The best replacement for tz40 is sx280.

The best alternatives to tz40 are rated as following:
★★★★★  sx280
★★★★★  tz30
★★★★  hx50v
★★★★  lf1
★★★★  s120
★★★★  tz60
★★★  zs30
★★★  lx7
★★★  tz35
★★  s110
★★  tz55
★  s9500
★  wx300
★  hx20v
  tz41

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Google Trends

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tz40
sx280
tz30