NXGL) · FY2025

Bolt On

21% mix

Mid-sized acquisitions extending the existing product or service core.

“The company’s acquisitions have historically been made at prices above the determined fair value of the acquired identifiable net assets, resulting in goodwill, primarily due to expectations of the synergies that will be realized by combining the businesses and the benefits that will be gained from the assembled workforces.”

Thermo Fisher Scientific Inc. (TMO) · FY2023

Platform

15% mix

Foundational deals establishing a new platform or business line.

“The acquisition is expected to accelerate access and adoption of GRAIL’s blood test”

Illumina, Inc. (ILMN) · FY2022

Geographic Expansion

21% mix

Buying density or new geographies to extend the footprint.

“During 2025, the Company advanced its international strategy through the acquisition of a minority stake in SYNLAB, a leader in medical diagnostic services and specialty testing in Europe.”

Labcorp Holdings Inc. (LH) · FY2025

Horizontal Consolidation

19% mix

Acquiring direct competitors to consolidate the market.

“Market consolidation of large customers globally through mergers or acquisitions resulting in a larger proportion or concentration of our business being derived from fewer customers.”

The Cooper Companies, Inc. (COO) · FY2025

Vertical Integration

1% mix

Adding upstream or downstream capability inside the value chain.

Technology Acquisition

13% mix

Buying products, IP, or engineering depth for capability gain.

“We believe that our products and solutions compete primarily on their ability to deliver both differentiated clinical and economic outcomes for our customers by enabling physicians to perform diagnostic and therapeutic procedures safely and effectively often in a less-invasive and cost effective manner.”

Boston Scientific Corp. (BSX) · FY2025

Talent Acquisition

3% mix

Acquisitions led by team or human-capital rationale.

“Progress our clinical strategy to improve outcomes and create durability. Revio is increasingly being adopted in laboratory-developed test ("LDT") and clinical research settings, supporting consolidation of multiple tests, addressing complex genetic challenges, and driving sustained utilization of HiFi sequencing.”

Pacific Biosciences of California, Inc. (PACB) · FY2025

Buyer landscape

Disclosed buyer scale by annual spend

Each bubble is a top public buyer with disclosed acquisition spend. X = average disclosed spend per active year. Y = total disclosed spend. Midlines are buyer medians. Color = dominant strategy archetype.

