Top 10 Global Medical Device Companies in 2019

A recent report by Technavio’s latest global medical device industry, shows that the global medical industry will achieve a cumilative growth of nearly $120 billion from 2018 to 2022. This achieves a reasonable CAGR (Compound annual growth rate) of more than 5% during the forecast duration.

Currently, the leading medical device companies include GE Healthcare, Johnson & Johnson, Medtronic, Siemens Healthiness, and Stryker.

Medtronic plc

Founded in 1949, the Ireland based medical device manufacturer has achieved a total revenue of almost $30 billion last year, making it the largest medical device company in the world of 2019. In late 2018, Medtronic acquired Mazor Robotics – a world’s leading orthopaedic device manufacturer – with a cool $1.7 billion deal, which in turn further strengthened Medtronic’s dominating position in the global medical device market.

Johnson & Johnson

Founded in 1886, Johnson & Johnson Medical Devices Companies is a subsidiary of the US-based pharmaceutical giant, Johnson & Johnson. Although, having a hit the headlines recently for lawsuits being filed against them, Johnson & Johnson (NYSE: JNJ) announced results for fourth-quarter and full-year 2019. “We delivered strong underlying sales and earnings growth in 2019, driven by the strength of our Pharmaceutical business, accelerating performance in our Medical Devices business and improved profitability in our Consumer business,” said Alex Gorsky, Chairman and Chief Executive Officer.

In 2018, Johnson & Johnson achieved nearly $27 billion in revenue through its medical device business.

Philips Healthcare

Philips Healthcare, a subsidiary of the multinational technology conglomerate Philips, is well known around the world for its health technology solutions and advanced medical device products. Philips already offers multiple AI-enabled solutions, such as VitalEye, which enables integrated automated breathing detection for a broad range of patients, and IntelliSpace Portal which is a comprehensive, advanced data integration, visualization, and analysis platform to enhance diagnostic reliability.

Philips Healthcare achieved over $20.7 billion revenue, mainly attributed to its growing sales of diagnostic imaging devices in emerging markets such as China and India.

GE Healthcare

GE Healthcare is an American multinational conglomerate incorporated in New York and headquartered in Chicago, Illinois. It is, well-known for manufacturing and selling advanced medical equipment such as imaging, ultrasound, and healthcare devices (e.g. Mammography and CTs). They recently announced a new facility in Grens, Switzerland will be built by the Dutch-Swiss developer Nemaco. GE healthcare also provides pharmaceutical solutions and medical diagnostics services in the global market.

In 2018, GE healthcare generated almost $20 billion revenues.

Fresenius Medical Care

Fresenius Medical Care is the world’s largest integrated provider of products and services for individuals undergoing dialysis. As a vertically integrated company, we provide a complete solution for people with chronic kidney failure – from research and development to manufacturing our dialysis products to providing complete therapy options within our own clinics.

The company achieved revenues of nearly $19 billion in 2018, North America is currently the largest market for Fresenius’ medical products, representing about 70% of the company’s total revenues.

Abbott Laboratories

Abbott Laboratories is an American medical devices and healthcare company with headquarters in Abbott Park, Illinois, United States. The company was founded by Chicago Wallace Calvin Abbott in 1888 to formulate known drugs; today, it sells medical devices, diagnostics, branded generic medicines and nutritional products. It split off the research-based pharmaceuticals into AbbVie in 2013.

In 2018, Abbott Laboratories’ medical device sector generated around $18.8 billion revenue, making it one of the world’s largest medical device manufacturers.

Siemens Healthineers

Siemens Healthineers AG (formerly Siemens Healthcare, Siemens Medical Solutions, Siemens Medical Systems) is the mother company for several medical technology companies and is headquartered in Germany. The company dates its early beginnings in 1847 to a small family business in Berlin, co-founded by Werner Von Siemens. Siemens Healthineers is connected to the larger corporation, Siemens AG. 

In 2018, Siemens Healthineers generated over $15 billion revenues.

Cardinal Health

Cardinal Health is a Fortune Global 500 and one of the world’s largest medical device and pharmaceutical companies based in the US. Currently, it is the 14th highest revenue generating company in the United States. Its headquarters are based in Dublin, Ohio and Dublin, Ireland (EMEA). The company specializes in the distribution of pharmaceuticals and medical products, serving more than 100,000 locations.

In 2018, the company’s medical business segment achieved total sales of $15.6 billion, which represents over 11% of the company’s total revenue in that year.

Stryker

Stryker Corporation is a Fortune 500 medical technologies firm based in Michigan. Stryker’s products include implants used in joint replacement and trauma surgeries; surgical equipment and surgical navigation systems. Their neurotechnology offering includes products used for minimally invasive endovascular techniques, as well as a line of products for traditional brain and open skull base surgical procedures, orthobiologic and biosurgery products.

In 2018, Stryker generated over $13 billion revenue, making it one of the world’s top medical device companies in 2019.

Becton Dickinson

Becton, Dickinson and Company (BD) is an American medical technology company that manufactures and sells medical devices, instrument systems, and reagents. BD also provides consulting and analytics services globally. Founded in 1897 and headquartered in New Jersey, BD employs nearly 70,000 people in more than 50 countries throughout the world.

In the fiscal year ending September 30, 2019, more than 40% of BD sales were generated from non-U.S. markets with a total revenue of $8.6 billion through its medical device business.