Top 20 Medical Device Companies of 2024 

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Bringing innovation and technology to healthcare, the MedTech sector is growing rapidly and transforming the ways diagnosis and treatment are received
With a global market size of $503.2B in 2023, the MedTech sector anticipates reaching $776.4B by 2033 with a CAGR of 4.4 percent. With a staggering revenue of $32.31B, Medtronic ranks first in our list, followed by JNJ and Siemens Healthineers with $30.40B and $24.04B respectively
PharmaShots brings a concise report on the Top 20 Medical Device Companies Based on 2023 Revenue

Rank	Company	Total 2022 Revenue	Total 2023 Revenue	Percentage Change
1	Medtronic	$30.77B	$32.31B	5%
2	Johnson & Johnson	$27.42B	$30.4B	10.86%
3	Siemens Healthineers	$23.31B	$24.04B	3.13%
4	Danaher	$26.64B	$23.89B	10.32%
5	Fresenius Medical Care	$20.82B	$21.47B	3.12%
6	Stryker Corporation	$18.45B	$20.49B	11.05%
7	GE Healthcare	$18.34B	$19.55B	6.59%
8	Becton-Dickinson and Company	$18.99B	$19.49B	2.63%
9	Abbott Laboratories	$14.80B	$16.88B	14.05%
10	Philips Healthcare	$14.55B	$15.4B	5.84%
11	Cardinal Health	$15.3B	$15.2B	0.65%
12	Baxter International	$14.50B	$14.81B	2.13%
13	Boston Scientific	$12.68B	$14.24B	12.30%
14	B. Braun	$9.12B	$9.66B	5.92%
15	Alcon Inc.	$8.65B	$9.37B	8.32%
16	3M Health Care	$8.42B	$8.19B	2.73%
17	Zimmer Biomet	$6.93B	$7.39B	6.63%
18	Intuitive Surgical	$6.2B	$7.12B	14.83%
19	Fujifilm Holdings Corporation	$6.55B	$6.91B	5.49%
20	Olympus	$6.44B	$6.49B	0.77%

Note: Columns 1 and 2 represent ranks and companies while Columns 3, 4, & 5 showcase the Total revenue of 2022, the Total revenue of 2023, and the Percentage Change

20. Olympus

Total Revenue: $6.49B

Founded Year: 1919

Total Employees: ~32,800

Headquarters: Tokyo, Japan

Market Cap: $17.26B

Stock Exchange: TYO

A Japan-based MedTech company, Olympus delivers diagnostic, therapeutic, and minimally invasive procedures globally. The company predominantly deals in Endoscopic Solutions Business & Therapeutic Solutions Business
Olympus offers endoscopes, laparoscopes, video imaging systems, surgical energy devices, system integration solutions, medical services, and a comprehensive range of endotherapy devices. In 2023, the company registered an increase of 0.77% in its revenue as compared to 2022 due to an increase, in sales of endoscopic and therapeutics solutions
In Nov’23, Olympus launched the EVIS X1 endoscopy system in China, used to detect, characterize, and treat gastrointestinal disorders

19. Fujifilm Holdings

Total Revenue: $6.91B

Founded Year: 1934

Total Employees: ~73,900

Headquarters: Tokyo, Japan

Market Cap: $27.59B

Stock Exchange: TYO

A Japan-based conglomerate, Fujifilm Holdings focuses on photography, optics, office & medical electronics, biotechnology, and chemicals
Fujifilm develops medical IT, MRI, CT, X-ray imaging, endoscopes, ultrasound, and in-vitro diagnostic systems in the healthcare segment. Moreover, the company works in developing pharmaceuticals, supporting bio-CDMO, drug discovery, and regenerative medicines. In 2023, Fujifilm's revenue increased by 49 percent
In 2023, FUJIFILM's Synapse 7x Enterprise Imaging Platform received a Risk Management Framework (RMF) and Authority to Operate (ATO) on the US Department of Defense (DoD) networks

18. Intuitive Surgical

Total Revenue: $7.12B

Founded Year: 1995

Total Employees: 13,000

Headquarters: California, United States

Market Cap: $134.92B

Stock Exchange: NASDAQ

Known for the da Vinci Surgical System, Intuitive Surgical is an American company that develops, manufactures, and markets noninvasive surgical robotic products
Intuitive Surgical's products and services include Ion, hub, and my intuitive. The company's revenue increased by 14.83% in 2023 vs. 2022 due to the increase in Instruments and accessories revenue
In 2023, Intuitive’s da Vinci SP received the US FDA clearance for simple prostatectomy

