Medtech Layoffs Surge in 2024 Amid Restructuring and Economic Challenges

The medical technology sector faced widespread layoffs in 2024, continuing a trend from 2023. Major companies such as Masimo, Smith & Nephew, Edwards Lifesciences, and Boston Scientific announced significant job cuts, attributing these reductions to restructuring plans, resource realignments, and macroeconomic challenges. Several layoffs were also linked to facility closures and business consolidations, with examples including Cepheid consolidating manufacturing in California and Thermo Fisher closing a Massachusetts plant. Additionally, companies like 23andMe and Hologic cited struggles in their respective markets, leading to layoffs and site shutdowns.

A MedTech Dive analysis revealed that over 14,000 employees in the medtech industry were affected by layoffs between January 2023 and mid-2024. The post-pandemic recovery, coupled with inflationary pressures and supply chain issues, has driven companies to streamline operations and cut costs. High-profile layoffs by Medtronic, Abbott, and Johnson & Johnson in 2023 set the stage for further reductions in 2024. As the industry recalibrates its priorities, companies continue to face challenges from declining demand for COVID-related products, economic uncertainties, and the need to refocus on core business areas.