Top 20 Medical Device Companies of 2026
Shots:
- The global medical devices market is entering a new era of transformation, powered by AI-driven diagnostics, robotic surgery, cardiovascular breakthroughs, and minimally invasive innovation. Valued at $572.31B in 2025, the market is racing toward the $1T milestone by 2034. In FY2025, Medtronic dominated with $35.48B in revenue, followed by Johnson & Johnson MedTech at $33.79B and Stryker at $25.11B, highlighting the fierce momentum of global medtech giants.
- The Top 20 Medical Device Companies report unveils the industry leaders shaping the future of healthcare, spotlighting the rise of robotic-assisted procedures, AI-powered imaging, structural heart therapies, digital health ecosystems, and game-changing acquisitions redefining competitive advantage.
- From blockbuster product launches and breakthrough FDA clearances to strategic expansions and cutting-edge technologies, this report captures the innovation engines propelling the next chapter of growth across the global medtech landscape.
20. Baxter International
Total Revenue: $5.29B
Founded Year: 1931
Total Employees: 37,500
Headquarters: Illinois, United States
Market Cap: $9.18B
Stock Exchange: NYSE
- Baxter International is a global healthcare company specializing in medical devices, hospital products, and critical care solutions. The company operates through key business segments including Medical Products & Therapies, Healthcare Systems & Technologies, Pharmaceuticals, and Advanced Surgery, providing infusion systems, patient monitoring technologies, surgical products, and renal care solutions worldwide.
- Baxter International reported revenue of $5.29B in FY2025 compared with $5.20B in FY2024, reflecting around 1.7% year-over-year growth. The increase was primarily driven by higher sales in the Advanced Surgery products portfolio. Key products contributing to growth included haemostatic and sealant products, infusion pumps, patient monitoring systems, renal care solutions, and surgical tissue management technologies.
- On April 22, 2026, Baxter announced the launch of the DYNAMO Series Smart Stretcher, designed to help healthcare providers address common patient transport and workflow challenges.
19. ResMed
Total Revenue: $5.39B
Founded Year: 1989
Total Employees: 10,600
Headquarters: California, United States
Market Cap: $29.37B
Stock Exchange: NYSE
- ResMed is a global medical technology company specializing in sleep apnea, respiratory care, and digital health solutions. The company operates across Sleep and Respiratory Care and Software as a Service (SaaS) business, providing CPAP devices, masks, ventilators, and cloud-based healthcare management solutions for patients and healthcare providers worldwide.
- ResMed reported revenue of approximately $5.39B in FY2025 compared with $4.92B in FY2024, reflecting around 9.6% year-over-year growth. The increase was driven by strong overall sales growth, particularly across sleep devices and masks portfolios. Key products contributing to growth included AirSense CPAP devices, AirFit and AirTouch mask systems, Astral ventilators, and cloud-connected digital health platforms supporting sleep and respiratory care management.
- On April 28, 2026, ResMed announced the US launch of a new full-face fabric CPAP mask designed to improve patient comfort, fit, and sleep therapy adherence.
18. Edwards Lifesciences
Total Revenue: $6.06B
Founded Year: 1958
Total Employees: 16,000
Headquarters: California, United States
Market Cap: $46.84B
Stock Exchange: NYSE
- Edwards Lifesciences is a global medical technology company specializing in structural heart disease and critical care monitoring solutions. The company operates through key business areas including Transcatheter Aortic Valve Replacement (TAVR), Surgical Structural Heart, Transcatheter Mitral and Tricuspid Therapies (TMTT), and Critical Care, serving healthcare providers worldwide with advanced cardiovascular technologies.
- Edwards Lifesciences reported revenue of approximately $6.06B in FY2025 compared with $5.43B in FY2024, reflecting around 11.6% year-over-year growth. The increase was primarily driven by higher sales in the US and Europe, supported by strong demand for TAVR and structural heart products. Key products contributing to growth included the SAPIEN transcatheter heart valve platform, EVOQUE tricuspid valve replacement system, INSPIRIS RESILIA surgical valves, and HemoSphere advanced monitoring systems.
- On May 2, 2026, Edwards Lifesciences announced ten-year pivotal data from the COMMENCE trial demonstrating the long-term durability of its RESILIA tissue technology used in surgical heart valves. The study showed strong freedom from structural valve deterioration and reoperation rates, reinforcing the durability and long-term performance of Edwards’ structural heart valve portfolio.
