Top 10 Medical Device Companies In USA

Here are the 10 leading medical device companies in the USA that are defining the future of the healthcare ecosystem by leveraging modern technology to improve overall patient care. 

What Does a Medical Device Company Do?

Medical Device

Medical device companies, by virtue of their role, act as a backbone of the healthcare ecosystem to empower healthcare professionals and improve overall patient care in the ever changing healthcare environment. These entities build strategic partnerships with other key players in the market to explore, create and implement the world-class tools that help in the right diagnosis and optimum treatment regime subsequently, and gain knowledge on patients’ conditions. 

In the dynamic healthcare space, medical device companies play a pivotal role in developing cutting-edge software’s used for diagnosing, monitoring, preventing, replacing and modifying physiological functions through technologies. 

The prime objective of medical device companies is to optimize operations, enhance efficiency, and ultimately pay utmost attention to patient needs. In this case, these corporations dedicate a certain amount of money to research and to create technologically innovative and advanced products that contribute to the overall development of the healthcare industry.  

Medical devices companies produce high-end medical products for the changing healthcare industry with the aim of providing solutions for advanced imaging, to make the diagnostic accuracy more precise, as well as inform the corresponding targeted treatment plans. These advanced instruments enable healthcare professionals to broaden their horizons beyond geographical boundaries to make such solutions accessible to the hospitals situated in the rural settings.

With the anticipated rise of complex medical technologies, medical device companies become crucial partners that offer the pioneering solutions and are transferred to medical facilities worldwide.  Their commitment to innovations and ability to foresee developments make them prominent players in improved care and high standards of health care.

How Big is the US Medical Device Industry?

The US medical device industry  was valued at USD 192.78 billion in 2023 and is expected to reach USD 291.04 billion by 2030 with a CAGR of 6.1 % during the forecast period. The growth in the market is expected due to the growing population, adoption of minimally invasive procedures, increasing accidents, chronic and lifestyle diseases. 

The expansion of companies beyond geographical boundaries through acquisitions and collaborations allows manufacturers to increase their customer base. With the  availability of healthcare email lists, medical device companies and manufacturers can connect with leading healthcare institutes and key decision makers to pitch their products and boost sales.

Who is the Biggest Medical Device Company in the World?

Healthcare industry has seen significant growth over the years, so is the medical device market. Medical device companies and key players are investing and encouraging innovative and technically advanced medical devices that will help in faster diagnosis and early detection of disease to make informed decisions. 

However, the medical device companies are assessed on various elements such as compliance, biological and chemical safety  and mechanical properties like functionality and durability of products to ensure patient safety and complete care. 

Here we have listed the top 10 medical device companies with real time data:

  1. Medtronic
  2. Abbott Laboratories
  3. Johnson & Johnson Medtech
  4. Siemens Healthineers
  5. Fresenius
  6. Becton, Dickinson & Company
  7. Philips Healthcare
  8. Roche Diagnostics
  9. Stryker
  10. GE Healthcare

1. Medtronic

Medtronic

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  • Annual revenue 2022: $31.69 billion
  • Percent increase/decrease: 5.21% increase

Medtronic is a global medical device manufacturer with the highest revenue. Their regulatory approvals and strategic partnerships with MedTech companies have helped in their revenue  growth and market position. 

The company is developing its Symplicity Spyral Renal Denervation (RDN) system with some robust technological advancements . This system will help achieve target blood pressure level ranges more efficiently.

2. Abbott Laboratories

Abbott

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  • Annual revenue for 2022: $31.27 billion
  • Percent increase/decrease: 4.20% increase

Abbott Laboratories has a separate division for medical devices that rely on nutritions and pharmaceuticals. Being included in the list of the products of the novel company, the sales of the at-home COVID-19 self-testing kits gave rise to the 2022 results.

Abbott’s sales soared higher in 2022 by introducing more than 125 new products with an approved FDA label.  They claim that their product Freestyle Libre 3 is the world’s smallest glucose sensor monitoring device which is the most accurate product in the market. 

The impact of this technology was enhanced by strategic partnership with WeightWatchers in 2022. They integrated the product with a weight management program that was related to diabetes. As a result the  product provided important insights for people with diabetes.

Abbott Laboratories CEO Robert B. Ford stated that their diversified business strategy was the secret to the company’s success. This strategy ensures growth even in the challenging environment of today.

3. Johnson & Johnson Medtech

Johnson And Johnson Medtech

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  • Annual revenue for 2022: $27.43 billion
  • Percent increase/decrease: 1.36% Increase

The reason behind the growing sales of Johnson & Johnson MedTech was their innovation. They also acquired Abiomed to boost its cardiovascular profile which attracted over $1 billion annual revenue. 

Another big event was when their subsidiary, Acclarent Inc., announced FDA clearance for their product TruDi Shaver Blade. This electromagnetically navigated blade is meant for single use that helps remove soft and hard tissue or bone easily. It is used in ENT and head and neck surgery.