17. Zimmer Biomet

Total Revenue: $7.39B

Founded Year: 1927

Total Employees: 18,000

Headquarters: Indiana, United States

Market Cap: $24.86B

Stock Exchange: NYSE

Zimmer Biomet is a global MedTech company that designs, manufactures, and markets orthopedic reconstructive products, including sports medicine, biologics, extremities, and trauma; CMFT; surgical products; and deals in a suite of integrated digital and robotic technologies
Zimmer offers multiple products in 17 different categories. Some of the company’s well-known products are A.L.P.S., Bactisure, Cable-Ready, etc. In 2023, the company's revenue increased by 6.63% vs. 2022 due to the increased sales of Knee and Hip implants by 9.4% and 3.8%
In 2023, Zimmer Biomet signed a definitive agreement to acquire Embody, a US-based medical device company for $155M

16. 3M Health Care

Total Revenue: $8.19B

Founded Year: 1902

Total Employees: 85,000

Headquarters: Minnesota, United States

Market Cap: $53.32B

Stock Exchange: NYSE

3M is a multinational conglomerate that operates under four business segments: safety and industrial, transportation and electronics, health care, and consumer
In healthcare, the company manufactures Animal Recovery Collars, Optical Lens Materials, skin care, X-ray supplies, and more. In 2023, the company's revenue registered a decline of 2.73% vs. 2022 due to the spin-off of the healthcare segment
In Apr'23, 3M Health's Veraflo Cleanse Choice Complete Dressing and 3M V.A.C. Veraflo Cleanse Choice Dressing were approved by the US FDA for hydromechanical removal of infectious materials, non-viable tissue, and wound debris

15. Alcon

Total Revenue: $9.37B

Founded Year: 1947

Total Employees: ~25,300

Headquarters: Geneva, Switzerland

Market Cap: $40.18B

Stock Exchange: SWX

A Swiss-American pharmaceutical and medical device company, Alcon specializes in eye care products. The company operates under two business segments; Surgical and Vision Care
Alcon boasts a robust pipeline to treat refractive errors, vitreoretinal disorders, and ocular health. In 2023, Alcon registered an 8.32% rise in revenue vs 2023 due to the increased sales in surgical and vision care
In 2023, Alcon launched its product TOTAL30 for Astigmatism, a reusable water gradient toric lens

14. B. Braun

Total Revenue: $9.66B

Founded Year: 1839

Total Employees: ~63,000

Headquarters: Melsungen, Germany

Market Cap: N/A

Stock Exchange: N/A

B. Braun is a private German medical device company that develops, manufactures, and markets innovative medical device products and offers services to the healthcare
The company develops products in 17 therapy areas, including oncology, neurosurgery, orthopedic surgery, and minimally invasive surgery among others. In 2023, the company registered a spike of 5.92% as compared to 2022. The increase in revenue can be attributed to high sales of surgical instruments, imaging systems, and suture material
In Dec'23, B. Braun launched the CARESITE Micro, a needleless Luer access device and extension sets

13. Boston Scientific

Total Revenue: $14.24B

Founded Year: 1979

Total Employees: 48,000

Headquarters: Massachusetts, United States

Market Cap: $106.91B

Stock Exchange: NYSE

A multinational medical device company, Boston Scientific develops medical equipment for interventional procedures such as radiology, cardiology, and more
Boston Scientific manufactures a wide range of products, including Pacemakers, Retrieval Devices, and Imaging Systems. In 2023, the company saw an increase of 12.30% in revenue as compared to 2022 due to the increased sales of single-use medical devices
In 2023, Boston Scientific received the US FDA approval for its Spinal Cord Stimulation Therapy for the treatment of Diabetic Peripheral Neuropathy

12. Baxter International

Total Revenue: $14.81B

Founded Year: 1931

Total Employees: 60,000

Headquarters: Illinois, United States

Market Cap: $18.22B

Stock Exchange: NYSE

Baxter International is an American global healthcare company that develops products focusing on acute and chronic dialysis therapies, infusion systems and devices, parenteral nutrition therapies, inhaled anesthetics, generic injectable pharmaceuticals, surgical hemostat & sealant products, advanced surgical equipment, patient monitoring & diagnostic technologies, and respiratory health devices
Baxter supplies these products to hospitals, kidney dialysis centers, nursing homes, rehabilitation centers, medical practices, and directly to patients. In 2023, the company registered an increase of 2.13% in the total revenue vs 2022 mainly from increased sales in the Healthcare Systems and Technologies business outside the US
In 2023, the company launched PERCLOT, an absorbable hemostatic powder to treat mild bleeding

