Share prices in some of the largest medtech companies continued to fall into the mid-week as the fallout surrounding US President Donald Trump’s global trade war showed no sign of abating.
Stakes in the international trade market went a step higher on 9 April after China retaliated with an 84% tariff on US imports. Representing the second largest medtech market in the world after the US, the Asian country has been hit with a 104% tariff.
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Shares in nearly all the major medical device players had already slumped earlier in the year. Following the prospect of tariffs being implemented by Trump, stocks slid even further on 5 April when general tariffs took effect. On 9 April, a day after the import tariffs kicked in, medtech share prices opened even further down – a reflection of the wider turmoil being experienced by global stock market trackers.
The Advanced Medical Technology Association (AdvaMed) has said that the blanket tariffs will negatively impact US medical technology and innovation, with the trade association’s CEO Scott Whitaker calling for medtech immunity. This was the case with the pharmaceutical industry, a field that appeared to escape Trump’s trade war. However, Trump has since stated that “major tariffs” will be applied to pharma imports soon, meaning healthcare has become embroiled in the trade war.
Stock slump continues
GE HealthCare has had a particularly tumultuous time, compounded by the Chinese government’s anti-dumping investigation that is evaluating whether certain devices were exported at a lower price than their normal value.
With an imaging business heavily reliant on the Chinese market, GE HealthCare has been heavily impacted by the probe that started alongside Trump’s tariffs. Shares in the company opened a further 1.6% down today at $57.79, meaning it is now trading 38% lower than the 2025 market open high in mid-February. Over the past month, the figure drops to 32%. Siemens Healthineers also lost a chunk of its share price since early March, trading 18% lower at market open price of €42.74.
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By GlobalDataBoston Scientific, Medtronic, and Johnson & Johnson, meanwhile, were all trading 6-8% down at market open today (9 April) compared to prices last month.
Diabetes outperformers
Despite the wide downturn in stock markets, some companies are better positioned to withstand economic headwinds, as per a William Blair research note published on 7 April and sent to Medical Device Network.
Analyst Margaret Kaczor Andrew highlights diabetes manufacturers Abbott, Dexcom, and iRhythym Technologies as stocks that could outperform the current environment. Andrew says that these companies operate in large and resilient end-markets and have new product cycles that help pass on pricing headwinds to consumers.
These medtech giants also have attractive valuations that can limit stock downside even if broader market trends further compress. Dexcom was one of the few medtech companies that rose after the market open today, potentially reflecting the company’s rebuff credentials against the tariffs.
