Top 20 Medical Device Companies Based on 2021 Revenue

Despite the severe impact of the Covid-19 pandemic in 2020, the medical device market continued to emerge with patients' more significant needs and emerging diseases
In 2021, the medical device markets continued to supply personal protective equipment for the pandemic and new technological developments. Medtronic remains at the top of the ledger with total revenue of $30.11B followed by J&J with $27.10B
PharmaShots has compiled a list of the top 20 medical device companies based on their 2021 revenue in the medical device segment

Medical Device Revenue: $1.95B

Founded Year: 1896

Market Cap: ~$61.63B

Total Employees: ~66,000

Stock Exchange: ETR

Headquarters: Erlangen, Germany

Siemens Healthineers is a global provider of healthcare solutions and services focused on delivering high-quality, affordable healthcare through scalable solutions. The business operations are divided into three segments: Imaging, Diagnostics, and Advanced Therapies. Siemens’ 2021 revenue decreased by 2 % vs 2020. In 2021, Siemens collaborated with Freenome in multiomics and radiomic breast cancer diagnostics to identify suitable markers for early breast cancer detection.

Medical Device Revenue: $5.21B

Founded Year: 1856

Market Cap: ~$13.92B

Total Employees: ~18,369

Stock Exchange: LON

Headquarters: London, United Kingdom

Smith+Nephew is a medical technology company focused on the repair, regeneration, and replacement of soft and hard tissue. Smith+Nephew’s 2021 revenue showed an increase of 14.3 % vs. 2020. In 2021, Smith+Nephew launched its Real Intelligence brand, and its next-generation robotics platform-the CORI Surgical System which enables technology solutions.

Medical Device Revenue: $5.22B

Founded Year: 1891

Market Cap: ~$26.31B

Total Employees: ~78,189

Stock Exchange: AMS

Headquarters: Amsterdam, Netherlands

Philips is a diversified technology company focused on three key areas; Diagnosis & Treatment, Connected Care, and Personal Health, delivering new healthcare technologies and innovative consumer products across the world. Philips’ 2021 revenue dip by 23.23 % vs. 2020. In 2021, Phillips acquired Vesper Medical to improve its portfolio of diagnostic and therapeutic devices with an innovative venous stent portfolio for the treatment of deep venous disease.

Medical Device Revenue: $5.74B

Founded Year: 1921

Market Cap: ~$21.75B

Total Employees: ~28,007

Stock Exchange: TYO

Headquarters: Tokyo, Japan

Terumo is a Tokyo-based firm that provides products and services in the healthcare market. It has four main business segments: Interventional systems, Terumo Business System, Medical Products, and Pharmaceutical Solutions. Terumo’s 2021 revenue increased by 3.42 % vs 2020. In 2021, Terumo entered into a partnership agreement with Q-Sera, gaining exclusive rights to manufacture and commercialize Q-Sera’s RAPClot rapid serum blood collection tube technology.

Medical Device Revenue: $6.06B

Founded Year: 1919

Market Cap: ~$22.13B

Total Employees: ~31,653

Stock Exchange: TYO

Headquarters: Tokyo, Japan

Olympus is a Japanese manufacturer of optic and reprography products, engaged in the manufacturing and sales of endoscopic, therapeutic, and scientific products including a portfolio of multiple technologies like Optical, Opto-Digital Precision with Bioscience and Digital Imaging. Olympus’ 2021 revenue increased by 7.25 % vs 2020. In 2021, Olympus launched new POWERSEAL advanced bipolar surgical energy devices to support its surgical portfolio.

Medical Device Revenue: $7.83B

Founded Year: 1927

Market Cap: ~$24.07B

Total Employees: ~19,500

Stock Exchange: NYSE

Headquarters: Indiana, United States

Zimmer Biomet is a growing company focused on musculoskeletal healthcare that design, manufacture, and markets orthopaedic reconstructive products, sports medicine and trauma products, spine, craniomaxillofacial and thoracic products, dental implants, and related surgical products to meet the pace of innovations. Zimmer Biomet’s 2021 revenue grew to 11.6 % vs 2020. In 2021, Zimmer Biomet completed its spinoff of ZimVie, its former Dental and Spine business, to form a new and independent company, NewCo.