17. Smith + Nephew
Total Revenue: $6.16B
Founded Year: 1856
Total Employees: 17,000
Headquarters: Hertfordshire, United Kingdom
Market Cap: $12.72B
Stock Exchange: LON
- Smith + Nephew is a global medical technology company specializing in orthopaedic reconstruction, sports medicine, ENT, and advanced wound management solutions. The company operates through three major business units: Orthopaedics, Sports Medicine & ENT, and Advanced Wound Management, serving healthcare providers and patients across more than 100 countries.
- Smith+Nephew reported revenue of $6.16B in FY2025 compared with $5.81B in FY2024, reflecting around 6.0% year-over-year growth. Revenue growth was driven by all three global business units delivering underlying revenue growth above 5%, supported by an underlying basis excluding an 80+ basis point foreign exchange tailwind. Key products contributing to growth included the CORI Surgical System, REGENETEN bioinductive Implant, PICO single-use negative pressure wound therapy systems, and orthopedic reconstruction implants. On May 5, 2026, Smith+Nephew announced continued progress in chronic wound care through advancements in its Advanced Wound Management portfolio.
16. Solventum
Total Revenue: $6.16B
Founded Year: 1902
Total Employees: 20,600
Headquarters: Minnesota, United States
Market Cap: $12.89B
Stock Exchange: NYSE
- Solventum is a global healthcare company focused on medical technologies, oral care, health information systems, and patient care solutions. The company operates through four major segments: MedSurg, Dental Solutions, Health Information Systems, and Purification & Filtration, delivering products and technologies for hospitals, clinics, laboratories, and dental professionals worldwide.
- Solventum reported revenue of $6.16B in FY2025 compared with $5.93B in FY2024, reflecting around 3.9% year-over-year growth. The increase was driven by higher sales in the MedSurg and Dental Solutions segments. Key products contributing to growth included advanced wound care products, sterilization assurance systems, dental restorative materials, orthodontic solutions, and medical filtration technologies.
- On November 3, 2025, Solventum announced the completion of its acquisition of Acera Surgical, expanding the company’s advanced wound care and regenerative healing portfolio.
15. Olympus
Total Revenue: $6.32B
Founded Year: 1919
Total Employees: 29,300
Headquarters: Tokyo, Japan
Market Cap: $12.15B
Stock Exchange: TYO
- Olympus is a global medical technology company specializing in endoscopy, surgical technologies, and therapeutic solutions. The company primarily operates through its Endoscopic Solutions, Therapeutic Solutions, and Scientific Solutions businesses, providing advanced imaging systems, minimally invasive surgical devices, and gastrointestinal endoscopy technologies worldwide.
- Olympus reported revenue of $6.32B in FY2025 compared with $6.96B in FY2024, reflecting around 9.2% year-over-year decline. The decrease was primarily due to lower overall sales across several medical technology businesses and market-related challenges in certain regions. Key products within the portfolio included EVIS X1 endoscopy systems, THUNDERBEAT energy devices, gastrointestinal endoscopes, and minimally invasive surgical visualization technologies.
- On March 31, 2026, Olympus announced the launch of its gastrointestinal endoscopy technologies designed to enhance imaging quality, diagnostic accuracy, and workflow efficiency during minimally invasive procedures.
14. Siemens Healthineers
Total Revenue: $6.75B
Founded Year: 1847
Total Employees: 73,800
Headquarters: Forchheim, Germany
Market Cap: $44.35B
Stock Exchange: ETR
- Siemens Healthineers is a global medical technology company specializing in diagnostic imaging, laboratory diagnostics, advanced therapies, and cancer care solutions. The company operates through four major segments: Imaging, Diagnostics, Varian (oncology solutions), and Advanced Therapies, serving healthcare providers and research institutions worldwide.
- Siemens Healthineers reported revenue of $6.75B in FY2025 compared with $6.27B in FY2024, reflecting around 7.7% year-over-year growth. The increase was driven by strong overall sales growth across imaging, diagnostics, and advanced therapies businesses. Key products contributing to growth included MAGNETOM MRI systems, SOMATOM CT scanners, Atellica diagnostic solutions, and Varian cancer therapy systems.
- On April 8, 2026, Siemens Healthineers announced the launch of its pTau217 and β-tau research assays designed to support advanced neurological and Alzheimer’s disease research.