11. Cardinal Health

Total Revenue: $15.2B

Founded Year: 1971

Total Employees: 48,000

Headquarters: Ohio, United States

Market Cap: $23.73B

Stock Exchange: NYSE

Cardinal Health is a global product and healthcare company that manufactures and distributes pharmaceuticals and medical & laboratory products. The company also provides performance and data solutions for healthcare facilities
The company primarily develops products in areas like patient care, patient monitoring, and PPE. In 2023, Cardinal Health's total revenue increased by 0.65% as compared to 2022 due to a slight increase in sales of the medical segment
In 2023, Cardinal Health launched a medical device, NTrainer System 2.0 to improve neonatal feeding

10. Philips Healthcare

Total Revenue: $15.40B

Founded Year: 1891

Total Employees: ~69,700

Headquarters: Amsterdam, Netherlands

Market Cap: $23.65B

Stock Exchange: AMS

Philips is a Dutch health technology company that develops and manufactures innovative health and well-being products. The company divides its business into four segments namely, personal health, connected care, diagnostic & treatment, and other
Philips manufactures a variety of equipment, including IGT Systems and equipment, Ultrasound devices, Radiology devices, and more. In 2023, the company's revenue rose by 5.84% vs. 2022. The increase in revenue is attributed to the sales from the diagnosis & treatment segment
In Jul’23, Philips enrolled the first patient in the US site for the WE-TRUST clinical study, assessing the benefits of a Direct Angio Suite treatment pathway for stroke patients

09. Abbott Laboratories

Total Revenue: $16.88B

Founded Year: 1888

Total Employees: 114,000

Headquarters: Illinois, United States

Market Cap: $182.56B

Stock Exchange: NYSE

Abbott discovers, develops, and manufactures a wide range of healthcare products. The company develops diabetes care products, neuromodulation devices, and several other products for the treatment and diagnosis of cardiovascular diseases
The company's well-known medical products include the Absolute Pro Vascular Self-Expanding Stent System, Acculink Carotid Stent System, and ACCUNET Embolic Protection System. The company's revenue increased 14.05% in 2023 vs. 2022 due to an increase in neuromodulation sales
In Oct 2023, Philips presented results at Transcatheter Cardiovascular Therapeutics (TCT) 2023 from the TRILUMINATE pivotal study showing safety, efficacy, and improvements in quality of life when treating tricuspid regurgitation (a leaky valve) with TriClip, a device currently under development in the United States

08. Becton-Dickinson and Company

Total Revenue: $19.49B

Founded Year: 1897

Total Employees: 73,000

Headquarters: New Jersey, United States

Market Cap: $67.51B

Stock Exchange: NYSE

A global medical technology company, Becton-Dickinson manufactures and commercializes medical devices, instrument systems, and reagents. Additionally, the company provides consulting and analytics services in certain regions
BD Veritor, PureWick, and BD Pyxis are well-known medical products from Becton-Dickinson. In 2023, the company registered a spike of 2.63% in revenue as compared to 2022
In Dec 2023, BD launched SiteRite 9 Ultrasound system to improve clinician efficiency

07. GE Healthcare

Total Revenue: $19.55B

Founded Year: 1994

Total Employees: 51,000

Headquarters: Illinois, United States

Market Cap: $37.02B

Stock Exchange: NASDAQ

On Jan 4th, 2023, GE Healthcare spun off from its parent company General Electric. The company delivers MedTech solutions and offers services, including digital infrastructure, data analytics, and decision support tools
The company develops and distributes devices for CT imaging, MRI, X-ray, ultrasound, cath labs, mammogram, and Nuclear Medicine Cameras, including Voluson SWIFT+, and the New Versana. In 2023, the company registered a spike of 6.59% in total revenue vs. 2022. The rise in revenue can be attributed to the growth in imaging and ultrasound segment revenue
In 2023, GE HealthCare released MyBreastAI Suite, an application to enhance the detection of breast cancer