Medical Device Revenue: $8.20B

Founded Year: 1945

Market Cap: ~$32.96B

Total Employees: ~24,389

Stock Exchange: SIX

Headquarters: Geneva, Switzerland

Alcon is a leading medical device company that focuses exclusively on the eye care business by improving the quality and delivery of eye care. Its surgical portfolio includes Implantables, Consumables, Equipment/others while Vision Care comprises contact lenses and Ocular health. Alcon’s 2021 revenue increased by 20.58 % vs 2020. In 2021, Alcon acquired Ivantis for ~$475M refining its surgical portfolio and boosting the commercial execution expertise across cataract, refractive, retina & glaucoma.

Medical Device Revenue: $8.94B

Founded Year: 1839

Market Cap: Nil

Total Employee: ~66,000

Stock Exchange: Nil

Headquarters: Melsungen, Germany

B. Braun is a German medical and pharmaceutical device company providing a portfolio of anesthesia, intensive care, cardiology, extracorporeal blood treatment, and surgery. B. Braun’s 2021 revenue decreased by 1.54 % vs.2020. In 2021, B. Braun received the US FDA approval for acetaminophen Injection PAB IV Bags available in multiple doses.

Medical Device Revenue: $9.05B

Founded Year: 1902

Market Cap: ~$86.71B

Total Employees: ~95,000

Stock Exchange: NYSE

Headquarters: Minnesota, United States

3M is a technology company with leading manufacturers of Safety and Industrial, Transportation and Electronics, Health Care, and Consumer with a growing product portfolio. 3M’s 2021 revenue increased by 8.6 % vs 2020. In 2021, 3M acquired Acelity for $4.3B.

Medical Device Revenue: $11.88B

Founded Year: 1979

Market Cap: ~$54.74B

Total Employees: ~41,000

Stock Exchange: NYSE

Headquarters: Massachusetts, United States

Boston Scientific is a global developer, manufacturer, and marketer of medical devices used in a broad range of interventional medical specialties. Boston Scientific’s 2021 revenue increased by 19.9% vs 2020. In 2021, Boston Scientific acquired Preventice for ~$1.2B. The acquisition of external cardiac monitoring technologies and services bolstered Boston Scientific’s diagnostics portfolio.

Medical Device Revenue: $12.80B

Founded Year: 1931

Market Cap: ~$37.07B

Total Employees: ~60,000

Stock Exchange: NYSE

Headquarters: Illinois, United States

Baxter International is an American multinational healthcare company that provides a broad portfolio of essential healthcare products including acute & chronic dialysis therapies, sterile intravenous (IV) solutions, infusion systems and devices, parenteral nutrition therapies, and inhaled anaesthetics, generic injectable pharmaceuticals, and surgical haemostat and sealant products. Baxter’s 2021 revenue increased by 10% vs 2020. In 2021, Baxter acquired Hillrom for ~$10.5B, expanding its portfolio into digital and connected care solutions.

Medical Device Revenue: $13.70B

Founded Year: 1897

Market Cap: ~$71.89B

Total Employees: ~75,000

Stock Exchange: NYSE

Headquarters: New Jersey, United States

Becton-Dickinson and Company (BD) is a global medical technology company focused on developing manufacturing and commercialization of a broad range of medical supplies, devices, laboratory equipment, and diagnostic products used by healthcare professionals. BD’s 2021 revenue increased by 10.12% vs 2020. In 2021, BD acquired Tepha including its GalaFLEX portfolio that boosted BD’s surgical mesh portfolio.

Medical Device Revenue: $14.36B

Founded Year: 1888

Market Cap: ~$196.58B

Total Employees: ~1,13,000

Stock Exchange: NYSE

Headquarters: Illinois, United States

Abbott Laboratories is an American multinational medical devices and healthcare company focused on the development, manufacturing and commercialization of healthcare products. Abbott’s 2021 revenue increased by 21.8% vs. 2020. In 2021, Abbott acquired Walk Vascular to accelerate its vascular portfolio with the addition of Walk Vascular's peripheral thrombectomy systems to treat patients with peripheral blood clots.

Medical Device Revenue: $14.95B

Founded Year: 1984

Market Cap: ~$182.22B

Total Employees: ~80,000

Stock Exchange: NYSE

Headquarters: Washington, United States

Danaher is a global science and technology group comprising 20+ operating companies with three segments (Life Sciences, Diagnostics, and Environmental & Applied Solutions). Danaher’s 2021 revenue shoots up to 41.5% vs 2020. In 2021, Danaher acquired Aldevron for $9.6B in cash.