Below-median disclosed spend per active year, above-median total disclosed spend.Lower Annual Spend / Higher Total SpendAbove-median disclosed spend per active year, above-median total disclosed spend.Higher Annual Spend / Higher Total SpendBelow-median disclosed spend per active year, below-median total disclosed spend.Lower Annual Spend / Lower Total SpendAbove-median disclosed spend per active year, below-median total disclosed spend.Higher Annual Spend / Lower Total Spend$100K$1M$10M$100M$1B$100K$1M$10M$100M$1B$10B$100Bmedian annual $37Mmedian total $164MAvg disclosed acquisition spend per active year (log) →Total disclosed spend (log)BDXBecton, Dickinson and Company (BDX) Bolt On $60.3B total · $4B / active year 15 active years · 16 buys reportedTMOThermo Fisher Scientific Inc. (TMO) Bolt On $52.9B total · $3.5B / active year 15 active years · 20 buys reportedDHRDanaher Corp. (DHR) Bolt On $34.9B total · $3.9B / active year 9 active years · 149 buys reportedBSXBoston Scientific Corp. (BSX) Technology Acquisition $22.1B total · $1.2B / active year 18 active years · 52 buys reportedMDTMedtronic plc (MDT) Bolt On $18.3B total · $1.8B / active year 10 active years · 6 buys reportedTFXTeleflex Incorporated (TFX) Bolt On $14.5B total · $850M / active year 17 active years · 42 buys reportedLHLabcorp Holdings Inc. (LH) Geographic Expansion $13.6B total · $757M / active year 18 active years · 7 buys reportedBAXBaxter International Inc. (BAX) Bolt On $11.4B total · $948M / active year 12 active years · 11 buys reportedRVTYRevvity, Inc. (RVTY) Horizontal Consolidation $8.4B total · $562M / active year 15 active years · 58 buys reportedIQVIqvia Holdings Inc. (IQV) Bolt On $8.4B total · $843M / active year 10 active years · 3 buys reportedABTAbbott Laboratories (ABT) Geographic Expansion $8B total · $1.1B / active year 7 active years · 13 buys reportedICLRICON plc (ICLR) Geographic Expansion $7B total · $467M / active year 15 active years · 22 buys reportedAAgilent Technologies, Inc. (A) Geographic Expansion $6.6B total · $442M / active year 15 active years · 39 buys reportedPHGKoninklijke Philips NV (PHG) Bolt On $6.5B total · $809M / active year 8 active years · 16 buys reportedIARTIntegra Lifesciences Holdings Corp. (IART) Bolt On $6.1B total · $382M / active year 16 active years · 47 buys reportedSYKStryker Corp. (SYK) Geographic Expansion $5.7B total · $333M / active year 17 active years · 16 buys reportedCRLCharles River Laboratories International, Inc. (CRL) Bolt On $5.3B total · $405M / active year 13 active years · 23 buys reportedCOOThe Cooper Companies, Inc. (COO) Horizontal Consolidation $5.1B total · $302M / active year 17 active years · 11 buys reportedRMDResMed Inc. (RMD) Mixed strategy $4.4B total · $260M / active year 17 active yearsAVTRAvantor, Inc. (AVTR) Geographic Expansion $4B total · $2B / active year 2 active years · 3 buys reportedNEOGNeogen Corporation (NEOG) Bolt On $3.6B total · $224M / active year 16 active years · 28 buys reportedILMNIllumina, Inc. (ILMN) Platform $3.4B total · $279M / active year 12 active years · 9 buys reportedLMATLemaitre Vascular, Inc. (LMAT) Bolt On $3B total · $197M / active year 15 active years · 16 buys reportedNSTMNovelstem International Corp. (NSTM) Bolt On $2.7B total · $913M / active year 3 active yearsQGENQiagen N.v. (QGEN) Bolt On $2.5B total · $139M / active year 18 active years · 25 buys reportedWATWaters Corporation (WAT) Mixed strategy $2.5B total · $178M / active year 14 active yearsBRKRBruker Corporation (BRKR) Bolt On $2.5B total · $164M / active year 15 active years · 51 buys reportedSMTISanara Medtech Inc. (SMTI) Technology Acquisition $2.2B total · $373M / active year 6 active years · 4 buys reportedBIAFbioAffinity Technologies, Inc. (BIAF) Mixed strategy $2.2B total · $2.2B / active year 1 active yearsBLCOBausch & Lomb Corp (BLCO) Horizontal Consolidation $2.1B total · $716M / active year 3 active years · 7 buys reportedLIVNLivaNova PLC (LIVN) Technology Acquisition $1.9B total · $278M / active year 7 active years · 3 buys reportedATRAptarGroup, Inc (ATR) Geographic Expansion $1.6B total · $102M / active year 16 active years · 19 buys reportedITGRInteger Holdings Corporation (ITGR) Bolt On $1.6B total · $123M / active year 13 active years · 16 buys reportedQDELQuidelortho Corp. (QDEL) Platform $1.5B total · $1.5B / active year 1 active years · 1 buys reportedEWEdwards Lifesciences Corporation (EW) Technology Acquisition $1.5B total · $136M / active year 11 active years · 10 buys reportedRGENRepligen Corp. (RGEN) Bolt On $1.4B total · $110M / active year 13 active years · 16 buys reportedMYGNMyriad Genetics, Inc. (MYGN) Technology Acquisition $1.4B total · $126M / active year 11 active years · 12 buys reportedNVSTEnvista Holdings Corporation (NVST) Bolt On $1.4B total · $346M / active year 4 active years · 4 buys reportedCNMDConmed Corporation (CNMD) Bolt On $1.4B total · $99M / active year 14 active years · 10 buys reportedBIOBio-Rad Laboratories, Inc. (BIO) Mixed strategy $1.2B total · $88M / active year 14 active years · 11 buys reportedAZTAAzenta, Inc. (AZTA) Bolt On $1.1B total · $74M / active year 15 active years · 19 buys reportedQUCYMainz Biomed N.V. (QUCY) Technology Acquisition $1B total · $1B / active year 1 active years · 3 buys reportedMMSIMerit Medical Systems Inc. (MMSI) Geographic Expansion $996M total · $52M / active year 19 active years · 35 buys reportedGMEDGlobus Medical, Inc. (GMED) Technology Acquisition $934M total · $67M / active year 14 active years · 15 buys reportedBGLCBionexus Gene LAB Corp. (BGLC) Bolt On $862M total · $431M / active year 2 active years · 1 buys reportedHAEHaemonetics Corporation (HAE) Technology Acquisition $844M total · $77M / active year 11 active years · 8 buys reportedALGNAlign Technology, Inc. (ALGN) Technology Acquisition $813M total · $81M / active year 10 active years · 6 buys reportedPENPenumbra, Inc (PEN) Bolt On $803M total · $134M / active year 6 active years · 3 buys reportedALCAlcon Inc. (ALC) Technology