Top 10 Largest Medical Device Companies in the World 2020 - BizVibe
largest medical device companies

The global medical device industry has been experiencing a strong and steady growth over the recent years, while the top 10 largest medical device companies continue to lead the market share worldwide in terms of medical device sales and international trade value. The growth of this industry is mainly driven by the recent global pandemic of Covid-19, rising aging population with chronic diseases, increasing healthcare expenditure and medical technology advancement around the world. As many world’s leading medical device companies continue to increase their R&D spending and adopting better medical technologies into the products, the global medical device industry expected to witness a further growth through 2020.

This industry fact sheet is to assist industry professionals, investors, and people in general that are interested in gaining insights into the global medical device industry including:

  • What is the global medical device market size?
  • What are the driving factors for the global medical device industry growth?
  • Who is the largest medical device manufacturer in the world?
  • Who are the top 10 largest medical device companies?
  • What are the medical device industry trends for future?

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Global Medical Device Industry Overview 2020

The medical devices play an essential part in the process of diagnosing, monitoring, and treating health and physical disorders. Some of the major medical device types include vitro diagnostics devices, orthopaedic devices, cardiovascular devices, diagnostic imaging, MIS, wound management equipment, diabetes care equipment, ophthalmic devices, dental devices, and nephrology devices. According the latest market report from 360 Research Reports, the global medical devices market size was valued at US$455.7 billion in 2019 and it is expected to reach US$652.3 billion by the end of 2026, representing a strong CAGR of 5.2% during the forecast period.

One of the major driving factors for the global medical device market growth is the increasing prevalence of chronical diseases coupled with the growing aging population in the worldwide. The rising chronic diseases such as diabetes, cancer, heart diseases are fuelling the demand for various medical devices. Meanwhile, the increasing healthcare expenditure also facilitate the rapid implementation of advanced medical devices across hospitals, clinics, and care homes around the world, which is also driving the growth of this market.

Geographically, North America is currently the largest medical device market in the world. The medical device market in North America was valued over $175 billion in 2019 and is expected to lead the global market share over the next few years. Meanwhile, Asia Pacific, led by China, Japan and India, has witnessed some of the highest growth rates in the global medical device market, mainly driven by the increasing per capita income, growing ageing population and rapid development of healthcare infrastructure in the region.

 Top 10 Largest Medical Device Companies in the World 2020

Rank

Company

2019 Revenue ($ Billion)

Country

1

Medtronic

30.6

Ireland

2

Johnson & Johnson

26.0

US

3

GE Healthcare

21.1

UK

4

Abbott Laboratories

20.0

US

5

Philips

19.1

Netherlands

6

Fresenius SE & Co

19.0

Germany

7

Becton Dickinson & Company

17.3

US

8

Siemens Healthineers

15.9

Germany

9

Cardinal Health Inc

15.6

US

10

Stryker Corp

14.9

US

Medtronic

Medtronic is currently the world’s largest medical device manufacturer. Its headquarters are in Dublin, Ireland. The company offers wide range of medical equipment and devices, mainly including patient care and monitoring devices; general surgical equipment; and medical devices for cardiovascular, diabetic, and neurological applications. Medtronic operates in 140 countries and employs over 86,000 people. In 2019, its annual revenue totalled $30.6 billion – the highest among the world’s top 10 largest medical device companies.

Johnson & Johnson

Johnson & Johnson is a multinational healthcare and consumer products company headquartered in New Brunswick, US. Some of the company’s key business segments include medical device, pharmaceutical, and consumer goods. Johnson & Johnson has over 132,200 employees and is operating through over 250 subsidiary companies in 60 countries and sells products in 175 countries around the world. Its medical device segment generated over $26 billion revenue in 2019, making it one of the largest medical device companies in the world.

GE Healthcare

Operating as a subsidiary of General Electric, GE Healthcare is one of the world’s largest manufacturers and suppliers for medical imaging devices, diagnostics, and patient monitoring equipment, pharmaceuticals, performance solution services, and bio-pharmaceutical manufacturing technologies. GE Healthcare has over 54,000 employees and operates in over 70 countries around the world.

Abbott Laboratories

Abbott Laboratories is an American health care and medical equipment company headquartered in Abbot Park, Ilinois. The company is operating through several key divisions, including Abbott Diabetes Care, Abbott Diagnostics Division, Abbott Molecular Diagnostics, Abbott Nutrition International, Abbott Point-of-care, Abbott Vascular Division, and Established Pharmaceuticals Division. In 2019, Abbott Laboratories’ medical device business generated over $20 billion revenue.

Philips

Philips is a world’s leading medical device and health technology company. It used to be one of the largest electronics companies in the world, currently focused in the area of health technology, where it generates nearly 45% of the group’s revenue. Philips Healthcare offers over 450 different types of medical devices with major products being MRI scanners, diagnostic ECG devices, and patient monitoring equipment. As of late 2019, Philips has over 74,000 employees and operates across 100 countries around the world.

Fresenius SE & Co

Fresenius is a world’s leading healthcare company that offers medical device products and healthcare service for dialysis, hospitals, and outpatient treatment. The company has four major segments: Fresenius Medical Care is the world leader in treating people with chronic kidney failure. Fresenius Helios is Europe’s largest private hospital operator. Fresenius Kabi supplies essential drugs, clinical nutrition products, medical devices and services to help critically and chronically ill patients, while Fresenius Vamed plans, develops and manages healthcare facilities. The company has over 290,000 employees in more than 100 countries around the globe.

Becton Dickinson & Company

Becton Dickinson (BD) is a global medical technology company that is specialized in providing medical device products and services in patient and health care, medical research and clinical laboratories. The company provides innovative solutions that help advance medical research and genomics, enhance the diagnosis of infectious disease and cancer, improve medication management, promote infection prevention, equip surgical and interventional procedures and support the management of diabetes.

Siemens Healthineers

Siemens Healthineers is the mother company of several medical device and technology companies with headquarters in Erlangen, Germany. Siemens Healthineers is one of the world’s largest medical device manufacturers of diagnostic and therapeutic imaging, laboratory diagnostics and molecular medicine, as well as digital health and enterprise services. Its key products include Clinical and Lab Diagnostics, Angiography and Interventional X-ray Systems, Computed Tomography, Radiation Oncology, Laboratory Diagnostics, Molecular Diagnostics, Medical Imaging and X-ray Products

Cardinal Health Inc

Cardinal Health is one of the largest medical device and pharmaceutical companies based in the US. The US is the largest regional medical equipment market for Cardinal Health, over 75% of the hospitals in the country are supplied with the surgical products and laboratory devices made by Cardinal Health. Some of the company’s key products include Anesthesia, Cardiovascular, Compression, Durable Medical Equipment, Enteral Feeding, Infection Control, and Laboratory Products

Stryker Corp

Stryker is a leading medical equipment and MedTech company based in Michigan, US. Stryker’s medical devices products mainly include surgical products used in joint replacement and trauma surgeries; endoscopic systems; neurosurgical, neurovascular and spinal devices. In 2019, Stryker’s annual revenue totalled nearly $15 billion, making it one of the world’s top 10 largest medical device companies.

Global Medical Device Market Trends for Future.

Several medical device market trends are expected to further fuel the industry growth over the next few years. One of the key trends is the emergence and adoption of innovative medical technologies, also known as MedTech. These MedTech include blockchain, cloud computing, IoT and AI-based technologies that will help medical devices to achieve better results and deliver better user experiences to the patients.

 

Read more: 

Top 10 Largest Pharmaceutical Companies in the World by Revenue 2020
Top 10 Pharmaceutical Companies in the United States
Top 15 Innovative Medical Devices Shaping the Medical Industry

 

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