Medical Device Revenue: $16.70B

Founded Year: 1971

Market Cap: ~$15.87B

Total Employees: ~47,300

Stock Exchange: NYSE

Headquarters: Ohio, United States

Cardinal Health is a globally integrated healthcare services and products company providing pharmaceuticals and medical products with cost-effective solutions to hospitals, healthcare systems, pharmacies, ambulatory surgery centres, clinical laboratories, physician offices, and patients in the home. Cardinal Health’s 2021 revenue increased by 8% vs. 2020. In 2021, Cardinal Health partnered with Abbott to commercialize over-the-counter rapid COVID-19 tests strengthening its laboratory products portfolio.

Medical Device Revenue: $17.12B

Founded Year: 1941

Market Cap: ~$86.60B

Total Employees: ~46,000

Stock Exchange: NYSE

Headquarters: Michigan, United States

Stryker Corporation is medical technology companies that offer innovative products and services in Orthopaedics, Medical, Surgical, Neurotechnology, Orthopaedics, and Spine that help improve patient and hospital outcomes. Stryker’s 2021 revenue grew to 19.2% vs 2020. In 2021, Stryker acquired OrthoSensor and its Knee Surgery Sensor Technology to strengthen its digital portfolio.

Medical Device Revenue: $20.04B

Founded Year: 1996

Market Cap: ~$18.29B

Total Employees: ~1,22,909

Stock Exchange: ETR

Headquarters: Bad Homburg, Germany

Fresenius Medical Care is a global healthcare firm providing solutions in the area of lifesaving medicines, biosimilars, and technologies for infusion transfusion, and clinical nutrition. The products and services are used to help care for critically and chronically ill patients across renal care. Fresenius’ 2021 revenue declined by 2% vs 2020. In 2021, Fresenius Medical Care entered into an agreement with ExThera to co-commercialize 100 Microbind Affinity Blood Filters, to accelerate its spot in the field of critical care solutions.

Medical Device Revenue: $22.54B

Founded Year: 1849

Market Cap: ~$71.63B

Total Employees: ~180,000

Stock Exchange: Euronext Paris

Headquarters: Charenton-le-Pont, France

Essilor Luxottica is a global company focused on design, manufacture, and distribution of ophthalmic lenses, frames, and sunglasses including Ray-Ban and Oakley as its key eyewear brands. EssilorLuxottica's 2021 showed an increase of 11.5% vs 2020. In 2021, Essilor Luxottica acquired HAL's 76.72% interest in GrandVision, offering a mandatory public offer for all outstanding GrandVision shares.

Medical Device Revenue: $27.10B

Founded Year: 1886

Market Cap: ~$466.63B

Total Employees: ~1,41,700

Stock Exchange: NYSE

Headquarters: New Jersey, United States

JOHNSON & JOHNSON (J&J) is an American multinational medical device, pharmaceutical, and consumer packaged goods manufacturing company. Its medical devices segment includes a broad range of products used in the Interventional Solutions, Orthopaedics, Surgery, and Vision fields. J&J's 2021 revenue increased by 17.9% vs. 2020. In 2021, J&J Vision collaborated with Menicon. Under the collaboration, Menicon will develop and manufacture the contact lenses that help in managing the progression of myopia in children. J&J Vision will commercialize the lenses globally.

Medical Device Revenue: $30.11B

Founded Year: 1949

Market Cap: ~$133.59B

Total Employees: ~90,000

Stock Exchange: NYSE

Headquarters: Dublin, Ireland

Medtronic is the world's largest medical device company focused on the cardiovascular portfolio, neuroscience portfolio, medical-surgical portfolio, and diabetes operating unit. Medtronic's 2021 revenue increased by 4.2% vs 2020. In 2021, Medtronic acquired Intersect ENT for $1.1B strengthening its ENT procedure portfolio. Medtronic provided effective screening and diagnosis for COVID-19, emphasizing healthcare awareness and education in partnership with public health authorities.

All revenues are reported in $B

Sources: Annual reports, SEC filings, Press releases, Company websites

Market Cap source: Google finance (as of 10 May 2022)

Note: The revenue for B. Braun Melsungen AG increased by 5.83% Y-o-Y in Euros (native currency) but decreased in USD due to the currency rate drop
The revenue for Terumo Corporation increased by 13.5% Y-o-Y in Yen and 3.42% in USD
The revenue for Olympus Corporation is as per the company disclosed forecasted value