Top 20 Medical Device Companies Based on 2022 Total Revenue

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Driven by constant innovation and life-changing technological advances, medical device companies have integrated a holistic approach to diagnosis and therapeutics. Bolstered by the inch-perfect result and cutting-edge technology, gradually medical devices have got profoundly embedded in our lives
With a global market value of $562.6B in 2022, medical device companies are anticipated to touch the astronomical threshold of $965.2B. Medtronic led the medical device industry this year with a total sale of $30.11 billion, followed by Johnson & Johnson and EssilorLuxottica.
PharmaShots brings this month an informative report on the Top 20 Medical Device Companies Based on 2022 Revenue

Medical Device Revenue: $4.88B

Founded Year: 1895

Total Employees: ~69,500

Headquarters: Erlangen, Germany

Market Cap: $70.9B

Stock Exchange: ETR

With healthcare solutions and services extending all around the globe, Siemens Healthineers is a Germany-based organization that provides healthcare services through scalable solutions. The company has divided its business into four segments i.e., Imaging, Diagnostics, Varian, and Advanced Therapies. Siemens’ 2022 medical device revenue increased by 39.8% vs 2021. In July 2022, Siemens reported the integration of its 3D mobile system Cios Spin with Intuitive’s Ion Endoluminal System to enhance the precision of transbronchial lung biopsy.

Medical Device Revenue: $5.21B

Founded Year: 1896

Total Employees: ~19,000

Headquarters: Hertfordshire, United Kingdom

Market Cap: $13.9B

Stock Exchange: LON

Smith + Nephew is a medical technology company that develops products focusing on the repair, regeneration, and replacement of soft and hard tissues. The company works through its three franchises of Orthopaedics, Sports Medicine & ENT, and Advanced Wound Management. Smith + Nephew’s revenue spiked by 0.05% in 2022 as compared to 2021. On Jan 2022, Smith + Nephew reported the acquisition of Engage Surgical for its cementless unicompartmental knee system that is commercially available in the US.

Medical Device Revenue: $5.79B

Founded Year: 1921

Total Employees: ~28,300

Headquarters: Tokyo, Japan

Market Cap: $22.7B

Stock Exchange: TYO

Terumo is a Japan-based global medical device company and is a renowned name, in delivering products and services to the healthcare sector. The company operates under three business segments Cardiac and Vascular, Medical Care Solutions, and Blood and Cell Technologies. Under its Medical Care business, Terumo provides medical devices for Hospital Care Solutions, Life Care Solutions, and Pharmaceutical Solutions. The company’s 2022 revenue surged by 4.32% vs 2021. In Apr 2022, Terumo restructured its organization to launch a new brand, named Terumo Medical Care Solutions (TMCS).

Medical Device Revenue: $6.07B

Founded Year: 1919

Total Employees: ~31,500

Headquarters: Tokyo, Japan

Market Cap: $22.4B

Stock Exchange: TYO

As a global medical technology company, Olympus provides solutions and services for the early detection, diagnosis, and treatment of varying therapeutic areas. Endoscopic Solutions and Therapeutic Solutions are the two business fields under which the company operates. Olympus’ 2022 revenue increased by 7.43% vs 2021. In Sep 2022, Olympus launched Thunderbeat, an Open Fine Jaw Type X surgical energy device for laparoscopic and open surgery across Japan.

Medical Device Revenue: $6.93B

Founded Year: 1927

Total Employees: ~18,000

Headquarters: Indiana, United States

Market Cap: $28.8B

Stock Exchange: NYSE

Delving into a business focused on musculoskeletal healthcare, Zimmer Biomet designs, manufactures, and markets innovative solutions for orthopedic surgeons and clinicians. Reproductive devices for the Knees, Hips, and S.E.T. (Sports Medicine, Extremities, Trauma, Craniomaxillofacial, and Thoracic) are among the company's product categories. Zimmer’s 2022 revenue faced a recession of 11.49% vs 2021. In Mar 2022, Zimmer Biomet reported the spinoff of its Dental and Spine business into a separate company called ZimVie.

Medical Device Revenue: $7.97B

Founded Year: 1891

Total Employees: ~77,200

Headquarters: Amsterdam, Netherlands

Market Cap: $18.7B

Stock Exchange: AMS

With a global presence, Philips is a technology company committed to the delivery of medical devices and diagnostics to consumers, patients, providers, and caregivers. The company has divided its business into Diagnosis & Treatment, Connected Care, and Personal Health. Philips’ 2022 revenue decreased by 9.57% vs 2021. On Oct 2022, Philips’s AI-enabled MRCAT Head and Neck received the FDA 510(K) approval from the US FDA for the treatment of Head and Neck Cancer.

Medical Device Revenue: $8.42B

Founded Year: 1902

Total Employees: ~92,000

Headquarters: Minnesota, United States

Market Cap: $57.0B

Stock Exchange: NYSE

Marking its position in the medical device sector, 3M is a diversified technology company that strives to develop, manufacture, and market healthcare products. The company revolves around four business segments including Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. 3M’s revenue declined by 6.96% in 2022 vs 2021. In July 2022, the company reported the spinoff of its Health Care business into a separate public company.

