15 Largest Healthcare Companies by Market Cap

In this article, we will be taking a look at the 15 largest healthcare companies by market cap. To skip our detailed analysis, you can go directly to see 5 largest healthcare companies by market cap.

Competition should always be encouraged in the business world. After all, competition breeds innovation and innovation results in better advancements that improve the quality of our lives. The improvement in standard of living in just the past few decades is incredible and versus the previous century, it is almost unthinkable how far humanity has progressed.

However, it is a debatable topic that some industries should be regulated more by the governments and shouldn't be for profit. One of these industries is the healthcare industry, where literally the lives of people are on the line. In most of the developed countries in the world, healthcare is regulated by the government, with socialized healthcare available to its citizens and residents. In fact, the U.S. is the only developed country in the world where the healthcare industry is for-profit, which is why 11 of the 15 largest healthcare companies by market cap are located in the U.S.

15 largest healthcare companies by market cap
15 largest healthcare companies by market cap

Photo by CDC on Unsplash


On one hand, allowing the healthcare industry to remain for-profit allows for greater competition and innovation, as companies are highly motivated to invest in and develop new solutions to problems. Many of the advancements made in the healthcare industry come from the U.S. which is also the most technologically advanced country in the world precisely because of the high level of competition and freedom allowed to companies operating within the country, as compared to Western Europe, where focus is higher on consumer rights and companies have to comply with strict regulations that can stifle innovation, and be detrimental to consumers as companies do not have the same level of freedom to operate and developed new technologies. On the other hand, allowing companies freehand to do as they please is a recipe for disaster as well, as profits need to be balanced with the benefit to the general population. This is one place where the U.S. has struggled, with healthcare companies often raising prices significantly enough that if you don't have private insurance, even a normal routine procedure can result in your life savings being drained at a moment's notice.

The global healthcare industry, according to The Business Research Company, was worth $6.8 trillion in 2021 and was expected to grow at a CAGR of 8.4% to reach $7.5 trillion in 2022, which shows that there is a lot of potential for growth in the industry and identifying the companies leading this growth is important in making the best possible investment decisions. Innovation is the driver of success and according to fDi Intelligence, the healthcare industry is among the most innovative industries in the world. Many of the major pharmaceutical companies in the world are among the biggest R&D spenders in the world, while from our list of the biggest healthcare companies in the world by market cap, Siemens Healthineers is one of the highest spenders on R&D, with 2020 expenses exceeding $1.5 billion, which was 9% of the company's total revenue.

In the U.S., since universal healthcare does not exist, even a simple procedure can cost tens of thousands of dollars, which in a country where the federal minimum wage is $7.5 an hour, can easily bankrupt someone who doesn't have private insurance. And people who are on the low end of the totem pole in the corporate world or unemployed are more likely not to have insurance. The reason prices are so exorbitant is that insurance companies then haggle with hospitals or healthcare providers to reduce the charges, and a common price is agreed. While this is great news for healthcare companies, and this is why many of them earn hundreds of millions of dollars in profits if not billions, it is not as good for the actual patients, who have the added stress and tension of trying to pay off a bill with savings that they don't have.

The presence of technology is ever-increasing in the healthcare industry, and if you're considering which companies have the highest potential for growth, just take a look at the companies increasingly adapting cutting-edge technology to provide innovative solutions in the industry. According to Forbes, the rate of technology adoptions in the healthcare industry increased significantly during the pandemic. More and more hospitals are implementing technological solutions. What seems run of the mill now was once groundbreaking technology, including IV pumps, patient monitors, ventilators and more. Correct implementation of technology will increase efficiency, which in turn means that the benefits of current resources will be maximized and hence, the bottom line will improve. It will be interesting to see in a few years which of the biggest healthcare companies in the world by market cap utilize technology correctly to increase market share and their grip on an extremely profitable industry (see 10 best healthcare dividend stocks to buy).

The healthcare segment has various divisions, which includes health insurance, pharmaceutical manufacturers, healthcare services providers and medical equipment among others. We excluded pharmaceutical companies from our ranking as they would absolutely dominate the list otherwise and claim four out of the top five positions. If you want to see the biggest drug companies in the world, please have a look here. To determine the market cap of the largest healthcare companies, we checked their market cap from Yahoo Finance, converting to USD the market cap of companies which were based outside the U.S. Just the 15 largest healthcare companies in the world have a market cap of over $1.1 trillion! So let's take a look at the giants of an industry where perhaps there should be none, starting with number 15:

15. Centene Corporation (NYSE:CNC)

Market cap as at December 24 2022 (in billions): 46.22

Centene Corporation (NYSE:CNC) has more or less maintained its share price in 2022, which is no mean feat in what has been a devastating year for stocks. Recently, Centene Corporation (NYSE:CNC) lost a defense contract worth $65 billion which is a major setback for Centene Corporation (NYSE:CNC) which is already dealing with Medicaid over-billing claims and loss of California work.