13. Terumo
Total Revenue: $7.01B
Founded Year: 1921
Total Employees: 30,700
Headquarters: Tokyo, Japan
Market Cap: $18.03B
Stock Exchange: TYO
- Terumo is a global medical technology company specializing in cardiovascular systems, blood and cell technologies, hospital products, and general healthcare solutions. The company operates through major business segments including Cardiac & Vascular, General Hospital, and blood & Cell Technologies, providing products such as catheters, stent grafts, infusion systems, blood management technologies, and surgical devices worldwide.
- Terumo reported revenue of $7.0B in FY2025 compared with $6.42B in FY2024, reflecting around 9.2% year-over-year growth. The increase was driven by strong overall sales growth across its cardiovascular, blood management, and hospital product businesses. Key products contributing to growth included interventional catheters, drug-eluting stents, MicroVention neurovascular devices, blood and cell processing systems, and aortic stent graft technologies.
- On March 16, 2026, Terumo Aortic announced that the US FDA granted breakthrough Device Designation for the Fenestrated TREO abdominal stent-graft system
12. Zimmer Biomet
Total Revenue: $8.23B
Founded Year: 1927
Total Employees: 17,000
Headquarters: Indiana, United States
Market Cap: $15.99B
Stock Exchange: NYSE
- Zimmer Biomet is a global medical technology company specializing in musculoskeletal healthcare solutions and orthopedic medical devices. The company operates across several product categories including Knees, Hips, Sports Medicine, Extremities, Trauma, Craniomaxillofacial (CMF), Robotics, and Dental products, serving hospitals, surgeons, and healthcare providers worldwide.
- Zimmer Biomet reported revenue of $8.23B in FY2025 compared with $7.67B in FY2024, reflecting around 7.3% year-over-year growth. The increase was driven by higher sales across all product categories. Key products contributing to growth included the ROSA Robotics platform, Persona Knee System, Z1 Femoral Hip System, sports medicine solutions, and extremities and trauma products. Growth was also supported by continued adoption of robotic-assisted orthopedic procedures and strong procedural volumes globally.
- On November 14, 2025, Zimmer Biomet announced that it received US FDA clearance for an enhanced version of its ROSA Knee Robotic Technology.
11. Intuitive Surgical
Total Revenue: $8.49B
Founded Year: 1995
Total Employees: 17,000
Headquarters: California, United States
Market Cap: $151.6B
Stock Exchange: NASDAQ
- Intuitive Surgical is a global medical technology company specializing in robotic-assisted minimally invasive surgery systems. The company primarily operates through three business categories: da Vinci surgical systems, Instruments and Accessories, and Services, supporting procedures across urology, gynecology, general surgery, thoracic, and cardiac specialties worldwide.
- Intuitive Surgical reported revenue of $8.49B in FY2025 compared with $7.04B in FY2024, reflecting around 20.6% year-over-year growth. The increase was driven by strong growth in both the Instruments and Accessories segment and da Vinci system sales. Key products contributing to growth included the da Vinci Xi and da Vinci 5 robotic surgical systems, Ion endoluminal system, stapling devices, and advanced robotic-assisted surgical instruments.
- On April 22, 2026, Intuitive Surgical announced FDA clearance for the da Vinci 5 system for cardiac procedures
10. Alcon
Total Revenue: $8.52B
Founded Year: 1947
Total Employees: 25,900
Headquarters: Geneva, Switzerland
Market Cap: $32.31B
Stock Exchange: SWX
- Alcon is a global eye care company specializing in surgical and vision care products. The company operates through two major segments: Surgical, which includes ophthalmic surgical equipment and intraocular lenses (IOLs), and Vision Care, which includes contact lenses and ocular health products serving eye care professionals and patients worldwide.
- Alcon reported revenue of $8.52B in FY2025 compared with $8.13B in FY2024, reflecting around 4.8% year-over-year growth. The increase was driven by strong performance across both the Surgical and Vision Care segments. Key products contributing to growth included Clareon intraocular lenses (IOLs), Precision1 and DAILIES TOTAL1 contact lenses, ARGOS biometer systems, and advanced ophthalmic surgical platforms.
- On April 25, 2026, Alcon announced the launch of its Clareon Vivity Enhanced Design Monofocal and Toric intraocular lenses at ASCRS 2026.
