Top 20 Medical Device Companies of 2025

Shots: 

• Driven by continuous innovation, the MedTech sector is evolving rapidly to enhance preventive, diagnostic, and therapeutic capabilities in healthcare

• In 2023, the global MedTech market was valued at $668.2B and is projected to reach $989.1B by 2033, growing at a CAGR of approximately 4%. Medtronic led the industry with a revenue of $33.12B, followed by Johnson & Johnson ($31.85B) and Stryker Corporation ($22.59B)

• PharmaShots presents a concise report on the Top 20 Medical Device Companies of 2025

Note:  These companies are ranked based on their medical device segment revenue

20. Fresenius Medical Care 

Total Revenue: $4.42B   

Founded Year:  1996

Total Employees: 112,035

Headquarters:  Bad Homburg, Germany

Market Cap:  16.89B USD

Stock Exchange:  NYSE

• Fresenius Medical Care is a Germany-based healthcare company specializing in dialysis treatment and services for patients with end-stage renal disease (ESRD). The company operates a global network of dialysis clinics and provides a comprehensive range of dialysis products and services 

• In 2024, Fresenius Medical Care experienced a 1.33% decline in revenue compared to the previous year, largely due to lower sales within its healthcare products division. Notable offerings from the company include the 2008T BlueStar, AquaA RO System, and NxStage VersiHD 

• In September 2024, Fresenius launched updated versions of the NxStage VersiHD, now integrated with GuideMe Software 

19. ResMed 

Total Revenue: $4.61B   

Founded Year:  1989

Total Employees: 9,980

Headquarters:  California, United States

Market Cap:  35.78B USD

Stock Exchange:  NYSE

• ResMed is a global MedTech company that develops cloud-connected devices for individuals with sleep apnea, chronic obstructive pulmonary disease (COPD), and other chronic respiratory conditions 

• One of its flagship products, the ResMed AirSense 11, continued to perform well in 2024, contributing to a 2.44% year-over-year revenue increase driven by strong global sales 

• In September 2024, ResMed introduced the AirTouch N30i – a fabric nasal CPAP mask designed to enhance user comfort and support adherence to CPAP therapy, further reinforcing its commitment to improving sleep health outcomes

18. Edwards Lifesciences  

Total Revenue: $5.43B   

Founded Year:  1958

Total Employees: 15,800

Headquarters:  California, United States

Market Cap:  45.81B USD

Stock Exchange:  NYSE

• Edwards Lifesciences is a MedTech company, specializes in heart valve therapies and critical care monitoring, offering minimally invasive solutions for treating structural heart disease and monitoring critically ill patients 

• In 2024, Edwards reported an 8.38% year-over-year revenue growth, primarily driven by increased sales across the US and Europe. The company’s product portfolio includes key devices such as Sapien and Inspiris valves 

• In July 2024, Edwards announced the acquisitions of JenaValve and Endotronix, aimed at strengthening its structural heart disease portfolio and expanding capabilities in minimally invasive interventions

17. Smith + Nephew 

Total Revenue: $5.81B   

Founded Year:  1856

Total Employees: 17,349

Headquarters:  Hertfordshire, United Kingdom

Market Cap:  12.75B USD 

Stock Exchange:  LON

• Smith+Nephew is a global MedTech company specializing in advanced wound care, orthopedics, sports medicine, and surgical technologies. The company provides solutions for joint reconstruction, trauma, and minimally invasive surgery 

• Its medical device portfolio includes Tula, OR30, and Journey II. In 2024, Smith+Nephew reported a 4.87% revenue increase over 2023, primarily due to the successful execution of its 12-Point Plan strategy 

• In April 2024, Smith+Nephew launched the Renasys Edge Negative Pressure Wound Therapy System in the US for chronic wound treatment

