The European healthcare technology (HealthTech) and medical technology (MedTech) landscape enters 2026 at a profound inflection point, characterised by a transition from the speculative fragmentation of the early 2020s to a disciplined era of "industrial maturity." Following a period of post-pandemic recalibration in 2024 and a tentative recovery in 2025, the market is poised for a robust, albeit structurally transformed, resurgence in mergers and acquisitions (M&A). The