According to a MoneyTree Report from PricewaterhouseCoopers LLP and the National Venture Capital Association (see coverage in TechCrunch), investment was strong across all sectors in fourth quarter 2011, then fell off in first quarter 2012.
This falls in line, generally, with our perspective, where we view medtech investment as money that finances the development of the spectrum of technologies competing for related clinical applications. This means we consider money from any source (debt, equity, IPOs, etc.) and a broader consideration of competition; for example, considering device investment in the same arena as certain biopharmaceutical (or other) investment if the biopharm competes with, or is even adjunctive to, device investment. With healthcare systems and third party payers increasingly fixated on cost, any and all technology that might be applied to treating or managing a given condition must be considered "competitive", even if it means pitting a pharmaceutical against a traditional medical device.
Below is the quarter-by-quarter investment in "medtech" from 2009 to 2012. While there is variability from quarter to quarter, the overall annual upward trend is apparent.
Source: MedMarket Diligence, LLC.
For a comprehensive look at medtech investment (from our point of view) over the past few years, see link.