16. Siemens Healthineers 

Total Revenue: $6.27B   

Founded Year:  1847

Total Employees: 72,000

Headquarters:  Forchheim, Germany

Market Cap:  59.12B USD

Stock Exchange:  ETR

• Siemens Healthineers is a Germany-based healthcare company offering medical equipment, services, and solutions globally. Its core areas include imaging, diagnostics, oncology, and minimally invasive treatment devices 

• The company’s portfolio features Avvigo, Getinge, iBreastExam, and NeoCoil. In 2024, Siemens reported a 0.63% year-over-year revenue decline in USD, despite growth in euros 

• In September 2024, Siemens Healthineers received US FDA Premarket Approval for the 3D portion of the Mammomat B.brilliant Mammography System

15. Terumo 

Total Revenue: $6.42B   

Founded Year:  1921

Total Employees: 30,000+

Headquarters:  Tokyo,Japan

Market Cap:  26.92B USD

Stock Exchange:  TYO

• Terumo Corporation is a global MedTech company focused on vascular intervention devices, cardiac surgical equipment, blood transfusion systems, diabetes care tools, and peritoneal dialysis treatments 

• Key products include the RADIFOCUS Haemostasis Valve II and RADIFOCUS Torque Device. In 2024, Terumo achieved 2.39% revenue growth over 2023, mainly from increased global product sales 

• In December 2024, Terumo launched the NaviCross peripheral support catheter in the US

14. Solventum (Spin off from 3M) 

Total Revenue: $6.94B   

Founded Year:  1902

Total Employees: 22,000

Headquarters:  Minnesota, United States

Market Cap:  12.65B USD 

Stock Exchange:  NYSE

• Solventum, spun off from 3M in April 2024, focuses on medical and surgical products, dental and orthodontic solutions, and health information systems 

• Notable products include Filtek Supreme XTE composite capsule body and Scotchbond Universal Plus adhesive. Solventum’s 2024 revenue rose by 0.43% versus 2023, reflecting modest growth in its MedSurg segment 

• In November 2024, Solventum launched the first 3D-printed aligner attachments, branded as 3M Clarity Precision Grip Attachments

13. Olympus 

Total Revenue: $6.96B   

Founded Year:  1919

Total Employees: 28,838

Headquarters:  Tokyo, Japan

Market Cap:  14.89 B USD

Stock Exchange:  TYO

• Olympus is a global MedTech company specializing in diagnostic, therapeutic, and minimally invasive medical procedures. Its portfolio includes endoscopes, laparoscopes, video imaging systems, surgical energy devices, integrated system solutions, medical services, and endotherapy devices 

• Flagship products include EVIS X1, TJF-Q190V Duodenoscope, and OER-Elite. In 2024, Olympus reported a 20.83% revenue increase over 2023, driven by sustained sales growth across all quarters 

• In September 2024, Olympus launched Visera S, an all-in-one imaging platform with stroboscopy technology to enhance diagnostic precision and procedural efficiency

12. Zimmer Biomet 

Total Revenue: $7.67B   

Founded Year:  1927

Total Employees: 17,000

Headquarters:  Indiana, United States

Market Cap:  18.03B USD

Stock Exchange:  NYSE

• Zimmer Biomet is a global MedTech company focused on orthopedic and surgical products, including solutions for reconstruction, sports medicine, biologics, extremities, trauma, craniomaxillofacial technologies (CMFT), and integrated digital and robotic platforms 

• The company’s portfolio spans 17 categories, with leading products such as A.L.P.S., Bactisure, and Cable-Ready. In 2024, Zimmer Biomet’s revenue increased by 3.78% over 2023, mainly due to stronger knee and hip implant sales 

• In August 2024, Zimmer Biomet agreed to acquire OrthoGrid Systems, expanding its orthopedic surgical solutions

11. Alcon  

Total Revenue: $8.13B   

Founded Year:  1947

Total Employees: 25,000

Headquarters:  Geneva, Switzerland

Market Cap:  42.56B USD 

Stock Exchange:  SWX

• Alcon is a MedTech company specializing in eye care. It operates through two main segments: Surgical and Vision Care 