The chairman of Johnson and Johnson MedTech is positive that the company can meet new challenges through its global infrastructure. Their understanding of diseases, innovation network, and trusted partnerships have led them to success.

4. Siemens Healthineers

Siemens Healthineers

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  • Annual revenue for 2022: €21.71 billion ($22.83 billion)
  • Percent increase/decrease: 20.65% Increase

Siemens Healthineers successfully manages the design, production, and marketing of different types of diagnostic products and services. They provide  healthcare workers in more than 180 countries.

The company has its largest revenue flow derived from imaging devices, whereas the diagnostics revenue remains the next notable revenue source. In 2022, they rolled out the diagnostic device called Artis Icono, which was adapted to diagnose cardiac arrhythmia and structural heart condition. Moreover, they are thinking of making partnerships with other medical technology companies to drive innovation and growth.

5. Fresenius Medical Care

Fresenius

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  • Annual revenue for 2022: €19.40 billion ($20.40 billion)
  • Percent increase/decrease: 10.10% Increase

The company has gained a reputation for providing renal disease-related products and services. It marks its existence in the market by reporting revenue publicly and treating a volume of patients. 

The dialysis care service accounts for the company’s major source of income. It operates 4,116 dialysis centers in 50 countries. 

The company provides various healthcare services in addition to dialysis care including pharmacy services, value and risk-based care programs, and services related to vascular, cardiovascular, and endovascular specialties.

6. Becton, Dickinson & Company

Becton Dickinson And Company

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  • Annual revenue for 2022: $18.87 billion
  • Percent increase/decrease: 1.36% Decrease

BD’s dip in revenue was because of reduced demand for COVID-19 test kits and injections. However, its core product, Medication Delivery Solutions, was in great demand. The company’s  innovation pipeline to launch 25 new products within a year.

The global sale of vascular care products and catheters accounted for the revenue growth in the Medication Delivery Solutions unit during 2022. Their peripherally inserted intravenous catheters and flush products gave them a competitive edge in the market. 

7. Philips Healthcare

Philips

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  • Annual revenue for 2022: €17.83 billion ($18.75 billion)
  • Percent increase/decrease: 3.91% Increase

Being a health technology leader in the world, Philips Healthcare faced some major challenges in 2022. The impact on its business and financial performance was because of the execution, quality, supply, and complex operating model. 

They had to call back their Respironics Sleep Therapy devices and ventilators, which impacted the company’s reputation. However, a leadership change has made the company focus on its performance enhancement.

Philips’ innovation gave them a strong push at the beginning of the year. They launched the 12-lead electrocardiogram (ECG) machine, which was the first comprehensive, at-home ECG solution in the industry and enhanced their remote monitoring solutions portfolio.

8. Roche Diagnostics

Roche

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  • Annual revenue for 2022: ₣17.80 billion ($18.64 billion)
  • Percent increase/decrease: 0.24% Decrease

The year 2022 started great for Roche Diagnostics. They launched seven platforms, nine digital solutions, and 24 tests, innovating their products. Also, it aims to work jointly with Bristol Myers Squibb in order to promote personalized medication.

Roche gained full compliance with the IVDR regulation (European Union) and is prepared to introduce more products. Completing post-market surveillance is the next step for the organization before re-certifying the rest of the products.

9. Stryker

Stryker

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  • Annual revenue for 2022: $18.45 billion
  • Percent increase/decrease: 7.84% Increase

In 2022, Stryker announced the first innovative Shoulder iD Primary Reversed Glenoid for surgical use. This is the first scalable implant that is patient-matched and available for shoulder arthroplasty.

Stryker also launched a helping guide for surgeons named the PROstep MICA SOLO Guide. It assists surgeons during minimally invasive bunion procedures. The Joint Replacement division launched the Insignia Hip Stem which is designed to optimize patient fit.

10. GE Healthcare

GE Healthcare

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  • Annual revenue for 2022: $18.34 billion
  • Percent increase/decrease: 4.30% Increase

GE Healthcare’s revenue growth in 2022 was majorly due to its ultrasound and imaging sector. The company separated from the GE Company and became an independent enterprise in November 2022. It is now addressed as GE Healthcare. 

GE Healthcare made a strategic move to expand its ultrasound sector and acquired Caption Health to support new users with AI-powered image guidance that are FDA-approved. They also plan to acquire IMACTIS to enhance their interventional guidance capabilities.

Conclusion

Most of the companies listed above have witnessed an increased revenue in comparison with the previous year. The key reason for this is the increasing demand for medical devices in the healthcare industry. With integration of smart technology and collaboration with other manufacturers, companies are moving forward to ensure growth and market position. 

If you are a company providing software or R&D solutions to medical device manufacturers, you can connect with high-grossing companies like Medtronic with TargetNXT’s medical device manufacturers email list to pitch your services.

The medical device market is growing exponentially. Tapping into the power of this ever-demanding market becomes necessary.

FAQs

1. What is the largest medical device company in the US?

Medtronic is the largest medical device company in the US. The company tops the list with a reported revenue of $31.69 billion in the fiscal year 2022.

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