Acquisition $802M total · $115M / active year 7 active years · 6 buys reportedAORTArtivion, Inc. (AORT) Geographic Expansion $753M total · $126M / active year 6 active years · 5 buys reportedNEONeogenomics, Inc. (NEO) Bolt On $669M total · $74M / active year 9 active years · 8 buys reportedLABStandard Biotools Inc. (LAB) Horizontal Consolidation $591M total · $148M / active year 4 active years · 4 buys reportedPACBPacific Biosciences of California, Inc. (PACB) Talent Acquisition $509M total · $127M / active year 4 active years · 5 buys reportedIDXXIdexx Laboratories Inc. (IDXX) Geographic Expansion $504M total · $31M / active year 16 active years · 38 buys reportedOFIXOrthofix Medical Inc. (OFIX) Bolt On $438M total · $55M / active year 8 active years · 6 buys reportedUFPTUFP Technologies, Inc. (UFPT) Geographic Expansion $418M total · $46M / active year 9 active years · 20 buys reportedATECAlphatec Holdings, Inc. (ATEC) Bolt On $403M total · $45M / active year 9 active years · 7 buys reportedRDNTRadnet, Inc. (RDNT) Geographic Expansion $391M total · $56M / active year 7 active years · 9 buys reportedBVSBioventus Inc. (BVS) Platform $368M total · $184M / active year 2 active years · 3 buys reportedINBSIntelligent BIO Solutions Inc. (INBS) Mixed strategy $364M total · $364M / active year 1 active years · 1 buys reportedIDXGInterpace Biosciences, Inc. (IDXG) Bolt On $346M total · $69M / active year 5 active years · 4 buys reportedICUIICU Medical Inc. (ICUI) Horizontal Consolidation $337M total · $37M / active year 9 active years · 9 buys reportedANGOAngioDynamics, Inc. (ANGO) Technology Acquisition $336M total · $31M / active year 11 active years · 12 buys reportedMLSSMilestone Scientific Inc. (MLSS) Technology Acquisition $304M total · $304M / active year 1 active years · 1 buys reportedBLFSBioLife Solutions, Inc. (BLFS) Bolt On $299M total · $100M / active year 3 active years · 3 buys reportedINFUInfusystem Holdings, Inc. (INFU) Geographic Expansion $260M total · $26M / active year 10 active years · 8 buys reportedPREPrenetics Global Limited (PRE) Mixed strategy $256M total · $256M / active year 1 active years · 1 buys reportedATRCAtriCure, Inc. (ATRC) Technology Acquisition $255M total · $36M / active year 7 active years · 5 buys reportedAVNSAvanos Medical, Inc. (AVNS) Bolt On $254M total · $32M / active year 8 active years · 5 buys reportedTCMDTactile Systems Technology Inc. (TCMD) Mixed strategy $253M total · $63M / active year 4 active years · 1 buys reportedFLGTFulgent Genetics, Inc. (FLGT) Bolt On $235M total · $78M / active year 3 active years · 5 buys reportedHIMSHims & Hers Health, Inc. (HIMS) Geographic Expansion $207M total · $69M / active year 3 active years · 7 buys reportedEMMAEmmaus Life Sciences, Inc. (EMMA) Technology Acquisition $190M total · $95M / active year 2 active years · 2 buys reportedPOCIPrecision Optics Corporation, Inc. (POCI) Geographic Expansion $181M total · $36M / active year 5 active years · 5 buys reportedINGNInogen, Inc. (INGN) Geographic Expansion $175M total · $44M / active year 4 active years · 4 buys reportedTNDMTandem Diabetes Care, Inc. (TNDM) Technology Acquisition $174M total · $58M / active year 3 active years · 3 buys reportedMASIMasimo Corp. (MASI) Mixed strategy $166M total · $28M / active year 6 active years · 4 buys reportedVYCOVycor Medical, Inc. (VYCO) Mixed strategy $164M total · $55M / active year 3 active years · 2 buys reportedANIKAnika Therapeutics, Inc. (ANIK) Geographic Expansion $145M total · $48M / active year 3 active years · 6 buys reportedHYPRHyperfine, Inc. (HYPR) Platform $142M total · $142M / active year 1 active years · 1 buys reportedQTRXQuanterix Corporation (QTRX) Technology Acquisition $134M total · $34M / active year 4 active years · 4 buys reportedCSTLCastle Biosciences, Inc. (CSTL) Technology Acquisition $126M total · $31M / active year 4 active years · 2 buys reportedISRGIntuitive Surgical, Inc. (ISRG) Technology Acquisition $123M total · $18M / active year 7 active years · 7 buys reportedHBIOHarvard Bioscience, Inc. (HBIO) Bolt On $122M total · $15M / active year 8 active years · 9 buys reportedBNGOBionano Genomics, Inc. (BNGO) Platform $115M total · $29M / active year 4 active years · 2 buys reportedZBHZimmer Biomet Holdings, Inc. (ZBH) Geographic Expansion $106M total · $11M / active year 10 active years · 20 buys reportedTRIBTrinity Biotech plc (TRIB) Mixed strategy $101M total · $14M / active year 7 active years · 2 buys reportedKIDSOrthoPediatrics Corp (KIDS) Geographic Expansion $99M total · $25M / active year 4 active years · 14 buys reportedPODDInsulet Corporation (PODD) Geographic Expansion $97M total · $24M / active year 4 active years · 5 buys reportedMTDMettler-Toledo International Inc. (MTD) Bolt On $94M total · $6M / active year 16 active years · 8 buys reportedSNNSmith & Nephew plc (SNN) Bolt On $92M total · $46M / active year 2 active years · 5 buys reportedOSUROrasure Technologies, Inc. (OSUR) Horizontal Consolidation $85M total · $17M / active year 5 active years · 7 buys reportedPMEDFPredictmedix Inc. (PMEDF) Mixed strategy $78M total · $78M / active year 1 active yearsACRSAclaris Therapeutics, Inc. (ACRS) Technology Acquisition $77M total · $26M / active year 3 active years · 3 buys reportedMASS908 Devices Inc. (MASS) Technology Acquisition $77M total · $19M / active year 4 active years · 3 buys reportedARAYAccuray Incorporated (ARAY) Mixed strategy $76M total · $25M / active year 3 active years · 3 buys reportedXTNTXtant Medical Holdings, Inc. (XTNT) Technology Acquisition $73M total · $73M / active year 1 active years · 1 buys reportedVTAKCatheter Precision, Inc. (VTAK) Technology Acquisition $73M total · $73M / active year 1 active years · 3 buys reportedCDNACaredx, Inc. (CDNA) Technology Acquisition $72M total · $8M / active year 9 active years · 9 buys reportedNTRANatera, Inc. (NTRA) Talent Acquisition $70M total · $35M / active year 2 active years · 1 buys reportedNOTVInotiv, Inc. (NOTV) Horizontal Consolidation $54M