Medical Device Revenue: $8.65B

Founded Year: 1947

Total Employees: ~25,200

Headquarters: Geneva, Switzerland

Market Cap: $37.3B

Stock Exchange: SWX

Alcon is a medical device company that operates in the global ophthalmic surgical and vision care markets. Under its surgical division, the company focuses on developing on delivering Implantables, Consumables, and surgical equipment, whereas its vision care division develops contact lenses. Alcon 2022 revenue increased by 5.49% vs 2021. In Aug 2022, Alcon reported the acquisition of Aerie Pharmaceuticals to enhance its ophthalmic business.

Medical Device Revenue: $9.12B

Founded Year: 1839

Total Employees: ~65,100

Headquarters: Melsungen, Germany

Market Cap: N/A

Stock Exchange: N/A

A German pharmaceutical and medical device company, B. Braun develops and delivers solutions and innovative technologies to the healthcare sector. The company develops products for surgery, anesthesia, intensive care, cardiology, and extracorporeal blood treatment. B.Braun’s 2022 sales increased by 2.01% as compared to 2021. In Oct 2022, B. Braun entered into a collaboration agreement with Lehigh Valley Health Network to recycle the plastic waste from B. Braun’s medical device manufacturing plant.

Medical Device Revenue: $12.68B

Founded Year: 1979

Total Employees: ~45,000

Headquarters: Massachusetts, United States

Market Cap: $74.1B

Stock Exchange: NYSE

Dedicated to the manufacturing and marketing of medical devices, Boston Scientific covers a broad range of interventional medical specialties. Its devices and therapies are designed to help physicians in diagnosing and treating complex cardiovascular, respiratory, digestive, oncological, neurological, and urological diseases. Boston’s 2022 revenue depicted an acute increase of 6.73% as compared to 2021. In Nov 2022, Boston reported the acquisition of Apollo Endosurgery for a total deal value of $615M.

Medical Device Revenue: $13.30B

Founded Year: 1897

Total Employees: ~77,000

Headquarters: New Jersey, United States

Market Cap: $72.0B

Stock Exchange: NYSE

Becton, Dickinson, and Company is a global medical technology company that is dedicated to the development, manufacturing, and commercialization of medical supplies, devices, laboratory equipment, and diagnostic products to healthcare institutions, physicians, life science researchers, clinical laboratories, and patients. The company works in three main business segments i.e., BD Medical, BD Life Sciences, and BD Interventional. BD’s revenue increased by 5.55% in 2022 as compared to 2021. In Jun 2022, BD reported the acquisition of Parata System for a total deal value of $1.525B.

Medical Device Revenue: $14.68B

Founded Year: 1888

Total Employees: ~115,000

Headquarters: Illinois, United States

Market Cap: $193.4B

Stock Exchange: NYSE

An American multinational healthcare and medical device company, Abbott Laboratories is focused on the development, manufacturing, and commercialization of products for the healthcare sector. The company develops innovative tests and instrument systems for health screening, disease diagnosis, monitoring, and treatment of diseases. Abbott’s 2022 revenue increased by 2.23% vs 2021. In Apr 2022, Abbott joined forces with CamDiab and Ypsomed to develop an automated insulin delivery system.

Medical Device Revenue: $15.11B

Founded Year: 1931

Total Employees: ~60,000

Headquarters: Illinois, United States

Market Cap: $23.3B

Stock Exchange: NYSE

With a broad range of healthcare products, Baxter International provides products including acute & chronic dialysis therapies, sterile intravenous (IV) solutions, infusion systems & devices, parenteral nutrition therapies, inhaled anesthetics, generic injectable pharmaceuticals, surgical hemostats, and sealant products. The company provides these products to hospitals, kidney dialysis centers, nursing homes, rehabilitation centers, doctors’ offices, and patients. Baxter’s 2022 revenue was boosted by 18.04% in 2021. In May 2022, Baxter’s ST Set received the US FDA’s approval to treat acute kidney injury in patients.

Medical Device Revenue: $15.79B

Founded Year: 1984

Total Employees: ~81,000

Headquarters: Washington, United States

Market Cap: $178.9B

Stock Exchange: SWX

A global science and technology innovator, Danaher is focused on providing healthcare solutions to companies in the biotechnology, life sciences, diagnostics, environmental and applied sectors. Biotechnology, Life Sciences, Diagnostics, and Environmental & Applied Solutions are the four sectors into which the company is divided. Danaher’s 2022 revenue increased by 5.61% vs 2021. In Jul 2022, Danaher’s Cytiva reported the acquisition of Bayer’s former facility in Michigan to transform it into a manufacturing site for chromatography resins.