09. B. Braun
Total Revenue: $11.05B
Founded Year: 1839
Total Employees: 66,800
Headquarters: Melsungen, Germany
Market Cap: N/A
Stock Exchange: N/A
- B. Braun is a global medical technology and pharmaceutical company focused on healthcare solutions, medical devices, infusion therapy, surgery, and hospital care. The company operates through several major divisions including Hospital Care, Aesculap, Avitum, and Outpatient Market, providing products and services across infusion therapy, surgical technologies, dialysis, and infection prevention worldwide.
- B. Braun reported revenue of $11.05B in FY2025 compared with $9.51B in FY2024, reflecting around 16.2% year-over-year growth. The increase was driven by strong overall sales. Key products contributing to growth included the Aesculap AEOS robotic digital microscope, infusion therapy systems, dialysis solutions, surgical instruments, and hospital care products.
- On September 12, 2025, B. Braun announced the acquisition of True Digital Surgery (TDS), a company specializing in digital robotic-assisted 3D surgical microscopy.
08. Becton-Dickinson and Company (BD)
Total Revenue: $11.6B
Founded Year: 1897
Total Employees: 72,000
Headquarters: New Jersey, United States
Market Cap: $39.81B
Stock Exchange: NYSE
- BD is a global medical technology company focused on advancing medical discovery, diagnostics, and healthcare delivery. The company operates through three major segments:BD Medical,BD Life Sciences, and BD Interventional, offering products across medication delivery, diagnostic systems, biosciences, infection prevention, and interventional surgery solutions worldwide.
- BD reported revenue of $11.60B in FY2025 compared with $11.71B in FY2024, reflecting a slight year-over-year decline of around 0.9%. The decrease was primarily due to lower overall sales across several businesses. Key medical products included BD Pyxis medication management systems, BD FACSLyric flow cytometry systems, and BD Alaris infusion pumps.
- On April 8, 2026, BD announced the European launch of its next-generation TIPS innovation designed to improve treatment for portal hypertension patients across the European Union
07. Cardinal Health
Total Revenue: $12.8B
Founded Year: 1971
Total Employees: 55,400
Headquarters: Ohio, United States
Market Cap: $45.52B
Stock Exchange: NYSE
- Cardinal Health is a global healthcare services and products company specializing in medical distribution, pharmaceutical supply chain solutions, and medical products manufacturing. The company operates through two major segments: Pharmaceutical and Specialty Solutions, and Global Medical Products and Distribution, serving hospitals, pharmacies, laboratories, and healthcare providers worldwide.
- Cardinal Health reported revenue of $12.80B in FY2025 compared with $12.49B in FY2024, reflecting around 2.5% year-over-year growth. The increase was driven by overall sales growth across the company’s medical and pharmaceutical businesses. Key medical product categories contributing to growth included surgical products, exam and procedural gloves, fluid management products, laboratory products, and at-Home Solutions medical supplies.
- On November 3, 2025, Cardinal Health announced the completion of its acquisition of Solaris Health, expanding the company’s capabilities in specialty physician services and advanced healthcare delivery solutions.
06. GE Healthcare
Total Revenue: $13.66B
Founded Year: 1994
Total Employees: 54,000
Headquarters: Illinois, United States
Market Cap: $28.51B
Stock Exchange: NASDAQ
- GE HealthCare is a global medical technology and diagnostics company focused on imaging, ultrasound, patient care solutions, and pharmaceutical diagnostics. The company operates through four major segments: Imaging, Advanced Visualization Solutions (AVS), Patient Care Solutions (PCS), and Pharmaceutical Diagnostics, serving hospitals and healthcare providers worldwide.
- GE HealthCare reported revenue of $13.66B in FY2025 compared with $13.07B in FY2024, reflecting around 4.5% year-over-year growth. The increase was primarily driven by strong sales growth in the Imaging and AVS segments. Key products and technologies supporting growth included MRI systems, CT imaging platforms, BkActiv intraoperative ultrasound systems, and advanced AI-enabled visualization solutions.