total · $13M / active year 4 active years · 1 buys reportedDXCMDexcom, Inc. (DXCM) Mixed strategy $52M total · $9M / active year 6 active years · 1 buys reportedSSKNStrata Skin Sciences, Inc. (SSKN) Platform $47M total · $12M / active year 4 active years · 3 buys reportedFONRFonar Corporation (FONR) Platform $47M total · $9M / active year 5 active years · 8 buys reportedXRAYDENTSPLY SIRONA Inc. (XRAY) Horizontal Consolidation $46M total · $3M / active year 15 active years · 28 buys reportedSTIMNeuronetics, Inc. (STIM) Horizontal Consolidation $41M total · $21M / active year 2 active years · 2 buys reportedUTMDUtah Medical Products Inc. (UTMD) Geographic Expansion $41M total · $41M / active year 1 active years · 2 buys reportedADMTADM Tronics Unlimited, Inc. (ADMT) Mixed strategy $39M total · $19M / active year 2 active years · 1 buys reportedSTAASTAAR Surgical Company (STAA) Geographic Expansion $34M total · $34M / active year 1 active years · 1 buys reportedIRIXIridex Corporation (IRIX) Geographic Expansion $31M total · $8M / active year 4 active years · 3 buys reportedCTKBCytek Biosciences, Inc. (CTKB) Platform $30M total · $7M / active year 4 active years · 3 buys reportedGKOSGLAUKOS Corp (GKOS) Mixed strategy $27M total · $14M / active year 2 active years · 1 buys reportedSTXSStereotaxis, Inc. (STXS) Bolt On $26M total · $13M / active year 2 active years · 2 buys reportedSTRRStar Equity Holdings, Inc. (STRR) Geographic Expansion $23M total · $4M / active year 6 active years · 9 buys reportedSNWVSANUWAVE Health, Inc. (SNWV) Mixed strategy $20M total · $20M / active year 1 active years · 1 buys reportedTMCITreace Medical Concepts, Inc. (TMCI) Technology Acquisition $20M total · $20M / active year 1 active years · 1 buys reportedSLSSellas Life Sciences Group, Inc. (SLS) Platform $20M total · $10M / active year 2 active years · 5 buys reportedLFWDLifeward Ltd. (LFWD) Geographic Expansion $18M total · $18M / active year 1 active years · 2 buys reportedCLPTClearpoint Neuro, Inc. (CLPT) Bolt On $18M total · $18M / active year 1 active years · 1 buys reportedTIVCTivic Health Systems, Inc. (TIVC) Vertical Integration $16M total · $16M / active year 1 active years · 1 buys reportedTMDXTransMedics Group, Inc. (TMDX) Geographic Expansion $15M total · $8M / active year 2 active years · 2 buys reportedMBOTMicrobot Medical Inc. (MBOT) Technology Acquisition $15M total · $5M / active year 3 active years · 3 buys reportedIVFInvo Fertility, Inc. (IVF) Platform $12M total · $6M / active year 2 active years · 3 buys reportedWOKWORK Medical Technology Group LTD (WOK) Mixed strategy $12M total · $12M / active year 1 active yearsTWSTTwist Bioscience Corporation (TWST) Talent Acquisition $11M total · $4M / active year 3 active years · 2 buys reportedESMCEscalon Medical Corp. (ESMC) Bolt On $10M total · $3M / active year 3 active years · 3 buys reportedPRPOPrecipio, Inc. (PRPO) Technology Acquisition $9M total · $2M / active year 4 active years · 3 buys reportedCERSCerus Corporation (CERS) Geographic Expansion $7M total · $4M / active year 2 active years · 1 buys reportedMDLNMedline Inc. (MDLN) Geographic Expansion $6M total · $6M / active year 1 active yearsESTAEstablishment Labs Holdings Inc. (ESTA) Geographic Expansion $6M total · $1M / active year 5 active years · 6 buys reportedACHVAchieve Life Sciences, Inc. (ACHV) Mixed strategy $6M total · $6M / active year 1 active years · 1 buys reportedSTVNStevanato Group S.p.A. (STVN) Geographic Expansion $4M total · $2M / active year 2 active yearsNUWENuwellis, Inc. (NUWE) Platform $4M total · $4M / active year 1 active years · 1 buys reportedRDGLVivos Inc. (RDGL) Mixed strategy $3M total · $3M / active year 1 active yearsVREXVarex Imaging Corporation (VREX) Horizontal Consolidation $3M total · $675K / active year 4 active years · 4 buys reportedCODXCo-diagnostics, Inc. (CODX) Technology Acquisition $2M total · $1M / active year 2 active yearsMEDPMedpace Holdings, Inc. (MEDP) Bolt On $2M total · $1M / active year 2 active years · 1 buys reportedPAVMPavmed Inc. (PAVM) Tuck In $2M total · $2M / active year 1 active years · 2 buys reportedWSTWest Pharmaceutical Services, Inc. (WST) Mixed strategy $2M total · $667K / active year 3 active years · 3 buys reportedNXGLNexGel, Inc. (NXGL) Tuck In $2M total · $475K / active year 4 active years · 4 buys reportedMXCTMaxcyte, Inc. (MXCT) Bolt On $2M total · $2M / active year 1 active years · 1 buys reportedPDEXPro-dex, Inc. (PDEX) Bolt On $2M total · $900K / active year 2 active years · 2 buys reportedAPYXApyx Medical Corp (APYX) Geographic Expansion $2M total · $533K / active year 3 active years · 7 buys reportedNEPHNephros, Inc. (NEPH) Mixed strategy $1M total · $550K / active year 2 active years · 4 buys reportedADVBAdvanced Biomed Inc. (ADVB) Mixed strategy $1M total · $1M / active year 1 active yearsSRTSSensus Healthcare, Inc. (SRTS) Mixed strategy $1M total · $1M / active year 1 active years · 2 buys reportedVICPVicapsys Life Sciences, Inc. (VICP) Bolt On $1M total · $1M / active year 1 active years · 1 buys reportedFUNIHypha Labs, Inc. (FUNI) Talent Acquisition $800K total · $400K / active year 2 active years · 2 buys reportedTNONTenon Medical, Inc. (TNON) Bolt On $800K total · $800K / active year 1 active years · 1 buys reportedBDSXBiodesix, Inc. (BDSX) Mixed strategy $800K total · $800K / active year 1 active yearsXAIRBeyond Air, Inc. (XAIR) Technology Acquisition $600K total · $300K / active year 2 active years · 1 buys reportedUEECUnited Health Products, Inc. (UEEC) Talent Acquisition $500K total · $500K / active year 1 active yearsHSDTSolana Company (HSDT) Geographic Expansion $400K total · $400K / active year 1 active yearsVVOSVivos Therapeutics, Inc. (VVOS) Bolt On $200K total · $200K / active year 1 active years · 1 buys reportedPOSCPositron Corporation (POSC) Bolt On $100K total · $100K / active year 1 active years · 3 buys reported
BuyerDominant playDisclosed spendSpend / yrBuys3-yr spend trend
Becton, Dickinson and CompanyBDXBolt On
$60.3B
$4B16

