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Global Medtech Industry Holds Steady Amidst Recession
Date:10/13/2009

d US$9.2 billion, a 38% decline from the previous year. This trend has continued into the first half of 2009, with the amount of financing raised in this period down 59% from the same period in 2008.
  • Venture capital (VC). While medtech public financing was down sharply in 2008, venture capital flowing to the sector held relatively steady. In the US, total VC funding reached US$3.6 billion in 2008, 10% shy of the US$4 billion record set in 2007. European medtechs received US$772 million in VC financing in 2008, a decrease of 20% as compared to 2007. For the first six months of 2009, VC investment in the sector for both the US and Europe totaled US$1.6 billion -- a decrease of 38% from the comparable period in the prior year.
  • IPO performance. The US medtech industry has not had an IPO since the first quarter of 2008, the longest dry spell since 2003. In Europe, there were only two IPOs in 2008.
  • Deal space. The total value of mergers and acquisitions (M&As) in the industry in 2008 was US$41 billion, a 33% decline compared to 2007. Through the first half of 2009, only 44 deals with an aggregate value of US$6.7 billion have been announced.
  • New challenges loom

    The Pulse of the industry report also identifies emerging challenges that could create new sources of opportunity and uncertainty for companies and investors:

    A changing reimbursement environment: Healthcare reform in the US --the world's largest healthcare market -- and elsewhere could have a profound impact on the global medtech industry. It is likely that reimbursement for devices will change significantly in the years ahead, as payors adopt some form of comparative effectiveness in making reimbursement decisions.

    Product approval uncertainty: The US Food and Drug Administration (FDA) is currently considering restricting the types of medtech products eligible for 510(k)
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    SOURCE Ernst & Young
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