• The Systane iLUX² Meibomian Gland Dysfunction (MGD) treatment system is recognized for managing dry eye. In 2024, Alcon’s revenue rose 5.44% over 2023, led by strong performance in its Surgical segment 

• In July 2024, Alcon acquired Belkin Vision, adding a Direct Selective Laser Trabeculoplasty (DSLT) device to its glaucoma portfolio

10. Intuitive Surgical 

Total Revenue: $8.35B   

Founded Year:  1995

Total Employees: 15,638

Headquarters:  California, United States

Market Cap:  198.31B USD

Stock Exchange:  NASDAQ

• Intuitive Surgical is a US-based company developing advanced robotic systems for minimally invasive surgery 

• Its portfolio includes Ion, Hub, and My Intuitive, with the da Vinci surgical system as its flagship. In 2024, Intuitive Surgical reported a 17.27% revenue increase over 2023, driven by robust product sales 

• In March 2024, the company received US FDA clearance for its fifth-generation robotic platform, the da Vinci 5

9. B. Braun 

Total Revenue: $9.51B   

Founded Year:  1839

Total Employees: 64,262

Headquarters:  Melsungen, Germany

Market Cap:  N/A

Stock Exchange:  

• B. Braun is a German, privately held medical device company developing and marketing healthcare products and solutions 

• It operates in 17 therapeutic areas, including oncology, neurosurgery, orthopedic surgery, and minimally invasive surgery. In 2024, B. Braun’s revenue declined by 1.55% in USD, though it grew in euros, reflecting currency impacts 

• In September 2024, B. Braun Medical received US FDA clearance for the Introcan Safety 2 Deep Access IV Catheter, expanding its vascular access solutions

8. Cardinal Health 

Total Revenue: $12.49B   

Founded Year:  1971

Total Employees: 48,900

Headquarters:  Ohio, United States

Market Cap:  37.05B USD

Stock Exchange:  NYSE

• Cardinal Health is a global healthcare company manufacturing and distributing pharmaceuticals, medical, and laboratory products. It also provides performance improvement and data-driven solutions for healthcare facilities, with products in patient care, monitoring, and PPE 

• Key devices include the Kangaroo Omni Enteral Feeding Pump and Kendall SCD SmartFlow Compression System. In 2024, Cardinal Health’s revenue increased 15.64% year-over-year, supported by steady sales growth 

• In November 2024, Cardinal Health launched the Kendall SCD SmartFlow Compression System in the US 

7. GE Healthcare 

Total Revenue: $13.07B   

Founded Year:  1994

Total Employees: 53,000

Headquarters:  Illinois, United States

Market Cap: 32.12B USD 

Stock Exchange:  NASDAQ

• GE Healthcare provides MedTech solutions, including digital infrastructure, data analytics, and decision support tools 

• The company develops devices for CT imaging, MRI, X-ray, ultrasound, cath labs, mammography, and nuclear medicine, including Voluson SWIFT+ and New Versana. In 2024, GE Healthcare’s revenue dipped 0.38% versus 2023, mainly due to lower product sales in China 

• In November 2024, GE Healthcare received US FDA clearance for the head-only SIGNA Magnus 3.0T MRI system

6. Becton-Dickinson and Company 

Total Revenue: $15.4B   

Founded Year:  1897

Total Employees: 75,000

Headquarters:  New Jersey, United States

Market Cap:  48.55B USD 

Stock Exchange:  NYSE

• Becton, Dickinson, and Company (BD) is a leading global medical technology firm specializing in medical devices, diagnostic systems, and laboratory reagents. In select regions, BD also provides consulting and data analytics for healthcare operations 

• Flagship products include BD Veritor, PureWick, and BD Pyxis. In 2024, BD’s revenue rose 7.16% over the prior year, due to higher sales across medical segments 

