M&A continues to be a core growth driver for many medical-technology companies and will likely see increased activity as these players work to meet overall high-growth expectations for the sector. Yet this period is an era in which growth assets are scarce, so those that are available carry high valuations. Simultaneously, venture funding is slowing—and this combination makes executing traditional product-focused deals to sustain growth increasingly difficult for companies to execute. Against a background of industry headlines that seem to feature continued consolidation, what should medical-technology executives bear in mind when thinking about their own M&A programs?