Accelerating

+253%

Thermo Fisher Scientific Inc.TMOBolt On
$52.9B
$3.5B20

Cooling

-44%

Danaher Corp.DHRBolt On
$34.9B
$3.9B149

Paused

$21.6B prior

Boston Scientific Corp.BSXTechnology Acquisition
$22.1B
$1.2B52

Steady

-2%

Medtronic plcMDTBolt On
$18.3B
$1.8B6

New cycle

$2.2B recent

Teleflex IncorporatedTFXBolt On
$14.5B
$850M42

Cooling

-72%

Labcorp Holdings Inc.LHGeographic Expansion
$13.6B
$757M7

Steady

+9%

Baxter International Inc.BAXBolt On
$11.4B
$948M11

Winding down

$11.1B → $6M

Revvity, Inc.RVTYHorizontal Consolidation
$8.4B
$562M58

Paused

$4.4B prior

Iqvia Holdings Inc.IQVBolt On
$8.4B
$843M3

Steady

+11%

Abbott LaboratoriesABTGeographic Expansion
$8B
$1.1B13

New cycle

$1.8B recent

ICON plcICLRGeographic Expansion
$7B
$467M22

Winding down

$5.9B → $156M

Agilent Technologies, Inc.AGeographic Expansion
$6.6B
$442M39

Accelerating

+68%

Koninklijke Philips NVPHGBolt On
$6.5B
$809M16

Accelerating

+1017%

Integra Lifesciences Holdings Corp.IARTBolt On
$6.1B
$382M47

Accelerating

+206%

Stryker Corp.SYKGeographic Expansion
$5.7B
$333M16

Steady

-25%

Charles River Laboratories International, Inc.CRLBolt On
$5.3B
$405M23

Winding down

$2B → $195M

The Cooper Companies, Inc.COOHorizontal Consolidation
$5.1B
$302M11

Cooling

-81%

ResMed Inc.RMDN/A
$4.4B
$260MN/A

New cycle

$1.3B recent

Avantor, Inc.AVTRGeographic Expansion
$4B
$2B3

Paused

$4B prior

Neogen CorporationNEOGBolt On
$3.6B
$224M28

New cycle

$3.3B recent

Illumina, Inc.ILMNPlatform
$3.4B
$279M9

Paused

$2.9B prior

Lemaitre Vascular, Inc.LMATBolt On
$3B
$197M16

New cycle

$2.8B recent

Novelstem International Corp.NSTMBolt On
$2.7B
$913MN/A

Steady

no signal

Qiagen N.v.QGENBolt On
$2.5B
$139M25

Steady

-24%

Waters CorporationWATN/A
$2.5B
$178MN/A

New cycle

$1.3B recent

Bruker CorporationBRKRBolt On
$2.5B
$164M51

Accelerating

+577%

Sanara Medtech Inc.SMTITechnology Acquisition
$2.2B
$373M4

New cycle

$2.1B recent

bioAffinity Technologies, Inc.BIAFN/A
$2.2B
$2.2BN/A

New cycle

$2.2B recent

Bausch & Lomb CorpBLCOHorizontal Consolidation
$2.1B
$716M7

New cycle

$2.1B recent

LivaNova PLCLIVNTechnology Acquisition
$1.9B
$278M3

Accelerating

+87%

AptarGroup, IncATRGeographic Expansion
$1.6B
$102M19

Cooling

-44%

Integer Holdings CorporationITGRBolt On
$1.6B
$123M16

Steady

+3%

Quidelortho Corp.QDELPlatform
$1.5B
$1.5B1

Paused

$1.5B prior

Edwards Lifesciences CorporationEWTechnology Acquisition
$1.5B
$136M10

New cycle

$1.4B recent

Repligen Corp.RGENBolt On
$1.4B
$110M16

Steady

-4%

Myriad Genetics, Inc.MYGNTechnology Acquisition
$1.4B
$126M12

Steady

+20%

Envista Holdings CorporationNVSTBolt On
$1.4B
$346M4

Paused

$1.3B prior

Conmed CorporationCNMDBolt On
$1.4B
$99M10

New cycle

$231M recent

Bio-Rad Laboratories, Inc.BION/A
$1.2B
$88M11

Cooling

-32%

Azenta, Inc.AZTABolt On
$1.1B
$74M19

Accelerating

+104%

Mainz Biomed N.V.QUCYTechnology Acquisition
$1B
$1B3

New cycle

$1B recent

Merit Medical Systems Inc.MMSIGeographic Expansion
$996M
$52M35

New cycle

$209M recent

Globus Medical, Inc.GMEDTechnology Acquisition
$934M
$67M15

Accelerating

+470%

Bionexus Gene LAB Corp.BGLCBolt On
$862M
$431M1

Paused

$862M prior

Haemonetics CorporationHAETechnology Acquisition
$844M
$77M8

Steady

-9%

Align Technology, Inc.ALGNTechnology Acquisition
$813M
$81M6

Cooling

-62%

Penumbra, IncPENBolt On
$803M
$134M3

Cooling

-50%

