Barclays analysts say upcoming global tariffs on pharmaceutical goods, expected to be imposed soon by President Donald Trump, will have varying impacts across the MedTech space. In a new report, the firm outlined which companies appear most and least exposed to the potential trade changes.

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Among large-cap firms, Abbott (NYSE:ABT), Baxter (NYSE:BAX), Edwards Lifesciences (NYSE:EW), and Intuitive Surgical (NASDAQ:ISRG) all rated Overweight are expected to be among the least affected. Zimmer Biomet (NYSE:ZBH), rated Underweight, is also seen as having limited exposure.

In the small- and mid-cap group, Barclays highlighted Globus Medical (NYSE:GMED), Alphatec (NASDAQ:ATEC), and Tandem Diabetes Care (NASDAQ:TNDM) as relatively insulated from tariff risk, citing limited reliance on overseas manufacturing for U.S.-bound products.

On the other hand, companies more exposed include Medtronic (NYSE:MDT), Johnson & Johnson (NYSE:JNJ), and BD (NYSE:BDX) all rated Overweight along with Insulet (NASDAQ:PODD), InMode (NASDAQ:INMD), and Bausch + Lomb (NYSE:BLCO), which are rated Equal-Weight. These firms are more reliant on global production chains, potentially amplifying the impact of future trade restrictions.

Barclays suggests that tariff exposure could become a differentiating factor in the sector, as the policy takes shape.

This article first appeared on GuruFocus.

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