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Ms Niharika Midha, GlobalData's analyst covering medical devices, states that the unusually high amount of M&A activity last year highlights a trend that goes beyond mega-mergers and into the expansion of product portfolios.
She says: "A considerable number of deals in 2014 involved larger companies swallowing up smaller ones with novel technologies that were clinically proven to be superior to existing devices.
"This definitely sets the tone for the coming year, as the medical device industry consolidates into fewer prominent players that directly compete with each other and innovation is fueled by heightened demand."
The largest deal of 2014 was Medtronic's $42.9 billion acquisition of Covidien, creating the world's largest medical device company.
Despite criticism that the move was rooted in tax inversion, GlobalData's analyst believes there were a number of strategic motives behind the deal.