Global MedTech Giants Announce Major Restructuring and Spin-off Plans

Recently, according to overseas industry media reportsJohnson & Johnson Medical Technologies announced that it will implement a large-scale organizational restructuring.

Philips

In January 2025, Philips announced that it will fullyJohnson & Johnson Medical (China) Ltd. sold its emergency care business to Bridgefield Capital.Covering automated external defibrillators and advanced life support equipment, with over 3 million installations in more than 130 countries worldwide.

Philips stated that this move aims to concentrate resources on developing core businesses such as medical imaging and patient monitoring, while providing a more focused development platform for the emergency care business.

Teleflex

In February 2025, Teleflex announced its spin-off into two publicly listed companies. The new company will take over the urology, emergency care, and OEM businesses, while the original entity will focus on high-growth areas such as vascular access, interventional, and surgical fields.The spin-off plan is expected to be completed by mid-2026.

During the same period, Teleflex also announcedAcquisition of Biotronik's Vascular Intervention Business for 760 Million Euros, aiming to strengthen its product portfolio in the coronary and peripheral vascular intervention fields. The company stated that after the split, the two enterprises will achieve accelerated growth by simplifying operational models and focusing on core markets, with an expected fixed exchange rate revenue growth of over 6% for the remaining business segments.

BD Medical

In the same month, BD Medical announcedSpin-off Biomedical Science and Diagnostics BusinessAfter the split, BD will focus on the medical technology field, covering four major business segments: basic healthcare, intelligent connected monitoring, biopharmaceutical systems, and interventional procedures. Meanwhile, the bioscience and diagnostics businesses will independently develop into a differentiated leader in the life science tools and diagnostics sector. The company is expected to announce specific details of the split by the end of fiscal year 2025.The transaction will be completed in the fiscal year 2026.

Medtronic

In May 2025, Medtronic announced plans to spin off its diabetes business into an independent publicly traded company, expecting to complete the process within 18 months through an initial public offering and subsequent equity divestiture.After the split,Medtronic will focus more on high-profit areas such as pulsed field ablation and renal denervation, while the newly established diabetes company will concentrate on automated insulin delivery and intelligent multiple daily injection markets.

BD Medical

In July 2025, BD announced a $17.5 billion deal to merge its spun-off biosciences and diagnostics units with Waters Corporation. Upon completion of the transaction, BD shareholders will own 39.2% of the combined company, while Waters shareholders will hold 60.8%.

The business sold in this transaction generated $3.679 billion in revenue in 2024.Covering product lines such as flow cytometry, microbial detection, and molecular diagnostics.BD Medical stated that the proceeds from the transaction will be used for stock repurchases and debt repayment, while focusing resources on the development of its core medical technology business. Under the new structure, the annual revenue of the medical technology segment is expected to reach 2.1 billion U.S. dollars, with a gross margin maintained at 54.8%.

Siemens

In November 2025, Siemens Group officially announcedThrough a "direct spin-off" approach, transferring 30% of the shares held in Siemens Healthineers to shareholders., After the transaction is completed, the shareholding ratio will decrease from 67% to 37%.Expected to be completed in the second quarter of 2026.

Siemens Healthineers CEO Bernd Montag stated that this move will accelerate the company's transition to full independence and enhance capital market flexibility. As the world's fourth-largest medical device company, Siemens Healthineers achieved revenue of $27.2 billion in the fiscal year 2025, with growth in imaging and radiation therapy businesses reaching 8.5% and 6.9%, respectively.After the spin-off, the company's free float will increase from 30% to over 60%, creating an opportunity for valuation reassessment.

In the same month,Siemens Healthineers announces the integration of its PET radiopharmaceuticals company, PETNET Solutions, and molecular imaging company, Advanced Accelerator Applications, into a unified radiopharmaceuticals business segment, both operating under the "Siemens Healthineers" brand.

After IntegrationFormation of a Production Network Across Europe and the U.S., Including PETNET's 47 Cyclotron Pharmacies in the U.S. and AdAcAp's 13 Production Bases in Europe, with a Total of 60 Facilities Across 9 Countries and an Annual Capacity Exceeding 100,000 Batches of Sterile PET Drugs. The Product Line Covers High-End Reagents Such as FDG Basic Imaging Agents and PSMA-Targeted Drugs, Reinforcing Its Position as the World’s Largest PET Radiopharmaceutical Manufacturer.

The company stated that this integration is a key step in advancing the "Integrated Diagnosis and Treatment" strategy, which will strengthen its competitiveness in the field of precision medicine.

GE Healthcare

In November 2025, GE Healthcare also announced the acquisition of Canadian medical imaging software company Intelerad for $2.3 billion in cash.The transaction is expected to be completed in the first half of 2026.

GE Healthcare stated,This acquisition will fill the gap in its outpatient imaging sector.Combining both parties' technologies to form a full-scenario solution from academic medical centers to community clinics. It is expected that Intelerad will contribute $270 million in revenue in its first full fiscal year, with 90% coming from recurring business, helping GE Healthcare achieve its goal of tripling its cloud-based product portfolio by 2028.This is GE Healthcare's largest acquisition since its independent listing in 2023., demonstrating its strategic determination to transform into "Equipment + Services".

Undoubtedly,The 2025 Global Medical Device Giants' Split and Restructuring Wave, revealing the industry's transformation trend from "diversified expansion" to "specialized focus."

For Chinese companies, this trend brings multiple insights.: First, focusing on core tracks to build technical barriers becomes critical, Medtronic, Johnson & Johnson and other companies’ strategy of divesting low-growth businesses to focus resources on high value-added areas is worth learning from; secondly,Localized Innovation Needs to Balance Global LayoutSiemens Healthineers and GE Healthcare, while maintaining their technological leadership, provide a reference for Chinese companies going global through a model of cost optimization achieved via regional centers.

Standing on the Shoulders of Giants to Overlook the WorldThere is no doubt that the medical device field in China still needs to make coordinated efforts in the three dimensions of specialization, capitalization, and globalization in order to continuously break through in the wave of industry transformation.