Medical Device Revenue: $15.89B

Founded Year: 1971

Total Employees: ~46,500

Headquarters: Ohio, United States

Market Cap: $21.4B

Stock Exchange: NYSE

Cardinal Health is a global healthcare company that provides customized solutions for hospitals, healthcare systems, pharmacies, ambulatory surgery centers, clinical laboratories, physician offices, and patients. The company works majorly under two segments i.e., Pharmaceutical and Medical Segment. Cardinal’s 2022 revenue decreased by 4.85% vs 2021. In Jan 2022, Cardinal reported the acquisition of Bendcare Group Purchasing Organization to enhance the distribution of Cardinal’s Cornerstone Rheumatology GPO.

Medical Device Revenue: $18.45B

Founded Year: 1941

Total Employees: ~51,000

Headquarters: Michigan, United States

Market Cap: $107.9B

Stock Exchange: NYSE

A medical technology company, Stryker offers innovative products and services to the healthcare market. To enhance patient and healthcare outcomes, the company offers products under the divisions of Medical and Surgical, Neurotechnology, Orthopedics, and Spine. Stryker’s 2022 revenue increased by 7.77% as compared to 2021. In Jan 2022, Stryker reported the acquisition of Vocera Communications.

Medical Device Revenue: $20.82B

Founded Year: 1996

Total Employees: ~128,000

Headquarters: Bad Homburg, Germany

Market Cap: $13.8B

Stock Exchange: NYSE

Fresenius Medical Care is a multinational medical device company that develops and provides products and services for patients with renal diseases. Along with other healthcare services, the company's focus is to provide dialysis and associated services for people with renal disorders. Fresenius’ 2022 revenue increased by 3.89% vs 2021. In Apr 2022, Fresenius’ Versi Cycler System received the US FDA’s approval as a dialysis cycler for the treatment of renal diseases.

Medical Device Revenue: $26.28B

Founded Year: 1849

Total Employees: ~154,000

Headquarters: Charenton-le-Pont, France

Market Cap: $90.9B

Stock Exchange: EPA

As a global eye care business, EssilorLuxottica develops, manufactures, and distributes ophthalmic lenses, frames, and sunglasses to the market. Ray-Ban and Oakley are the key eyewear brands developed by the company. EssilorLuxottica’s revenue boosted by 16.59% in 2022 vs 2021. In Dec 2022, EssilorLuxottica signed an agreement with Swarovski to design, manufacture, and globally distribute Swarovski’s eyewear.

Medical Device Revenue: $27.42B

Founded Year: 1886

Total Employees: ~152,700

Headquarters: New Jersey, United States

Market Cap: $422.8B

Stock Exchange: NYSE

A multi-disciplinary company with focus areas extending to Cardiovascular, Oncology, Immunology, and Endocrinology, Johnson & Johnson is a prominent name in the healthcare sector. The company has also marked its position in the global medical device market and delivers a wide range of products under the categories Interventional Solutions, Orthopedics, Surgery, and Visions. Johnson & Johnson’s 2022 sales increased by 1.18% vs 2021. In Nov 2022, Johnson & Johnson reported the acquisition of Abiomed to strengthen its MedTech business.

Medical Device Revenue: $31.68B

Founded Year: 1949

Total Employees: ~95,000

Headquarters: Dublin, Ireland

Market Cap: $119.8B

Stock Exchange: NYSE

With a global presence in the healthcare sector, Medtronic is a medical device company that develops, manufactures, distributes, and sells device-based medical therapies and services. The company works under four operating divisions including, the Cardiovascular Portfolio, Medical-Surgical Portfolio, Neuroscience Portfolio, and the Diabetes Operating Unit. Medtronic’s 2022 revenue spiked by 5.21% vs 2021. In Jan 2022, Medtronic reported the acquisition of Affera to expand its advanced cardiac ablation products and accessories.

Rank	Company	Total Revenue (2021)	Total Revenue (2022)	Percentage Change
1.	Medtronic	$30.11B	$31.68B	5.21%
2.	Johnson & Johnson	$27.10B	$27.42B	1.18%
3.	EssilorLuxottica	$22.54B	$26.28B	16.59%
4.	Fresenius Medical Care	$20.04B	$20.82B	3.89%
5.	Stryker Corporation	$17.12B	$18.45B	7.77%
6.	Cardinal Health	$16.70B	$15.89B	4.85%
7.	Danaher	$14.95B	$15.79B	5.61%
8.	Baxter International	$12.80B	$15.11B	18.04%
9.	Abbott Laboratories	$14.36B	$14.68B	2.23%
10.	Becton-Dickinson and Company	$12.60B	$13.3B	5.55%
11.	Boston Scientific	$11.88B	$12.68B	6.73%
12.	B. Braun	$8.94B	$9.12B	2.01%
13.	Alcon	$8.20B	$8.65B	5.49%
14.	3M	$9.05B	$8.42B	6.96%
15.	Philips Healthcare	$8.25B	$7.97B	9.57%
16.	Zimmer Biomet	$7.83B	$6.93B	11.49%
17.	Olympus	$5.65B	$6.07B	7.43%
18.	Terumo	$5.55B	$5.79B	4.32%
19.	Smith + Nephew	$5.212B	$5.215B	0.05%
20.	Siemens Healthineers	$3.49B	$4.88B	39.82%