Medtech M&A Market: The latest data for 2025
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A brief overview of the latest market data for the current year: The Medtech and Digital Health industry in the DACH region continues to show consistently high transaction activity. In addition to the number and value of deals, we are now also focusing on the corresponding valuation multiples from our partner FINANCE Magazin.
At this point, we would like to highlight some major observations:
- Approx. 140 deals per year on a constant level, but deal-making has gotten chewy
- Constantly, two out of three deals are cross-DACH-border
- Majority of deals involved strategic buyers, whilst financial investor share decreased to under 40% in H1-2025
- Interesting deal bordering Medtech and Pharma: TecMed acquired Ypsomed’s Diabetes Care, enabling Ypsomed to focus on subcutaneous self-injection systems while TecMed expands its portfolio with established insulin pump solutions
- Most prominent deal so far in 2025: Nexus LBO by TA Associates Management with a sales multiple of 5 and an EBITDA multiple of 22
New FINANCE Multiples for Medtech in the DACH region
Considering the general lack of publicly available information on multiples, we are delighted to include the recently launched DACH-specific FINANCE multiples for Medtech, which also cover Digital Health. (Note: Steinbeis M&A is a member of the Expert Panel of FINANCE Magazin, which is part of F.A.Z. Publishing Group).
Our conclusions in a nutshell:
- EBITDA multiples in range of 6 to 12, with expected correlation between company size and multiple and a current downward trend of Small, Mid and Large Cap multiples
- Indication that bigger caps are coming under pressure
- Range of sales multiples have contracted to a range of 1.6-2.3 (not shown above)
- High variance of EBITDA multiples underlines the importance of strategic positioning, sound equity story and good deal preparation
Upshot:
The M&A market in medical technology and digital health remains fundamentally dynamic, but it is not immune to global political and economic challenges. The general decline in valuation levels may bring balance to the current seller‘s market: from a buyer‘s perspective, this is a reason to look for opportunities.
Do you have any questions? How can we support you?
Our Healthcare Practice Team, consisting of Dr. Christopher Klein, Magnus Höfer, and Christoph Osterbrink, will be happy to support you in the following activities:
- Acquisitions (entire companies, product lines or production sites, also buy-and-build)
- Divestitures (e.g., succession planning, also spin-offs and carve-out)
- Finance raisings (equity and/or debt)
- Company valuation
