Top 10 Medical Device Companies in the World

12 Nov, 2020 | Blogs

The medical device industry is highly fragmented, with players offering diagnostics and surgical instruments and orthopedic and medical imaging devices. Technological advances in the past few years have paved way for the growth of sub-sectors such as health-tech, where medical devices meet innovative software solutions. One such technology, the Internet of Things (IoT), is revolutionizing the medical device industry. From diagnosis, surgery, and repair to creating new revenue streams, IoT is streamlining and optimizing the medical device industry at every level.

As per Straits Research's latest report on the IoT medical devices market, the overall market accounted for over USD 2.18 billion in terms of value in 2017 and is projected to grow at a CAGR of 23.1% during the forecast period, 2019–2026. Investments in health technologies, AI, and related technologies drive the medical device industry, boosting sales by 5–10%. The top ten medical device companies globally are briefly discussed below, with an emphasis on overall and segment-wise revenue.


Medtronic — a leading medical device provider globally — recorded USD 30.6 billion in revenue in FY2019, up from USD 29.95 billion in FY2018, reporting growth across all groups and regions. Growth was mostly attributable to its acquisition of the Israel-based medical device provider, Mazor Robotics, in the second half of 2018.

Medtronic's Cardiac and Vascular Group (CVG) unit accounted for the highest revenue share worth USD 11.35 billion, followed by the Minimally Invasive Therapies Group (MITG) and Restorative Therapies Group (RTG) with USD 8.71 billion and USD 7.74 billion, respectively.

Johnson & Johnson Medical Devices Companies:

Johnson & Johnson Medical Devices Companies (JJMDC)
Johnson & Johnson Medical Devices Companies (JJMDC) has several subsidiaries, including DePuy Synthes, Biosense Webster, Ethicon, Cerenovus, and Acclarent. The pharma giant has acquired Emerging Implant Technologies, Auris Health, Orthotaxy, and assets of Medical Enterprises Distribution to strengthen its Orthopedic and Digital Solutions segments. JJMDC's medical device business recorded USD 27 billion in revenue in FY2018, with a 4.5% increase in sales.

GE Healthcare:

GE Healthcare

GE Healthcare — a part of the U.S.-based diversified tech player GE Electric Company — is a leading developer and manufacturer of advanced medical devices, including imaging, ultrasound, life care, and healthcare devices, and a provider of pharmaceutical solutions and medical diagnostics services. It posted USD 20 billion in revenue in 2018, recording 4% growth over the previous year.



Philips Healthcare:

Philips HealthcarePhilips Healthcare is a part of the Netherlands' multinational tech conglomerate Royal Philips and accounts for nearly 42% of the latter's overall revenue. It is renowned for its best-in-class health technology solutions and medical device products. The company's key medical device business segments include Personal Health, Diagnosis and Treatment, and Connected Care and Health Informatics.

Philips Healthcare recorded USD 20.7 billion in revenue in 2018, marking a 5% increase over the previous year. Sales of diagnostic imaging devices in markets such as India and China largely contributed to this growth. The Diagnosis and Treatment and Personal Health segments generated the highest revenues with USD 8.23 billion each, followed by the Connected Care and Health Informatics segment at USD 3.54 billion.

Fresenius Medical Care:

Fresenius Medical Care

Fresenius Medical Care is a Germany-based provider of medical devices, healthcare services, and inpatient and outpatient medical care. It is also a leading medical device supplier for dialysis and chronic kidney disease treatment. The company reported USD 19 billion in revenue in 2018, with the Americas accounting for the highest revenue from medical products, which is about 70% of Fresenius' total revenue.

Siemens Healthineers:

Siemens Healthineers
Siemens Healthineers — a division of the German conglomerate Siemens — offers medical imaging devices, diagnostic imaging, and laboratory equipment. It recorded USD 15.36 billion in revenue in 2018, with the Medical Imagining Devices segment as the most significant revenue contributor at USD 9.32 billion, followed by Diagnostics at USD 4.53 billion and Advanced Therapies at 1.69 billion.

From a regional perspective, the Americas was the largest market for Siemens Healthineers' medical device products and services and accounted for a revenue share worth USD 6.05 billion, followed by the EMEA region with USD 5.04 billion. In January 2018, the company acquired Fast Track Diagnostics to supplement its diagnostics business.

Becton Dickinson:

Becton Dickinson
The U.S.-based Becton Dickinson is among the world's leading medical tech companies specializing in the manufacture and sales of medical devices and equipment, diagnostics solutions, healthcare supplies, and laboratory equipment. It operates through three segments, namely BD Medical, BD Life Sciences, and BD Interventional.

In 2018, the company's medical device business recorded sales worth USD 8.6 billion, while the BD Life Sciences and BD Interventional businesses accounted for USD 4.3 billion and USD 3 billion in revenues, respectively.


Cardinal Health:

Cardinal Health
As a leading medical device and pharma company based in the U.S., Cardinal Health supplies to over three-fourths of all hospitals in the country. The company's total revenue for 2018 was a staggering USD 136.8 billion, of which the Medical Devices segment contributed USD 15.6 billion with an 11% increase over the previous year. The Pharmaceuticals segment contributed the lion's share with USD 121.24 billion. Cardinal Health strengthened its medical devices business with the acquisition of Medtronic's Patient Recovery business for USD 6.1 billion in 2017.


Abbott Laboratories:

Abbott Laboratories

Abbott Laboratories, a U.S.-based healthcare company, operates through four segments — Medical Devices, Diagnostics Services, Nutrition, and Pharmaceuticals. Its medical devices and diagnostics solutions are widely used by hospitals, healthcare centers, laboratories, and blood banks for the diagnosis and treatment of several diseases.

Abbott Laboratories posted USD 30.6 billion in revenue in 2018, with the Medical Devices business contributing the largest revenue share of USD 11.37 billion, marking a 10.1% increase over the previous year. The diagnostics and medical devices business divisions together contributed USD 18.86 billion.

Stryker: U.S.- Based Medical Device Company

Stryker: U.S.-based medical device


Stryker is a U.S.-based medical device and equipment manufacturer and a leading provider of medical surgical devices used in joint replacement and trauma surgeries, orthopedics, neurovascular and spinal devices, and endoscopic systems. Its revenue for 2018 was USD 13 billion.

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