What are the largest medical device companies?

Jul 03, 2023

August 29, 2023 By Chris Newmarker

Medtronic, Johnson & Johnson MedTech and Siemens Healthineers again lead the Medtech Big 100 list of largest medical device companies.

However, there is so much more to Medical Design & Outsourcing and MassDevice‘s 2023 edition of the Medtech Big 100 report. We pulled thousands of data points to provide information on annual revenue, R&D spending, headcount, CEOs and key leaders, headquarters locations and descriptions of each of the 100 largest medical device companies.

Senior Editor Danielle Kirsh’s analysis shows that even as the largest medtech companies engaged in layoffs over the past year, they also made a bet on innovation to boost future growth: R&D spending increased nearly 13% to $26.4 billion. (Read the full story on MDO.)

In addition, the full Medtech Big 100 list includes already completed medtech company spinoffs such as Embecta , GE HealthCare and ZimVie.

Read the full Medtech Big 100 report to find out more about the 100 largest medical device companies.

Here are the 10 largest medtech companies by revenue:

Medtronic has had its share of setbacks over the past year, but the world’s largest medical device company has also made moves that could set it up to make a difference in the treatment of chronic health conditions such as atrial fibrillation.

Fiscal 2023 revenue was down 1.4% compared to the previous year. Analysts are taking a wait-and-see approach to Medtronic’s performance in fiscal 2024.

Even as it spins off some businesses and engages in significant cost reductions, including layoffs, Medtronic is now spending more annually than before the pandemic on R&D. It’s also engaging in tuck-in acquisitions to gain new, innovative tech. For example, it doubled down on its commitment to boost its diabetes business by announcing plans in May to spend $738 million to buy EOFlow and its tubeless, wearable and fully disposable insulin delivery device.

Read Medtronic’s full profile in our largest medical device companies report.

Johnson & Johnson will have a new focus on medtech and pharmaceuticals now that it’s spinning off its consumer business as a new public company called Kenvue.

In December, J&J boosted the profile of J&J MedTech inside the company through its $16.6 billion acquisition of Abiomed and its Impella heart pump portfolio for treating coronary artery disease and heart failure.

Meanwhile, EVP and MedTech worldwide chair Ashley McEvoy joined the ranks of J&J’s top-paid executives and started a two-year term as chair of the trade group AdvaMed.

Read Johnson & Johnson MedTech’s full profile in our largest medical device companies report.

Siemens Healthineers management has pared back some businesses as they seek to continue revenue growth in the present economic environment.

The German medtech giant scaled back its robotic surgery ambitions, announcing in May that it plans to discontinue the use of its Corindus surgical robotics for cardiology procedures. Siemens Healthineers spent $1.1 billion on Corindus in 2019.

In addition, Siemens Healthineers is streamlining its diagnostics business.

Read Siemens Healthineer’s full profile in our largest medical device companies report.

Medline sales were up roughly 5% year-over-year to $21.2 billion in 2022, enabling the privately-held medtech giant to move up one spot in the MedTech Big 100 rankings.

The company announced in June that it is promoting from within to fill CEO and president positions. Jim Boyle is taking over the corner office at Medline, effective Oct. 1. Meanwhile, Jim Pigott will become president and chief operating officer.

Read Medline Industries’ full profile in our largest medical device companies report.

The all-consuming story for Philips over the past year remains its massive recall involving millions of CPAPs, ventilators and other respiratory devices.

The recall has removed the Dutch medtech giant from the respiratory devices market for the past two years. Reports of problems continue. The devices — used for sleep apnea therapy and more — had sound abatement foam that could potentially degrade and get into the airways.

Read Philips’ full profile in our largest medical device companies report.

Stryker is proving itself to be a leader in medtech’s transition to digital healthcare. It’s little wonder, then, that the ortho device giant moved up a spot to No. 6 in this year’s Medtech Big 100.

Stryker’s popular Mako robotic surgery systems are more than just a robot when it comes to knee and hip surgeries. They also offer preoperative data modeling and planning, plus software and displays that assist the surgeon with navigation during the surgery. On top of that, Stryker is tapping health data and artificial intelligence (AI) to improve surgical robotics outcomes.

Read Stryker’s full profile in our largest medical device companies report.

GE HealthCare has been has been on a tear when it comes to forging partnerships to boost its business. In June, it announced that it would work with Johnson & Johnson’s DePuy Synthes in the spine space, pairing its OEC 3D Imaging System with the J&J unit’s extensive product portfolio. In March, GE HealthCare announced a long-term joint venture with Sinopharm as it seeks to make additional inroads in China’s medical device market. It’s also inked a 10-year medical device maintenance deal with Advantus Health Partners worth $760 million.

Other top news this year included the acquisition of Caption Health and its AI-powered image guidance tech.

Read GE HealthCare’s full profile in our largest medical device companies report.

One of the most significant medical device stories out of Cardinal Health over the past 12 months involved the launch of a pilot chain supply chain network to enable hospital-level healthcare in people’s homes. The Dublin, Ohio–based medical device and pharmaceuticals supplier announced in November 2022 that it was kicking off the Velocare supply chain network and last-mile fulfillment service through a strategic partnership with Boston-based Medically Home.

Read Cardinal Health’s full profile in our largest medical device companies report.

Count Baxter among the major medical device companies seeking to refocus through divestitures.

In January, Baxter announced plans to spin its renal care and acute therapies units into an independent, publicly traded company. Baxter expects the new, independent, publicly-traded company — called Vantive — to launch by July 2024. Meanwhile, there is uncertain timing around the sale of Baxter’s biopharma solutions (BPS) business.

Read Baxter’s full profile in our largest medical device companies report.

Abbott has now had two straight quarters of double-digit organic sales growth in its underlying business. Even as COVID-19 test sales continue to decline and hammer overall revenue, Abbott officials are betting on a productive, innovative pipeline to build momentum — especially in its medical device business.

Read Abbott’s full profile in our largest medical device companies report.

Filed Under: Business/Financial News, Featured, News Well Tagged With: Abbott, Baxter, Big 100, Cardinal Health, GE Healthcare, Johnson & Johnson, Johnson & Johnson MedTech, medline industries, Medline Industries Inc., Medtech Big 100, Medtronic, Philips, Siemens Healthineers, Stryker