06. Stryker

Total Revenue: $20.49B

Founded Year: 1941

Total Employees: 52,000

Headquarters: Michigan, United States

Market Cap: $125.44B

Stock Exchange: NYSE

Stryker is a global medical device company that operates under three business segments namely orthopedics, medical & surgical (MedSurg), and neurotechnology & spine
Procedural Oxygen Mask, TruRize, and Neptune 3 are among the various products that Stryker develops. In 2023, Stryker registered a total increase of 11.05% in revenue vs. 2022 which was driven by the overall sales growth
In Dec 2023, Stryker announced the acquisition of SERF SAS, a France-based joint replacement company. The acquisition was completed in Mar'24

05. Fresenius Medical Care

Total Revenue: $21.47B

Founded Year: 1996

Total Employees: ~128,000

Headquarters: Bad Homburg, Germany

Market Cap: $12.14B

Stock Exchange: NYSE

Fresenius Medical Care is a German-based company that focuses on dialysis treatment and provides services through its network to treat end-stage renal disease (ESRD)
2008T BlueStar, AquaA RO System, and NxStage Versi HD are some of the well-established products of Fresenius Medical Care. In 2023, the company reported an increase of 3.12% in revenue as compared to 2022. The rise in sales is attributed to the increased revenue in legal settlements with the US government.
Fresenius reports the US FDA 510(k) clearance for Versi HD with GuideMe software

04. Danaher

Total Revenue: $23.89B

Founded Year: 1984

Total Employees: 63,000

Headquarters: Washington, United States

Market Cap: $184.84B

Stock Exchange: NYSE

Danaher is an American conglomerate that designs, manufactures, and markets medical, industrial, and commercial products and services
The company's assets include the CellXpress.ai Automated Cell Culture System and Polar BioPharma Lifecycle Management (BPLM). In 2023, Danaher reported a decline of 10.32% in revenue as compared to 2022. The decrease in sales is attributed to an increase in product cost
In 2023, Danaher finalized the separation of its Environmental and Applied Solutions Segment Veralto

03. Siemens Healthineers

Total Revenue: $24.04B

Founded Year: 1847

Total Employees: 71,000

Headquarters: Forchheim, Germany

Market Cap: $62.85B

Stock Exchange: ETR

Siemens Healthineers is a German healthcare company that provides healthcare equipment, solutions, and services globally. The company focuses on imaging, diagnostics, cancer care, and minimally invasive therapies
AVVIGO, Getinge, iBreastExam, and NeoCoil are well-known medical devices of Siemens Healthineers. In 2023, the company reported a spike of 3.13% in revenue vs. 2022 due to increased sales of equipment and product-related services
In Nov 2023, the company launched Acuson Maple an AI-powered ultrasound system

02. Johnson & Johnson

Total Revenue: $30.40B

Founded Year: 1886

Total Employees: 131,900

Headquarters: New Jersey, United States

Market Cap: $358.47B

Stock Exchange: NYSE

Johnson & Johnson is an American multinational company that provides new medications and MedTech solutions in oncology, immunology, neuroscience, cardiology, pulmonary hypertension, and ophthalmology
In their MedTech segment, JNJ develops products in Surgery, Orthopedics, Vision, and Interventional Solutions. In 2023, JNJ showed an increase of 10.86% in their MedTech segment revenue vs. 2022. The increase in revenue is attributed to the acquisition of Abiomed and sales growth in Orthopedics, Surgery, Interventional Solutions, and Vision
In 2023, Johnson & Johnson MedTech completed the acquisition of Laminar, a medical device company focused on eliminating the left atrial appendage in patients with non-valvular atrial fibrillation

01. Medtronic

Total Revenue: $32.31B

Founded Year: 1949

Total Employees: 95,000

Headquarters: Dublin 2, Ireland

Market Cap: $108.28B

Stock Exchange: NYSE

Medtronic is an Irish medical device company that develops, manufactures, distributes, and sells device-based medical therapies and services. The company focuses on four operating divisions including, the Diabetes Operating Unit, Cardiovascular, Medical-Surgical, and Neuroscience portfolio
Medtronic develops products for Electrosurgery, Vessel sealing, and Cardiac Monitoring, among others. In 2023, the company's revenue spiked by 5% vs 2022 due to the recent acquisition of Intersect ENT that generated $98M in inorganic revenue
In 2023, Medtronic got the US FDA approval for PulseSelect, a pulsed field ablation system to treat atrial fibrillation

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