Medtech companies specialize in the invention, creation, and production of medical devices that can be used in all kinds of different healthcare settings.
The medical device industry is growing at a rapid pace that doesn't seem like it's going to be slowing down anytime soon. The growth within this industry has mainly occurred because of the increasing amount of the aging population around the world who have chronic diseases. These diseases require new treatments that can be used to mitigate symptoms and support the affected individuals.
This industry is valuable to patients and individuals for a myriad of reasons. All technologies that have been created for healthcare settings are made by medical device companies. The primary beneficiaries of recent technological advancements include patients who require cardiac monitoring and brain monitoring. Because of how important the medtech industry has become, more and more companies are joining the industry with each passing day.
This article provides detailed looks at 11 of the top medical device companies that are leading the industry for 2020.
Top 11 Medical Device Companies Summary
|Medtronic plc||$30.4 billion||$122 billion|
|Johnson & Johnson||$27.3 billion||$346 billion|
|Cardinal Health, Inc.||$15.6 billion||$13.3 billion|
|Abbott Laboratories||$16.8 billion||$127 billion|
|Siemens AG||$16 billion||$94.6 billion|
|Stryker Corporation||$13.3 billion||$58.6 billion|
|General Electric Company||$19.7 billion||$65.8 billion|
|Baxter International Inc.||$11 billion||$35 billion|
|3M Company||$6 billion||$111 billion|
|Boston Scientific Corporation||$9.8 billion||$48.9 billion|
|Becton, Dickinson and Company||$16 billion||$60.7 billion|
1. Medtronic PLC
Medtronic plc is a medical device company that has been at the top of the industry for nearly three decades. Based out of Ireland, Medtronic was initially founded in 1949 and has since become the leader in several sectors of the medical device industry. They have four main areas of focus with the medical devices that they develop, which include:
- Restorative therapies
- Cardiac and vascular
- Minimally invasive therapies
Towards the end of 2018, they acquired Mazer Robotics, which is a top orthopedic device manufacturer. With the over $30 billion in revenues that they've accumulated in 2018 and 2019, it appears as though Medtronic will continue to be in the driver's seat of the medical device industry.
2. Johnson & Johnson
Johnson & Johnson is a medical device company that's considered to be a subsidiary of the main Johnson & Johnson pharmaceutical company. At the moment, they own numerous medical device businesses, which include:
- Biosense Webster
They have long been a leading medical device company largely because of their focus on surgery, orthopedic care, diabetes, cardiovascular, and vision care. In 2018 alone, they brought in more than $27 billion in revenues and have the best market capitalization in the industry at $346 billion.
3. Cardinal Health, Inc.
Cardinal Health, Inc. is among the largest medical device companies in the world and has a spot on the Fortune Global 500. They have a global presence with headquarters in both Dublin, OH, and Dublin, Ireland. At the moment, Cardinal Health is the largest manufacturer of surgical products and medical devices in the country, which is displayed by them providing supplies to more than 75 percent of the hospitals in the U.S.
Their products include everything from durable medical equipment to advanced patient monitoring systems. Having made nearly $16 billion in revenues in 2018, they are poised to continue being a leader in the industry.
4. Abbott Laboratories
Abbott Laboratories is a large healthcare company based out of Chicago that specializes in nutrition, pharmaceuticals, diagnostic treatments, and medical devices. The diagnostic equipment and medical devices that they create are used by many laboratories, hospitals, and other healthcare settings all over the world.
They are among the leading companies in the medical device industry because their equipment and devices have proven to be highly effective at diagnosing diseases and providing continuous monitoring. The medical device aspect of their company was able to generate upwards of $19 billion of revenues in 2018 alone.
5. Siemens AG
Siemens AG is an expansive industrial manufacturing company that's considered to be among the leading manufacturers and developers of medical devices in the industry. Their products mostly center around diagnostic equipment and medical imaging systems, the latter of which have proven to be the main contributor of the more than $15 billion in revenues that they earned in 2018. The primary markets that they distribute medical devices to include South East Asia, Europe, and the Americas.
6. Stryker Corporation
Stryker Corporation is a medical device and technologies company that specializes in developing and manufacturing surgical products of all types. The surgical equipment that they create includes endoscopic systems and implants that are used for trauma surgeries and joint replacements. They also provide a wide range of neurosurgical devices, emergency medical equipment, and spinal devices, all of which have become increasingly sought after in hospitals and other healthcare settings.
Their medical products are shipped healthcare facilities in more than 100 countries throughout the world. They are a top medical device company because they generate more than $13 billion in revenues for both 2018 and 2019.
7. General Electric Company
General Electric Company is a leading life science and healthcare system company that's primarily known for manufacturing and distributing such modern medical equipment as healthcare devices, ultrasound devices, and imaging systems. They also offer a range of medical diagnostics services throughout the global market. In 2018 alone, they were able to generate more than $20 billion in revenues.
8. Baxter International Inc.
Baxter International Inc. is an American healthcare company on the Fortune 500 that focuses on providing technologies and innovative therapies for the treatment of life-threatening illnesses for patients who are in the ICU.
In 2018, they were able to generate more than $11 billion in revenues, which was an increase of nearly $500 million from the previous year. Over the past few years, Baxter International has focused on acquisitions that can help them grow even further as a medical device company.
9. 3M Company
The 3M Company is a multinational conglomerate that operates in a wide range of different fields, one of which is the medical device industry. In 2018, their revenues topped $6 billion for the year, which allowed them to have a market cap of around $111 billion.
While the medical devices that they develop and manufacture are highly varied, their most popular offerings include health information systems and patient monitoring devices. Their stethoscopes are used by millions of healthcare professionals around the world. Their continued advancements have allowed them to obtain a spot atop the medical device industry.
10. Boston Scientific Corporation
Boston Scientific Corporation is a leading manufacturer of medical devices that focuses on interventional medical specialties, which include:
- Vascular surgery
- Cardiac surgery
Last year, they were able to acquire a company that develops modern and advanced treatments for lumbar spinal stenosis. In 2018, they generated nearly $10 billion in revenues, which is yet another year that their revenues have increased when compared to the previous year. In 2019, revenues jumped to $10.7 billion.
11. Becton, Dickinson and Company
Becton, Dickinson and Company is an American company that offers medical devices, reagents, and instrument systems. They aim to bring about a new era of healthcare by distributing medical solutions and products to every corner of the world.
Their revenues of $16 billion in 2018 position them as a leading company in the medical device industry. Their company is divided into a biosciences unit, a life sciences segment, and a medical segment, which allows them to create devices for every sector of the medical device industry.
Global Medical Device Industry Overview 2020
The global medical device industry is one that has been displaying steady growth in the previous years and is looking to be even healthier for 2020. Because of the increase in the aging population who have chronic diseases, these industries are needed more than ever.
It's also important to understand that many of these medical device companies are going to be developing equipment and devices for the fight against COVID-19. While sales may drop for some of these companies in 2020 because of the scaled back nature of the worldwide economy, the future beyond 2020 is looking bright.
In 2018 alone, the 11 leading medical device companies in this article generated more than $185 billion in revenues. You can expect many of these companies to continue their growth in the years to come. In fact, an industry report by Technavio estimated that the medical device industry would grow by five percent between 2018-2022. Because of this growth, an increasing number of startups are being created for this industry.
Here at University Lab Partners, we offer a range of useful resources for younger startups and businesses that have just entered the medical device industry. If you are trying to find your footing and are looking to stick to a strict budget while you grow your company, you should consider renting space at our wet-lab incubator. Here, you can obtain affordable office space, lab space, and medical equipment to assist you with your work. If you're interested, you can apply at this link.