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At LSI USA ’26, the panel “Medtech M&A: An Optimist’s Perspective on the Future of Medtech” brought together leaders from EY-Parthenon, Medtronic, Evercore, Vensana Capital, and Edwards Lifesciences to discuss the state of dealmaking, capital deployment, and strategic growth across the industry. The conversation made one point clear: medtech M&A 2026 is not simply about whether deal activity returns. It is about how capital gets deployed, which assets attract strategic attention, and what companies need to prove before they can become must-have acquisition targets. Moderated by John Heinbigner, Partner at EY-Parthenon, the panel featured Chris Eso, VP, Global Head of Corporate and Business Development, M&A and Ventures at Medtronic; Bennett Blau, Senior Managing Director at Evercore; Greg Banker, Partner at Vensana Capital; and Chad Rice, Senior Vice President of Corporate Development at Edwards Lifesciences.

The panel opened with a look at a market that appears healthy in some ways and challenged in others. Heinbigner noted that the overall medtech market grew about 6% in 2025. Underlying fundamentals, including utilization volumes and capital spending, remain strong. But public market sentiment has not fully reflected that strength. Heinbigner pointed to a disconnect between industry fundamentals and equity market performance, noting that medtech has been trading at a discount despite historically trading at a premium. Blau described the current environment as “a very schizophrenic market environment,” pointing to a broader market where the S&P 500 has held up better than many would have expected given macro and geopolitical turmoil, while medtech has remained challenged.