Listing all-time high medtech IPO and M&A activity, Silicon Valley Bank’s 2021 health care investments and exits report made good reading after the market uncertainties induced by the pandemic a year earlier. But where does the sector go now after such a sterling year?

Illumina announced plans to acquire Grail for about $8bn in September 2020, but the US FTC says the proposed acquisition will diminish innovation in the US market for multi-cancer testing.

Big pharmaceutical oncology franchise sales generally grew in the third quarter of 2023, but some were transitioning through loss of exclusivity and others were not being helped by their most innovative therapies.