Alcon Inc.ALCTechnology Acquisition
$802M
$115M6

New cycle

$753M recent

Artivion, Inc.AORTGeographic Expansion
$753M
$126M5

Paused

$263M prior

Neogenomics, Inc.NEOBolt On
$669M
$74M8

Winding down

$456M → $7M

Standard Biotools Inc.LABHorizontal Consolidation
$591M
$148M4

New cycle

$459M recent

Pacific Biosciences of California, Inc.PACBTalent Acquisition
$509M
$127M5

Cooling

-41%

Idexx Laboratories Inc.IDXXGeographic Expansion
$504M
$31M38

Cooling

-59%

Orthofix Medical Inc.OFIXBolt On
$438M
$55M6

Paused

$36M prior

UFP Technologies, Inc.UFPTGeographic Expansion
$418M
$46M20

Accelerating

+82%

Alphatec Holdings, Inc.ATECBolt On
$403M
$45M7

Accelerating

+166%

Radnet, Inc.RDNTGeographic Expansion
$391M
$56M9

Accelerating

+42%

Bioventus Inc.BVSPlatform
$368M
$184M3

Paused

$368M prior

Intelligent BIO Solutions Inc.INBSN/A
$364M
$364M1

New cycle

$364M recent

Interpace Biosciences, Inc.IDXGBolt On
$346M
$69M4

Paused

$21M prior

ICU Medical Inc.ICUIHorizontal Consolidation
$337M
$37M9

Paused

$29M prior

AngioDynamics, Inc.ANGOTechnology Acquisition
$336M
$31M12

Paused

$59M prior

Milestone Scientific Inc.MLSSTechnology Acquisition
$304M
$304M1

Steady

+0% (count)

BioLife Solutions, Inc.BLFSBolt On
$299M
$100M3

Winding down

$290M → $10M

Infusystem Holdings, Inc.INFUGeographic Expansion
$260M
$26M8

Cooling

-82%

Prenetics Global LimitedPREN/A
$256M
$256M1

New cycle

$256M recent

AtriCure, Inc.ATRCTechnology Acquisition
$255M
$36M5

New cycle

$18M recent

Avanos Medical, Inc.AVNSBolt On
$254M
$32M5

Steady

+15%

Tactile Systems Technology Inc.TCMDN/A
$253M
$63M1

Cooling

-48%

Fulgent Genetics, Inc.FLGTBolt On
$235M
$78M5

Winding down

$235M → $400K

Hims & Hers Health, Inc.HIMSGeographic Expansion
$207M
$69M7

Accelerating

+245%

Emmaus Life Sciences, Inc.EMMATechnology Acquisition
$190M
$95M2

Steady

+0% (count)

Precision Optics Corporation, Inc.POCIGeographic Expansion
$181M
$36M5

Winding down

$171M → $8M

Inogen, Inc.INGNGeographic Expansion
$175M
$44M4

Cooling

-58%

Tandem Diabetes Care, Inc.TNDMTechnology Acquisition
$174M
$58M3

Accelerating

+476%

Masimo Corp.MASIN/A
$166M
$28M4

Winding down

$113M → $8M

Vycor Medical, Inc.VYCON/A
$164M
$55M2

Steady

+0% (count)

Anika Therapeutics, Inc.ANIKGeographic Expansion
$145M
$48M6

Paused

$95M prior

Hyperfine, Inc.HYPRPlatform
$142M
$142M1

Paused

$142M prior

Quanterix CorporationQTRXTechnology Acquisition
$134M
$34M4

Accelerating

+340%

Castle Biosciences, Inc.CSTLTechnology Acquisition
$126M
$31M2

Steady

+11%

Intuitive Surgical, Inc.ISRGTechnology Acquisition
$123M
$18M7

Cooling

-37%

Harvard Bioscience, Inc.HBIOBolt On
$122M
$15M9

Steady

+0% (count)

Bionano Genomics, Inc.BNGOPlatform
$115M
$29M2

Cooling

-61%

Zimmer Biomet Holdings, Inc.ZBHGeographic Expansion
$106M
$11M20

Accelerating

+335%

Trinity Biotech plcTRIBN/A
$101M
$14M2

New cycle

$25M recent

OrthoPediatrics CorpKIDSGeographic Expansion
$99M
$25M14

Cooling

-92%

Insulet CorporationPODDGeographic Expansion
$97M
$24M5

Steady

+8%

Mettler-Toledo International Inc.MTDBolt On
$94M
$6M8

Cooling

-60%

Smith & Nephew plcSNNBolt On
$92M
$46M5

Steady

+0% (count)

Orasure Technologies, Inc.OSURHorizontal Consolidation
$85M
$17M7

Accelerating

+187%

Predictmedix Inc.PMEDFN/A
$78M
$78MN/A

New cycle

$78M recent

Aclaris Therapeutics, Inc.ACRSTechnology Acquisition
$77M
$26M3

Steady

+0% (count)

