Q3 2022 Silicon Valley Medical Devices Report

Due to limited availability of lab space, Intuitive Surgical has unveiled plans to develop its own R&D/manufacturing facility at 932-955 Kifer Rd in the Lawrence Station area of Sunnyvale. 

BD Biosciences expanded its portfolio by leasing 82,260 SF at 86 Montecito Vista Dr in San Jose after leasing 240,000 SF in Milpitas last quarter. Siemens also leased 33,206 SF at 529 Race St in San Jose. Lastly, Cepheid renewed 43,500 SF at 632 E Caribbean Dr in Sunnyvale.  

Venture capital funding for medical device companies has decreased significantly from last year.  As investors deal with rising interest rates and become more apprehensive of a looming recession, total funding fell from $1.1 billion in Q3 2021 to $395.4 million in Q3 2022. Total deals completed dropped significantly from 35 in Q3 2021 to 14 in Q3 2022.