• In October 2024, BD launched the BD Intraosseous Vascular Access System for rapid fluid or medication delivery in emergencies

5. Boston Scientific 

Total Revenue: $16.74B   

Founded Year:  1979

Total Employees: 32,000

Headquarters:  Massachusetts, United States

Market Cap:  154.11B USD

Stock Exchange:  NYSE

• Boston Scientific develops, manufactures, and markets medical devices globally, with a focus on interventional procedures in radiology, cardiology, and other specialties 

• Its broad product portfolio includes pacemakers, retrieval devices, and advanced imaging systems. In 2024, Boston Scientific reported a 17.55% revenue increase year-over-year, driven by strong global sales and growing demand for single-use devices 

• In November 2024, Boston Scientific completed the acquisition of Axonics, which develops devices for urinary and bowel dysfunction

4. Abbott Laboratories 

Total Revenue: $18.98B   

Founded Year:  1888

Total Employees: 114,000

Headquarters:  Illinois, United States

Market Cap:  232.39B USD

Stock Exchange:  NYSE

• Abbott is a global healthcare company with a diverse portfolio, including diabetes care, neuromodulation devices, and cardiovascular diagnostic and treatment technologies 

• Key MedTech products include the Absolute Pro Vascular Self-Expanding Stent System, Acculink Carotid Stent System, and Accunet Embolic Protection System. In 2024, Abbott’s revenue increased 12.44% over 2023, led by medical devices 

• In August 2024, Abbott entered a global partnership with Medtronic for a continuous glucose monitoring system integrated with insulin delivery devices

3. Stryker Corporation 

Total Revenue: $22.59B   

Founded Year:  1941

Total Employees: 53,000

Headquarters:  Michigan, United States

Market Cap:  145.55B USD

Stock Exchange:  NYSE

• Stryker is a global MedTech company operating across Orthopaedics, Medical & Surgical (MedSurg), and Neurotechnology & Spine 

• The company offers products such as the Procedural Oxygen Mask, TruRize, and Neptune 3. In 2024, Stryker’s revenue increased 10.24% over 2023, with growth across all segments 

• In October 2024, Stryker completed the acquisition of Vertos Medical, expanding its interventional pain management solutions

2. Johnson & Johnson  

Total Revenue: $31.85B   

Founded Year:  1886

Total Employees: 139,800

Headquarters:  New Jersey, United States

Market Cap:  373.90B USD

Stock Exchange:  NYSE

• Johnson & Johnson (J&J) is a US-based multinational delivering pharmaceuticals and MedTech solutions in oncology, immunology, neuroscience, cardiology, pulmonary hypertension, and ophthalmology 

• J&J’s MedTech division develops technologies in surgery, orthopedics, vision, and interventional solutions. In 2024, the segment’s revenue rose 4.76% over 2023, driven by the Shockwave Medical acquisition and strong international sales 

• In November 2024, J&J MedTech received FDA Investigational Device Exemption (IDE) approval for its OTTAVA robotic surgical system

1. Medtronic 

Total Revenue: $33.12B    

Founded Year:  1949

Total Employees: 95K +

Headquarters:  Dublin 2, Ireland

Market Cap:  107.40B USD

Stock Exchange:  NYSE

• Medtronic is a global MedTech company specializing in device-based medical therapies and services, operating across Diabetes, Cardiovascular, Medical-Surgical, and Neuroscience divisions 

• Its portfolio includes solutions for electrosurgery, vessel sealing, and cardiac monitoring. In 2024, Medtronic’s revenue increased 3.82% over 2023, reflecting strong sales across business segments 

• In October 2024, Philips and Medtronic formed an advocacy partnership to accelerate access to stroke care 

Criteria: We have taken public companies, and the companies are ranked based on their medical device segment revenue  

Sources: 

• Annual Reports  

• Quarterly Reports 

• Press Releases 

• Company Websites 

• Press releases 

• OANDA 

• Google Finance  

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