908 Devices Inc.MASSTechnology Acquisition
$77M
$19M3

Accelerating

+356%

Accuray IncorporatedARAYN/A
$76M
$25M3

Steady

+0% (count)

Xtant Medical Holdings, Inc.XTNTTechnology Acquisition
$73M
$73M1

Steady

+0% (count)

Catheter Precision, Inc.VTAKTechnology Acquisition
$73M
$73M3

New cycle

$73M recent

Caredx, Inc.CDNATechnology Acquisition
$72M
$8M9

Steady

-16%

Natera, Inc.NTRATalent Acquisition
$70M
$35M1

New cycle

$16M recent

Inotiv, Inc.NOTVHorizontal Consolidation
$54M
$13M1

Paused

$45M prior

Dexcom, Inc.DXCMN/A
$52M
$9M1

Paused

$34M prior

Fonar CorporationFONRPlatform
$47M
$9M8

Paused

$1M prior

Strata Skin Sciences, Inc.SSKNPlatform
$47M
$12M3

Paused

$4M prior

DENTSPLY SIRONA Inc.XRAYHorizontal Consolidation
$46M
$3M28

Paused

$14M prior

Neuronetics, Inc.STIMHorizontal Consolidation
$41M
$21M2

New cycle

$41M recent

Utah Medical Products Inc.UTMDGeographic Expansion
$41M
$41M2

Steady

+0% (count)

ADM Tronics Unlimited, Inc.ADMTN/A
$39M
$19M1

Steady

+0% (count)

STAAR Surgical CompanySTAAGeographic Expansion
$34M
$34M1

Steady

+0% (count)

Iridex CorporationIRIXGeographic Expansion
$31M
$8M3

Paused

$5M prior

Cytek Biosciences, Inc.CTKBPlatform
$30M
$7M3

Steady

-25%

GLAUKOS CorpGKOSN/A
$27M
$14M1

New cycle

$12M recent

Stereotaxis, Inc.STXSBolt On
$26M
$13M2

New cycle

$26M recent

Star Equity Holdings, Inc.STRRGeographic Expansion
$23M
$4M9

Cooling

-78%

SANUWAVE Health, Inc.SNWVN/A
$20M
$20M1

Paused

$20M prior

Treace Medical Concepts, Inc.TMCITechnology Acquisition
$20M
$20M1

New cycle

$20M recent

Sellas Life Sciences Group, Inc.SLSPlatform
$20M
$10M5

Paused

$5M prior

Lifeward Ltd.LFWDGeographic Expansion
$18M
$18M2

New cycle

$18M recent

Clearpoint Neuro, Inc.CLPTBolt On
$18M
$18M1

New cycle

$18M recent

Tivic Health Systems, Inc.TIVCVertical Integration
$16M
$16M1

New cycle

$16M recent

Microbot Medical Inc.MBOTTechnology Acquisition
$15M
$5M3

Steady

+0% (count)

TransMedics Group, Inc.TMDXGeographic Expansion
$15M
$8M2

New cycle

$15M recent

Invo Fertility, Inc.IVFPlatform
$12M
$6M3

New cycle

$12M recent

WORK Medical Technology Group LTDWOKN/A
$12M
$12MN/A

New cycle

$12M recent

Twist Bioscience CorporationTWSTTalent Acquisition
$11M
$4M2

Paused

$9M prior

Escalon Medical Corp.ESMCBolt On
$10M
$3M3

Steady

+0% (count)

Precipio, Inc.PRPOTechnology Acquisition
$9M
$2M3

Steady

+0% (count)

Cerus CorporationCERSGeographic Expansion
$7M
$4M1

Steady

+0% (count)

Medline Inc.MDLNGeographic Expansion
$6M
$6MN/A

New cycle

$6M recent

Establishment Labs Holdings Inc.ESTAGeographic Expansion
$6M
$1M6

Steady

+0%

Achieve Life Sciences, Inc.ACHVN/A
$6M
$6M1

Steady

+0% (count)

Stevanato Group S.p.A.STVNGeographic Expansion
$4M
$2MN/A

New cycle

$4M recent

Nuwellis, Inc.NUWEPlatform
$4M
$4M1

Steady

+0% (count)

Vivos Inc.RDGLN/A
$3M
$3MN/A

Steady

no signal

Varex Imaging CorporationVREXHorizontal Consolidation
$3M
$675K4

Accelerating

+850%

Medpace Holdings, Inc.MEDPBolt On
$2M
$1M1

Steady

+0% (count)

Co-diagnostics, Inc.CODXTechnology Acquisition
$2M
$1MN/A

Paused

$2M prior

Pavmed Inc.PAVMTuck In
$2M
$2M2

Paused

$2M prior

West Pharmaceutical Services, Inc.WSTN/A
$2M
$667K3

Steady

+0% (count)

NexGel, Inc.NXGLTuck In
$2M
$475K4

Accelerating

+38%

Pro-dex, Inc.PDEXBolt On
$2M
$900K2

Steady

+0% (count)

Maxcyte, Inc.MXCTBolt On
$2M
$2M1

New cycle

$2M recent

Apyx Medical CorpAPYXGeographic Expansion
$2M
$533K7

Steady

+0% (count)

Nephros, Inc.NEPHN/A
$1M
$550K4

Steady

-100% (count)

Sensus Healthcare, Inc.SRTSN/A
$1M
$1M2

Paused

$1M prior

Vicapsys Life Sciences, Inc.VICPBolt On
$1M
$1M1

Steady

+0% (count)

