The biggest surprise is that there were a handful of risers despite the widespread market turmoil.
J&J's $17bn swoop for Abiomed accounted for 42% of medtech M&A spend last year.
With an effective obesity drug already available and more in the pipeline, what hope do devices have?
Orthopaedics and cardiology groups start to improve in terms of sales per employee, but Covid test makers do better still.
Overall venture investment in the sector remains steady, but the big strategics back off.
Attempts to treat pain with non-opioid drugs have ended in repeated failures – but device makers have met with greater success.