European Medtech: Stethoscope Meets Spreadsheet - The beginner‘s guide to the sector (Vol. 2/3)

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European Medtech: Stethoscope Meets Spreadsheet - The beginner‘s guide to the sector (Vol. 2/3)

19 June 2026

European Medical Technologies & Services

European Medtech: Stethoscope Meets Spreadsheet - The

beginner's guide to the sector (Vol. 2/3)

This is the second part of our three-part introductory primer on the European Medtech sector. Susannah Ludwig

+41 582 723 127 The series is designed to provide a structured overview of the industry and to serve as a

susannah.ludwig@bernsteinsg.com reference point for investors, particularly those newer to the sector. In the first note, we

have focused on industry characteristics, long-term growth drivers, and valuation. In this

Delphine Le Louet second note, we provide brief overviews of the key end-markets in which European medtech

+33 1 42 13 92 93

delphine.le-louet@bernsteinsg.com companies in our coverage participate. In the third note, we will discuss key risks and their

implications in medtech.

Estelle Pang, CFA

+44 20 7676 7646 In this second part, we focus on the sub-markets that are relevant for our European

estelle.pang@bernsteinsg.com Medtech coverage: Medical Imaging (Healthineers & Philips), In Vitro Diagnostics

(Healthineers), Patient Monitoring (Philips), Radiotherapy (Healthineers), Orthopedics

Richard Hombach (Smith & Nephew), Sports medicine (Smith & Nephew), Advanced Wound Management +44 20 7762 1858

richard.hombach@bernsteinsg.com (Convatec, Smith & Nephew, Coloplast), Ostomy Care (Coloplast, Convatec), Continence

Care (Coloplast, Convatec), Hearing Aids (Amplifon, Demant, Sonova, GN pre-Hearing

business sale to Amplifon), Cochlear Implants (Sonova), contact lenses (Alcon), Intraocular

Lenses (Alcon, Carl Zeiss Meditec), Refractive Surgery (Carl Zeiss Meditec, Alcon), Dental