Advanced Biomed Inc.ADVBN/A
$1M
$1MN/A

New cycle

$1M recent

Hypha Labs, Inc.FUNITalent Acquisition
$800K
$400K2

Paused

$800K prior

Tenon Medical, Inc.TNONBolt On
$800K
$800K1

New cycle

$800K recent

Biodesix, Inc.BDSXN/A
$800K
$800KN/A

Paused

$800K prior

Beyond Air, Inc.XAIRTechnology Acquisition
$600K
$300K1

Steady

+0% (count)

United Health Products, Inc.UEECTalent Acquisition
$500K
$500KN/A

Steady

no signal

Solana CompanyHSDTGeographic Expansion
$400K
$400KN/A

Steady

no signal

Vivos Therapeutics, Inc.VVOSBolt On
$200K
$200K1

Paused

$200K prior

Positron CorporationPOSCBolt On
$100K
$100K3

Steady

+0% (count)

Playbook theatre

The language of consolidation, by archetype

Direct sentences from public buyers' 10-K filings, grouped by the strategy they describe.

“The company’s acquisitions have historically been made at prices above the determined fair value of the acquired identifiable net assets, resulting in goodwill, primarily due to expectations of the synergies that will be realized by combining the businesses and the benefits that will be gained from the assembled workforces.”

Thermo Fisher Scientific Inc.TMOFY2023

“we may fail to identify attractive opportunities to consolidate with larger or smaller companies to expand our business”

Teleflex IncorporatedTFXFY2025

“Finally, Core Spine net sales also benefited from the acquisition of Titan Spine in the first quarter of fiscal year 2020.”

Medtronic plcMDTFY2020

“ongoing efforts to streamline our global operations and reduce overcapacity to adapt to changing market conditions and integrate acquisitions”

Iqvia Holdings Inc.IQVFY2022

“Although no single company competes with us in all of our businesses, we face substantial competition in each of our segments from international and domestic healthcare, medical products and pharmaceutical companies and providers of all sizes, and these competitors often differ across our businesses.”

Baxter International Inc.BAXFY2025

“growth through acquisitions”

Integra Lifesciences Holdings Corp.IARTFY2024

Submarkets

Where the cadence lives

Activity intensity, lead buyers, and footprint per segment within this market.

Diagnostics & Research Tools

514

Diagnostics, clinical testing, research tools, lab automation, and assay/workflow platforms.

Buyers

40

Core

23

Spend

$160.8B

2006–2025 · last year 13

Instruments, Supplies & Equipment

349

Medical instruments, supplies, equipment, consumables, and installed-base product portfolios.

Buyers

42

Core

23

Spend

$119.6B

2006–2025 · last year 20

Medical Devices & Implants

518

Medical devices, implants, surgical tools, procedure-specific products, and regulated device platforms.

Buyers

69

Core

24

Spend

$85.4B

2006–2025 · last year 53

Lab Services & Bioprocessing

9

Life-science services, bioprocessing tools, contract research support, and laboratory service platforms.

Buyers

4

Core

0

Spend

$216M

2006–2025 · last year 0

Accelerators

Recent 3-yr cadence above prior

8

Coolers

Recent 3-yr cadence below prior

8

Trajectory

20 years of cadence and spend

Annual recorded buys and disclosed spend across the matched buyer set.

0531052006: 78 buys · $6.2B spend · 22 buyers2007: 37 buys · $11.6B spend · 19 buyers2008: 73 buys · $3.8B spend · 28 buyers2009: 40 buys · $3.9B spend · 23 buyers2010: 37 buys · $4.2B spend · 26 buyers2011: 80 buys · $12.2B spend · 37 buyers2012: 81 buys · $7.8B spend · 42 buyers2013: 50 buys · $4.9B spend · 27 buyers2014: 66 buys · $4B spend · 30 buyers2015: 66 buys · $31.3B spend · 32 buyers2016: 83 buys · $17.1B spend · 36 buyers2017: 83 buys · $20.5B spend · 31 buyers2018: 78 buys · $27.6B spend · 37 buyers2019: 66 buys · $35.3B spend · 36 buyers2020: 67 buys · $31.1B spend · 42 buyers2021: 105 buys · $62.9B spend · 46 buyers2022: 62 buys · $13.5B spend · 35 buyers2023: 47 buys · $21.4B spend · 36 buyers2024: 71 buys · $21.4B spend · 44 buyers2025: 64 buys · $25.5B spend · 44 buyers2006: 78 buys · $6.2B spend · 22 buyers2007: 37 buys · $11.6B spend · 19 buyers2008: 73 buys · $3.8B spend · 28 buyers2009: 40 buys · $3.9B spend · 23 buyers2010: 37 buys · $4.2B spend · 26 buyers2011: 80 buys · $12.2B spend · 37 buyers2012: 81 buys · $7.8B spend · 42 buyers2013: 50 buys · $4.9B spend · 27 buyers2014: 66 buys · $4B spend · 30 buyers2015: 66 buys · $31.3B spend · 32 buyers2016: 83 buys · $17.1B spend · 36 buyers2017: 83 buys · $20.5B spend · 31 buyers2018: 78 buys · $27.6B spend · 37 buyers2019: 66 buys · $35.3B spend · 36 buyers2020: 67 buys · $31.1B spend · 42 buyers2021: 105 buys · $62.9B spend · 46 buyers2022: 62 buys · $13.5B spend · 35 buyers2023: 47 buys · $21.4B spend · 36 buyers2024: 71 buys · $21.4B spend · 44 buyers2025: 64 buys · $25.5B spend · 44 buyers20062011201620212025
Recorded buysDisclosed spend (rescaled)