As the curtain falls on 2024, there’s been a surge in job reductions within the medtech sector.
**Sean Whooley, Associate Editor, and Chris Newmarker, Editor-in-Chief**
The medical device sector is concluding the year with an increase in job cuts. Reports indicate that MassDevice has tracked over XXXX job reductions in the medtech field from mid-2022 onwards. **(Do you have information on layoffs at your workplace or within the industry? Share it with us. )**
Some of the industry’s big players, including Boston Scientific and Intuitive Surgical, have successfully implemented strategies that resulted in strong, double-digit revenue increases. However, numerous others are navigating various hurdles: logistical disruptions caused by climate impacts, inflation, rising interest rates, and an economic slowdown in China. The uncertainties may be exacerbated due to the incoming Trump administration’s consideration of tariffs and significant healthcare and FDA policy alterations.
Below is a compilation — based on insights from MassDevice — of the medtech companies that have reported layoffs since the middle of 2022:
– **Company** | **Size of layoff**
– Accuray: 6% reduction (around 60 employees)
– Acutus Medical: Around 217 employees
– Akili: 30% reduction (46 employees)
– Ambu: 200 employees (approximately 4%)
– Baxter: Less than 5% of workforce (up to 3,000 employees)
– BD: Roughly 200 employees
– Better Therapeutics: 35% of workforce (as many as 15 employees)
– Boston Scientific: 172 jobs
– Butterfly Network: 10% of workforce (about 46 employees)
– Cala Health: 107 employees
– Cook Medical: 4% of global workforce (500 workers)
– Cue Health: 100% of workforce (about 700 employees)
– Dentsply Sirona: 8%-10% of workforce (approximately 1,500 employees)
– Hologic: 86 employees
– iCad: 28% of workforce (approximately 23 employees)
– ICU Medical: approximately 384 employees
– Illumina: 5% of global workforce (at least 455 employees)
– Johnson & Johnson MedTech: at least 1,200 employees
– LivaNova: 137 employees
– Medtronic: Not Disclosed
– Nevro: 63 employees
– Pear Therapeutics: 162 employees
– Philips: 10,000 employees (13% of its global workforce)
– Retractable Technologies: 16% of workforce (approximately 37 employees)
– Siemens Healthineers Diagnostics: At least 450 employees
– Solventum (formerly 3M Health Care): Unclear
– Stryker: At least 500 employees
– Surgalign: Not disclosed
– Surmodics: 13% of workforce (approximately 60 employees)
– Titan Medical: 52 employees
– Venus Concept: 70 employees (18% of workforce)
– Verily: 15% of workforce (presumably more than 200 employees)
– Vicarious Surgical: Around 100 employees
– Zimmer Biomet: 3% of workforce (approximately 540 employees)
Additional details on specific company layoffs:
– **Accuray:**
– Announced a 5.9% reduction of its global workforce in October 2023 as part of a cost-saving strategy.
– **Acutus Medical:**
– Revealed plans to lay off 65% of its workforce (approximately 160 employees) just over a year ago. Recent filings mention an additional 57 employees soon to be affected.
– **Akili:**
– Plans to cut its workforce by 30% were set in motion last year, impacting 46 employees across various divisions. This decision is part of a 2023 operating strategy.
… (additional company-specific details continue)
This report was initially released on February 14, 2022, with the most recent updates as of May 24, 2024, incorporating the latest layoff announcements. Contributions to this report were made by Editor-in-Chief Chris Newmarker and Managing Editor Jim Hammerand.