15 Largest Medical Device Companies in the World
In this article, we are going to list the 15 largest medical device companies in the world. Click to skip ahead and jump to the 5 largest medical device companies in the world.
What are the largest medical device companies in 2021? The sudden emergence of serious infections such as the novel coronavirus is expected to drive global demand for medical devices. According to WHO, a medical device is an instrument, apparatus, or machine that is used in the prevention, diagnosis, or treatment of illness or disease, or for detecting, measuring, restoring, correcting, or modifying the structure or function of the body for some health purpose. Medical devices bring a number of advantages to patients in helping health care providers treat and diagnose patients in order to improve their quality of life.
The medical device sector today is not exactly what it was five years ago. Thanks to a large number of innovative digital solutions introduced to us daily by technology, there have been several advancements in data collection, treatment, research, and medical devices, such as hearing aids, which have had a huge impact on the world of medicine. Specifically, artificial intelligence has helped the medical device industry to overdeliver for a better healthcare system. The newest trends in AI for medical devices include automated insulin delivery, GE HEalthcare CT scans, and imaging tools for kidney and liver lesions, as well as innovative apps that monitor the status of a patient's condition. The attempt to make medical devices more reliable, accurate, and computerized creates a growing demand in finding ways to integrate AI. And yes, the best is yet to come.
The global medical device industry decreased its value to $442.5 billion in 2020 from $456.9 billion in 2019. The medical device industry is not recession-proof. Its downturn is primarily due to the lockdowns imposed by governments all over the world that hindered the supply chain in the medical devices manufacturing sector. On the bright side, the global market for medical devices is expected to reach $612.7 billion by 2025 according to a study of Deloitte's 2020 Global Life Science. The increasing geriatric population, the prevalence of chronic conditions, as well as the increase in complex medical and surgical, are projected to boost the global market for medical devices.
The shortage of ventilators during the first months of battling the COVID-19 pandemic was held responsible for death tolls in the first half of 2020. Due to the millions of COVID-19 patients in intensive critical care, there is a humongous increase in the production of ventilators used to treat these patients. In a recent report, the global market for ventilators was only valued at $1 billion in 2018 and saw an increase of up to 172% in 2020 due to an increase in demand for coronavirus. Some of the biggest producers of ventilators globally are Medtronic, Philips, and GE Healthcare.
The biggest players in the medical device industry also took turns in improving patients' situation during the pandemic. Siemens and Abbott released their COVID-19 test kits while Johnson & Johnson remain ambitious in manufacturing a vaccine for coronavirus. On the other hand, the largest biotech companies in the world are working round the clock to produce the most effective vaccine for mass production. You can head on over to the 15 largest biotech companies in the world for more information.
To determine the largest medical device companies in the world, we looked at the most recent annual report from each of the companies on our list such as its revenue, market cap, assets, and the number of employees that we derived from. We then ranked them from the smallest to the largest companies. Any guesses who's on the top of our list? Let's all take a look starting at number 15:
15. Boston Scientific (NYSE:BSX)
Revenue: $10.8 B
Market Cap: $51.48 B
Assets: $30.6 B
Number of Employees: 36,000
Headquarters: Massachusetts, US
Boston Scientific manufactures a wide variety of medical devices used to diagnose and treat patients with problems in the areas of cardiology, urology, endoscopy, and many others. Founded in 1979, to create less invasive medical devices and procedures, they continue to innovate in the broader areas of medicine today.
14. Baxter International Inc (NYSE:BAX)
Revenue: $11.5 B
Market Cap: $40.99 B
Assets: $19.1 B
Number of Employees: 50,000
Headquarters: Illinois, US
In the 1930s, Baxter launched the first commercially prepared intravenous solutions. Today, Baxter operates as a global diversified healthcare company. Its products serve in the treatment of diseases such as hemophilia, infectious diseases, kidney disease, immune disorders, and trauma treatment.