14. Siemens Healthineers

Market cap as at December 24 2022 (in billions): 54.36

The largest healthcare company in Germany, Siemens Healthineers produces medical devices. The stock price of the corporation has declined by 30% in 2022. The company has recently been in the news for eyeing Medtronic units, and while no deal has been finalized yet, it could be worth upwards of $7 billion, which would help boost Siemens' stock price.

13. McKesson Corporation (NYSE:MCK)

Market cap as at December 24 2022 (in billions): 54.4

McKesson Corporation (NYSE:MCK) distributes pharmaceuticals in addition to care management tools and medical supplies. McKesson Corporation (NYSE:MCK) has been the standout performer in the healthcare industry in 2022, with stock price shooting up more than 50%, and finds its place among the largest healthcare companies by market cap.

12. Boston Scientific Corporation (NYSE:BSX)

Market cap as at December 24 2022 (in billions): 65.972

Boston Scientific Corporation (NYSE:BSX) is a biotech company and a major manufacturer of medical devices which are used in several medical specialties. Boston Scientific Corporation (NYSE:BSX) is perhaps best known for the development of a drug-eluting stent which can be used to open clogged arteries. In 2021, Boston Scientific Corporation (NYSE:BSX) recorded revenues of nearly $12 billion.

11. Becton, Dickinson and Company (NYSE:BDX)

Market cap as at December 24 2022 (in billions): 72.338

Becton, Dickinson and Company (NYSE:BDX) is a medical technology company which is also among the largest healthcare companies in the world by market cap. In 2021, Becton, Dickinson and Company (NYSE:BDX) recorded revenues of over $20 billion, which has helped its share price grow slightly in 2022.

10. HCA Healthcare, Inc. (NYSE:HCA)

Market cap as at December 24 2022 (in billions): 68.06

HCA Healthcare, Inc. (NYSE:HCA) is easily among the largest healthcare companies in the world by market after being valued at close to $70 billion, despite a 5% decline in share price during the year. HCA Healthcare, Inc. (NYSE:HCA) has more than 2,000 sites of care, in addition to close to 200 hospitals. While HCA Healthcare, Inc. (NYSE:HCA) paid over $2 billion in fines in the 1990s due to illegal accounting in addition to other charges, this no longer affects its business.

9. Stryker Corporation (NYSE:SYK)

Market cap as at December 24 2022 (in billions): 91.898

A medical technologies company, Stryker Corporation (NYSE:SYK) manufactures implants which can be used in trauma surgeries as well as joint replacement surgeries. Additionally, Stryker Corporation (NYSE:SYK) is also involved in the manufacture of surgical navigation systems and surgical implants. Stryker Corporation (NYSE:SYK) has a presence in more than 100 countries while in the U.S., its products are generally sold directly to doctors and hospitals.

8. Intuitive Surgical, Inc. (NASDAQ:ISRG)

Market cap as at December 24 2022 (in billions): 92.82

Intuitive Surgical, Inc. (NASDAQ:ISRG) is one of many healthcare companies which have integrated technology within healthcare to improve the life of patients. Intuitive Surgical, Inc. (NASDAQ:ISRG) manufactures and sells robotic devices which are used to improve the clinical outcomes of patients by performing minimally invasive surgery, which hence reduces the risk of a negative outcome. Intuitive Surgical, Inc. (NASDAQ:ISRG) recorded revenues of close to $6 billion in 2021.

7. Cigna Corporation (NYSE:CI)

Market cap as at December 24 2022 (in billions): 102.12

Cigna Corporation (NYSE:CI) is a healthcare and insurance company which has had an incredible 2022, with its share price increasing by 42.75% YTD. Recently, Cigna Corporation (NYSE:CI) struck a deal with the Florida health system to ensure that "payer's members in-network with Parrish Medical Center and Parrish Medical Group physicians", according to Beckers.

6. Medtronic plc (NYSE:MDT)

Market cap as at December 24 2022 (in billions): 103.089

Medtronic plc (NYSE:MDT) is an American medical device company which maintains its headquarters in Ireland after it purchased Irish company Covidien in 2015. Medtronic plc (NYSE:MDT) currently has operations in more than 150 countries. While Medtronic plc (NYSE:MDT) has lost nearly a quarter of its value in 2022, but analysts now estimate a median price which is almost 10% higher than the current price.

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Disclosure: None. 15 largest healthcare companies by market cap is originally published at Insider Monkey.