Top 10 Medical Device Companies
A medical device company makes medical and surgical supplies to treat or prevent a variety of medical conditions. This includes everything from diagnostics and orthopedics to a wide range of surgical instruments. As the population in many countries continues to age and technology advances, the medical device industry will almost certainly keep growing at a rapid pace. There are several companies that are producing everything from surgical equipment and diagnostic tools to therapy products and laboratory supplies. While earnings, revenue, and production are fluid, the following are currently 10 of the top medical device companies.
Siemens began 1847 in Berlin and now has headquarters in Erlangen, Germany. Their parent company is Siemens AG. Siemens specializes in digitizing healthcare and focuses on improving a patient’s experience. They create some of the most technically advanced diagnostic equipment. In the 1960s, Siemens developed the first ultrasound unit. The company put together hybrid imaging in 2000 by combining PET (positron emission tomography) scans with CT (computed tomography).
Their division in the United States, Healthineers, focuses on imaging, diagnostics and advanced therapies. Extensive mergers are part of Siemens history. A few include Dade Behring in 2007, Penrith Corporation in 2012, and Varian Medical Systems in August 2020. During 2019, there was an increase in sales of 14 percent. Growth was particularly strong in the areas of advanced therapies and imaging.
- Number of Employees – 50,000
- Revenue in 2019 – $15.90 billion
Medtronic began in 1949 as a medical equipment repair store. One of their early medical breakthroughs includes an implantable pacemaker put out in 1960. This company has its legal headquarters in Dublin, Ireland. Its operational headquarters, however, are in a suburb of Minneapolis, Minnesota. Medtronic offers a wide range of medical devices.
A few of the services and products they provide include surgical equipment, patient monitoring accessories, and devices for diabetic, neurological, and cardiovascular applications. They also specialize in restorative therapies and minimally invasive therapies. In 2018 the company expanded by acquiring Mazer Robotics. Mazer is one of the top orthopedic device manufacturers.
- Number of Employees – 101,000
- Revenue in 2019 – $30.56 billion
3) Fresenius Medical Care
Fresenius Medical Care specializes in providing products for individuals with chronic kidney conditions. They have a network of approximately 4,000 clinics globally that provide dialysis. They also provide vascular access care. Fresenius develops products for both home use as well as for use in healthcare facilities. Fresenius Medical Care is a relatively new company that began in 1996.
They grew their business in 2012 when acquiring Liberty Dialysis Holding. When acquiring Liberty, they were able to add over 200 new clinics for a cost of $1.5 billion. After that, they bought the home dialysis company, Next Stage in 2019 for $2 billion. With headquarters in Germany, the company has production sites in over 20 countries throughout the world.
- Number of Employees – 120,600
- Revenue in 2019 – $19 billion
Phillips is a large company that not only produces medical devices, but makes electronics and lighting products. They produce approximately 450 types of medical equipment. The healthcare segment of the company accounts for approximately 42 percent of their entire sales revenue. Phillips’ extensive list of products includes advanced molecular imaging, computed tomography, fluoroscopy, interventional X-rays, and magnetic resonance.
The company also provides a variety of clinical solutions. An example is their solution for centralizing clinical operations. This is a hospital networking system that integrates workflow between virtual and bedside teams, provides seamless care from pre-hospital through post-hospital care, and optimizes operational and clinical artificial intelligence. Phillips has headquarters in Amsterdam.
- Number of Employees – 81,000
- Revenue in 2019 – $19 billion
5) Becton Dickinson & Company
This company started in New Jersey in 1897. They manufacture and sell several types of instrument systems, medical devices, and services. Becton Dickinson & Company, BD, specifically provides everything from diabetes care and drug delivery systems to molecular diagnostics and infusion therapy. They currently specialize in hypodermic needles. Becton Dickinson & Company has three sectors – BD Life Sciences, BD Medical, and BD Interventional.
