Raymond James reviewed publicly available pricing information covering 2015 through 2025 and concluded that medical technology pricing has been largely flat in 2025 when the outsized effect of Johnson & Johnson's Stelara loss of exclusivity is removed from the data set.
The firm's analysis highlights a multi-year pattern. From 2015 through 2022, MED Tech pricing experienced seven consecutive years of deflation. That trend shifted in 2023 and 2024 when reported pricing turned positive, a move Raymond James attributes to pricing responses linked to COVID-19-related inflation. Despite that temporary improvement, the firm notes that price changes had a negligible effect on overall revenue growth during the covered period.
In 2025, reported pricing for the sector moved negative on a headline basis, but Raymond James emphasizes that the decline was driven largely by the loss of exclusivity for JNJ's Stelara. Because Johnson & Johnson reports pricing at the corporate level and includes its Innovative Medicine business in those figures, the JNJ impact materially influenced the aggregate result. Excluding JNJ from the sample, the firm finds Med Tech pricing to be effectively flat in 2025.
The study focused on five companies that consistently disclose annual pricing trends in their 10-K filings: ABT, BDX, JNJ, SYK, and ZBH. Collectively, these firms accounted for roughly $170 billion in revenue in 2025; removing JNJ's Innovative Medicine segment reduces that figure to about $110 billion. Raymond James supplemented the company-reported figures with government data from FRED's Med Devices Producer Price Index and data from HCA Healthcare, the largest hospital provider in the United States.
Raymond James observed that many med tech end-markets retain favorable competitive structures, and the firm expressed surprise that pricing has not trended higher in response. The analysis indicates volume remains the dominant driver of industry growth, underscoring the importance of new product development as the most significant lever for achieving sustained pricing improvement.
Methodology note: The conclusions are based on a combination of company-reported pricing data in annual filings and supplemental sector measures, as specified above.