As the medical device industry continues to expand globally, the sector has entered a period of mass consolidation.
Both large medical device OEMs and their suppliers are scooping up other companies and new technology to better position themselves in the evolving market.
That’s had several impacts on manufacturers in West Michigan’s nascent medical device sector. On one hand, the consolidating industry has pushed suppliers into emerging markets as they rush to follow their customers. At the same time, experts say that as large medical device manufacturers increasingly turn to mergers and acquisitions to grow their businesses, they’re focusing less on internal research and design, which puts the onus for new technology development on startups and early-stage companies.