The medtech industry’s steady growth provided optimism in recent weeks, but an unforeseen leap sees it hitting new heights now.
MassDevice‘s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished last week (July 16) at 145.88 points, a remarkable 27.1% rise week-over-week, registering by far the greatest increase the index has seen since its inception.
Remarkably, the industry’s July 9 tally of 114.79 points a week prior had, at that point, been known to be the index’s all-time best to date. The new high set on Friday of last week totals an increase of 31.09 points.
Medtech’s performance continues to reflect an overall rebound from the struggles brought on by the COVID-19 pandemic, too, especially after this latest unpredictable rise. The industry has registered a 58% increase from the pre-pandemic high of 92.32 (set on Feb. 19, 2020), plus it has fully eclipsed 100% growth from the mid-pandemic low of 62.13 (March 23, 2020), now coming in 134.8% ahead of that point.
The positive movement in medtech came out of nowhere, particularly in relation to the overall markets and their performance this past week, as the S&P 500 Index dipped by -1% and the Dow Jones Industrial Average fared slightly better, only falling by -0.5%.
Medtech companies continue to rebound from the COVID-19 pandemic more than a year later. Here are some of the major highlights from the past week:
- HeartFlow to go public in $2.8B SPAC merger
- Pfizer agrees to pay $345M in EpiPen pricing lawsuit
- Imperative Care raises $260M Series D for stroke care tech, acquires Truvic Medical
- Court orders Hillrom to proceed with BardyDx acquisition
- Stryker launches humeral system as part of new portfolio
- Eli Lilly acquires glucose-sensing insulin developer Protomer Technologies
- BD announces two new directors for diabetes spinoff