The company is reaching for the goal of bringing products and medical solutions to all areas of the world. With specific divisions focusing on different areas of the medical device industry, they are able to create a wide range of products and services. In 2019, they were able to successfully launch 25 new products through robust investments in research and development. They hope to continue the same pattern in the next few years with several new products in the pipeline. The company has employees in more than 50 countries.
- Number of Employees – 70,000
- Revenue in 2019 – $17.29 billion
6) Johnson & Johnson
Johnson & Johnson is a household name and one of the largest medical device companies in the world. They cover just about every medical area by providing not only medical devices, but consumer goods and pharmaceutical products. Johnson & Johnson began in 1886 and has its headquarters in New Brunswick, New Jersey. They sell products in 175 countries, with subsidiaries in 60 countries.
They own several medical device companies. A few include Acclarent, Ethicon, Cerenovus, and Biosense Webster. Even though Johnson & Johnson have an extensive range of products, services, and companies, they have a few specialty areas. They have an extensive focus on orthopedics, surgical care, vision, diabetes, and cardiovascular solutions.
- Number of Employees – 132,200
- Revenue in 2019 – $26 billion
7) Cardinal Health
This company began as Cardinal Foods in 1971. By 1994 it became one of the largest pharmaceutical companies. Now known as Cardinal Health, they provide laboratory and surgical supplies. Cardinal Health offers a variety of products including protective underpads, bath safety products, walkers, canes, crutches, and wheelchairs. They also provide several types of healthcare services and solutions.
Cardinal Health is currently one of the largest medical device companies in the world and is the largest producer of surgical products in the U.S. They are supplying products to over 75 percent of all hospitals in the United States. One of their top medical and surgical products is an advanced monitoring system for patients.
- Number of Employees – 50,000
- Revenue in 2019 – $15.60 billion
8) Stryker Corporation
In 1941 an orthopedic surgeon, Dr. Stryker, began the company by making products for his own patients. Even though the focus of the company is now on different types of surgical devices, they still provide an extensive variety of orthopedic solutions. Stryker features orthopedics for joint replacement, upper extremities, sports medicine, and spinal solutions. They also produce endoscopic systems for joint replacement and trauma procedures.
They also manufacture several types of emergency medical equipment and neurosurgical devices. The company currently employs over 36,000 individuals globally. They have facilities in over 100 countries, including four manufacturing plants in Ireland. Stryker has a high Glassdoor rating as one of the best medical device companies to work for.
- Number of Employees – 36,000
- Revenue in 2019 – $14.88 billion
9) GE Healthcare
GE Healthcare is a large organization that manufactures monitoring and diagnostic products as well as developing biopharmaceuticals. They provide services such as digital solutions and healthcare management technology. Products they develop include ultrasound, ventilators, invasive cardiology, and maternal infant care solutions. They are responsible for a few of the most innovative products in the field of healthcare and medicine.
GE Healthcare produced the first mammography device that helps put women in control of their healthcare. They are also the manufacturer of the first handheld color ultrasound. GE Healthcare has headquarters in Chicago, Illinois. The organization operates in over 100 countries. They are a subsidiary of GE, General Electric.
- Number of Employees – 54,000
- Revenue in 2019 – $17 billion
10) Abbott Laboratories
Abbott Laboratories produces a wide range of products and supplies, including diagnostics, medical devices, generic pharmaceuticals, and nutrition products. They created the first HIV screening test in 1985. They produce several popular nutritional products including Pedialyte, Glucerna, and Ensure. The company has a reputation for developing highly effective products that are able to diagnose disease and offer continuous monitoring.
Abbott Laboratories is active in more than 160 countries. Starting in 1888, physician Wallace Abbott began the business in Ravenswood, Chicago. As the company grew, there were several spin-offs. In 2004, a division for hospital products became Hospira. In 2015, Hospira became part of Pfizer. The company saw a sales increase of 5 percent in 2019.
- Number of Employees – 107,000
- Revenue in 2019 – $19.95 billion
Each of these medical device companies has a rich history and an extensive array of products and services to offer. As medical technology continues to advance, we look forward to the many developments and breakthroughs each of these companies will provide in the future.
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