The medical technology industry has already shed hundreds of jobs in the first weeks of the year, continuing a top industry trend from 2023.
Medtronic, Abbott, Boston Scientific and Johnson & Johnson were among a long list of companies that eliminated positions last year to cut costs as the economy continued to recover from the effects of the COVID-19 pandemic and in response to macroeconomic and supply chain pressures.
While not solely a medtech company, 3M had one of the largest layoffs of last year, cutting more than 6,000 workers.
Companies have so far reported a solid economic environment in the fourth quarter that is likely to improve throughout this year. For example, Johnson & Johnson executives said on a January earnings call that the company expects procedure volumes to be above pre-pandemic levels in 2024.
However, companies have continued to cut positions: Livanova and Illumina filed plans in January to lay off more than 100 workers, while Zimmer Biomet said it would eliminate about 3% of its global workforce, or approximately 540 people. Meanwhile, Globus Medical laid off more than 150 workers in California, targeting Nuvasive employees, just months after the two spine companies closed their $3.1 billion merger.
Here is a collection of MedTech Dive’s coverage of industry layoffs so far in 2024. The roundup will be updated as more stories are published: