Top 10 Medical Device Companies in the World 2019

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The global medical device industry is projected to maintain its steady growth over the coming years, while several top medical device companies are expected to continue dominating the global market in terms of medical device sales and international trade value. The growth of this industry is mainly driven by the rising aging population with chronic diseases, increasing healthcare expenditure and technology advancement around the world. Emerging MedTech trends such as blockchain, cloud computing, IoT and AI-based technologies continue to shape and propel the growth of the global medical device industry. With the growing R&D spending and better adoption of the evolving medical technologies, some of the world’s largest medical device companies are expected to witness a further growth through 2019.

Global Medical Device Industry Overview 2019

According to Technavio’s latest global medical device industry report, the global medical device industry will achieve an incremental growth of nearly $120 billion from 2018 to 2022, registering a CAGR of more than 5% during the forecast period. One of the major driving factors is the increasing prevalence of diseases, coupled with the growing aging population in the worldwide. Several segments within the medical device industry are poised for positive growth over the next few years. These segments include the market for urology devices and ophthalmology devices, both of which are experiencing market growth due to the increased prevalence of diseases. Other fast-growing medical device segments particularly in 2019 have been identified as brain monitoring devices, cardiac monitoring and therapy devices, and orthopedic medical imaging devices.

Technavio’s global medical device industry report also offers a complete analysis of the competitive landscape and the key market players within it. Technavio has identified several world’s leading medical device companies by market share. These leading medical device companies include GE Healthcare, Johnson & Johnson, Medtronic, Siemens Healthiness, and Stryker etc. Purchase Technavio’s full report for a deep dive into the market landscape.

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Top 10 Medical Device Companies in the World 2019

Medtronic plc

Medtronic has always been one of the top medical device companies in the world over the past decades. Established in 1960, 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. The company’s businesses are mainly operated through four major groups, including cardiac and vascular group (CVG), restorative therapies group (RTG), diabetes group, and minimally invasive therapies group (MITG). In late 2018, Medtronic acquired Mazor Robotics – a world’s leading orthopaedic device manufacturer – with a $1.7 billion deal, which further strengthened Medtronic’s dominating position in the global medical device market.

Johnson & Johnson

Johnson & Johnson Medical Devices Companies is a subsidiary of the US-based pharmaceutical giant, Johnson & Johnson. The group also owns a number of medical device businesses including Acclarent, Biosense Webster, Cerenovus, DePuy Synthes, and Ethicon. The company is of the world’s leading medical device companies particularly in areas of orthopaedic, cardiovascular, diabetes, vision care and surgery. In 2018, Johnson & Johnson achieved nearly $27 billion 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. The company’s major medical device business divisions include diagnosis and treatment, connected care and health informatics, and personal health. In 2018, 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 a world’s leading healthcare system and life science business owned by the US conglomerate GE Electric Company. It is one of the world’s largest healthcare solution and medical device companies, well-known for manufacturing and selling advanced medical equipment such as imaging, ultrasound, and healthcare devices (e.g. Mammography and CTs). GE healthcare also provides pharmaceutical solutions and medical diagnostics services in the global market. In 2018, GE healthcare generated almost $20 billion revenues.

Siemens Healthineers

Siemens Healthineers is one of the leading developers and manufacturers of medical devices in the global healthcare industry. As a subsidiary of the German electrics giant Siemens, its product portfolio mainly includes medical imaging devices and diagnostic equipment. In 2018, Siemens Healthineers generated over $15 billion revenues. The sales of medical imaging devices are the largest contributor of Siemens Healthineers’ revenues, while regions like Americas, Europe, and South East Asia are some of the largest markets for Siemens’ medical device products.

Fresenius Medical Care

Fresenius Medical Care is a German health care company that provides medical devices and services for dialysis, hospitals as well as inpatient and outpatient medical care. It is also one of the world’s top medical device suppliers for chronic kidney disease and dialysis treatment. 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 a US healthcare company, specialized in medical devices, diagnostic solutions, nutrition, and branded generic pharmaceuticals businesses. Its medical and diagnostic equipment products are widely used around the world by hospitals, laboratories, blood banks, and healthcare centres to diagnose and monitor diseases. In 2018, Abbott Laboratories’ medical device sector generated around $18.8 billion revenue, making it one of the world’s largest medical device manufacturers.

Becton Dickinson

Becton Dickinson is a world’s leading medical technology company which is engaged in the development, manufacture and sale of a range of medical devices, healthcare supplies, laboratory equipment and diagnostic products. The Company operates through two major segments: BD Medical and BD Life Sciences. In 2018, the BD Medical generated a total revenue of $8.6 billion through its medical device business.

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. Cardinal Health is the largest manufacturer of medical devices and surgical products in the US, supplying over 75% of the hospitals in the country. In 2018, the company’s medical business segment achieved total sales of $15.6 billion, representing over 11% of the company’s total revenue in that year.

Stryker

Stryker is another world’s leading medical technologies companies based in the US. Stryker’s products mainly include medical device surgical products used in joint replacement and trauma surgeries; endoscopic systems; neurosurgical, neurovascular and spinal devices. It also ships its medical products to clinics, hospitals and other healthcare facilities over 100 countries around the world. In 2018, Stryker generated over $13 billion revenue, making it one of the world’s top medical device companies in 2019.

 

Technavio has been closely monitoring the latest emerging medical device trends to create an in-depth portfolio of medical device industry research reports. These reports help our clients identify opportunities within the market and develop effective strategies to optimize their market positions. Take a look at Technavio’s Medical Device Industry Research Library and download your free sample report today.