13. Stryker Corporation (NYSE:SYK)
Revenue: $15 B
Market Cap: $92.08 B
Assets: $29.4 B
Number of Employees: 40,000
Headquarters: Michigan, US
Stryker is one of the leading US-based medical device companies in the world. Stryker's products include, in particular, surgical medical devices used in joint replacement and trauma surgeries; endoscopic systems; neurosurgical, neurovascular, and spinal devices. It also supplies its medical products to clinics, hospitals, and other healthcare facilities in more than 100 countries around the world.
12. Becton Dickinson (NYSE:BDX)
Revenue: $17.4 B
Market Cap: $72.78 B
Assets: $52 billion
Number of Employees: 70,093
Headquarters: New Jersey, US
Becton Dickinson is one of the world's leading medical technology company specializing in the production, manufacture, and distribution of a wide range of medical devices, medical supplies, laboratory equipment, and diagnostic products. The company has been a leading light in the manufacture of hypodermic needles.
11. GE Healthcare (NYSE:GE)
Revenue: $18.5 B
Market Cap: $94.61
Number of Employees: 50,000
Headquarters: Illinois, US
GE Healthcare is a medical device subsidiary of General Electric, a mega-corporation based in the USA. It is one of the largest healthcare solutions and medical device companies in the world, well known for manufacturing and selling advanced medical devices such as imaging, ultrasound, and medical devices (e.g. Mammography and CTs).
10. Essilor Luxottica
Revenue: $19.5 B
Market Cap: $53.9 B
Assets: $59 B
Number of Employees: 150,000
Headquarters: Paris, France
Essilor is a French-based company specializing in the production of lenses – the largest producer of ophthalmic lenses in the world. The company was founded in 1972 after the merger of two rival lens manufacturers.
9. Danaher Corp (NYSE:DHR)
Revenue: $19.9 B
Market Cap: $157.8
Assets: $62. 1 B
Number of Employees: 74,000
Headquarters: Washington, US
Danaher Corp. runs as a medical company that designs, manufactures, and markets professional, medical, industrial, and commercial products and services. The Danaher group contains diagnostics, life sciences, and dental care at several locations around the globe. Danaher Corp is a subdivision of over 30 companies, including Beckman Coulter, Implant Direct, and Leica Biosystems.
8. Koninklijke Philips (NYSE:PHG)
Revenue: $21.8 B
Market Cap: $39.82 B
Assets: $30.3 B
Number of Employees: 80,495
Headquarters: Amsterdam, Netherlands
Philips Healthcare is a subsidiary of Philips, a tech firm based in the Netherlands and headquartered in Amsterdam. The major medical device core businesses of the company include diagnostics and treatment, related care and health information, and personal health. Healthcare is a huge variety of over 450 different types of medical devices, including MRI scanners, diagnostic ECG devices, and patient monitoring equipment.
Copyright: nimon / 123RF Stock Photo
7. Thermo Fisher Scientific (NYSE:TMO)
Revenue: $25.6 B
Market Cap: $184.61 B
Assets: $58.7 B
Headquarters: Massachusetts, US
Thermo Fisher Scientific is an American provider of scientific devices, reagents, and consumables, and software and services to health care, life sciences, and other academic research, government, and industry laboratories. In response to the novel coronavirus outbreak, Thermo Fisher Scientific worked quickly to create a new multiplex real-time RT-PCR diagnostic kit to allow clinical and public health laboratories to rapidly diagnose COVID-19 caused by SARS-CoV-2 infection.
6. Medtronic PLC (NYSE:MDT)
Revenue: $31.1 B
Market Cap: $157.67 B
Assets: $92.8 B
Number of Employees: 105,000
Headquarters: Dublin, Ireland
Medtronic has always been one of the world's leading medical device companies in the last decades. Medtronic began as a small medical repair shop in the US in 1949, with its first commercial product being a battery-powered, wearable pacemaker. Today, the focus of Medtronic is on using technology to improve the treatment and management of chronic conditions, specifically diabetes, cardiovascular disease, restorative therapy, and minimally invasive surgery.
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Disclosure: No position. 15 largest medical companies in the world is originally published at Insider Monkey.