- On April 9, 2026, GE HealthCare announced a digital integration between its BkActiv intraoperative ultrasound system and the Medtronic Stealth AXiS surgical navigation system for cranial procedures
05. Boston Scientific
Total Revenue: $20.07B
Founded Year: 1979
Total Employees: 59,000
Headquarters: Massachusetts, United States
Market Cap: $79.59B
Stock Exchange: NYSE
- Boston Scientific is a global medical technology company focused on minimally invasive medical devices used in interventional cardiology, electrophysiology, endoscopy, urology, neuromodulation, and peripheral interventions. The company primarily operates through two segments: Cardiovascular and MedSurg, delivering innovative therapies across multiple healthcare specialties worldwide.
- Boston Scientific reported revenue of $20.07B in FY2025 compared with $16.74B in FY2024, representing around 19.9% year-over-year growth. The increase was primarily driven by major sales growth in the US region, supported by strong demand for key products including the FARAPULSE Pulsed Field Ablation system, WATCHMAN left atrial appendage closure device, interventional cardiology products, and electrophysiology technologies.
- On March 30, 2026, Boston Scientific received FDA clearance for the Asurys Fluid Management System, designed to provide real-time irrigation and intrarenal pressure management during endoscopic urologic procedures.
04. Abbott Laboratories
Total Revenue: $21.38B
Founded Year: 1888
Total Employees: 1,15,000
Headquarters: Illinois, United States
Market Cap: $147.88B
Stock Exchange: NYSE
- Abbott Laboratories is a global healthcare and medical device company focused on diagnostics, medical devices, nutrition, and established pharmaceuticals. The company operates through four major Business segments: Medical Devices, Diagnostics, Nutrition, and Established Pharmaceuticals, with strong positions in cardiovascular care, diabetes management, electrophysiology, and structural heart technologies.
- Abbott reported Medical Devices revenue of $21.38B in FY2025 compared with $18.98B in FY2024, reflecting approximately 12.6% year-over-year growth. The increase was driven by higher sales across the overall segment. Key growth products included FreeStyle Libre continuous glucose monitoring systems, Volt PFA System, MitraClip, Aveir leadless pacemakers, and structural heart devices.
- On April 28, 2026, Abbott announced FDA clearance and CE Mark approval for its next-generation Ultreon 3.0 AI-powered coronary imaging platform.
03. Stryker Corporation
Total Revenue: $25.11B
Founded Year: 1941
Total Employees: 56,000
Headquarters: Michigan, United States
Market Cap: $117.12B
Stock Exchange: NYSE
- Stryker Corporation is a global medical technology company specializing in innovative medical devices and healthcare solutions. The company operates through two primary segments: MedSurg and Neurotechnology, and Orthopaedics, offering products across surgical equipment, neurovascular devices, robotics, spine, trauma, joint replacement, and sports medicine.
- Stryker reported revenue of $25.11B in FY2025 compared with $22.59B in FY2024, representing approximately 11.2% year-over-year growth. The increase was driven by higher sales across both the MedSurg and Neurotechnology segment and the Orthopaedics segment. Key products contributing to growth included the Mako robotic-arm assisted surgery platform, Neurovascular devices, endoscopy products, trauma and extremities solutions, and joint replacement implants.
- On May 7, 2026, Stryker announced the completion of its acquisition of Amplitude Vascular Systems (AVS), adding next-generation intravascular lithotripsy (IVL) technology to its Peripheral Vascular portfolio
02. Johnson & Johnson
Total Revenue: $33.79B
Founded Year: 1986
Total Employees: 138,200
Headquarters: New Jersey, United States
Market Cap: $555.59B
Stock Exchange: NYSE
- Johnson & Johnson is a global healthcare company focused on Innovative Medicine and MedTech Businesses following the separation of its consumer health division. The MedTech segment operates across Cardiovascular, Orthopaedics, Surgery, and Vision franchises, providing medical technologies, surgical solutions, and interventional devices worldwide.
- Johnson & Johnson MedTech reported revenue of $33.79B in FY2025 compared with $31.85B in FY2024, reflecting approximately 6.1% year-over-year growth. The increase was driven by higher sales across all MedTech franchises. Key products contributing to growth included Abiomed heart recovery systems, Shockwave cardiovascular devices, and VARIPULSE pulsed field ablation platform
- On April 15, 2026, Johnson & Johnson announced CE Mark approval for the new ETHICON 4000 Stapler, designed to improve surgical precision, tissue management, and workflow efficiency during minimally invasive and open surgical procedures
01. Medtronic
Total Revenue: $35.48B
Founded Year: 1949
Total Employees: 95,000
Headquarters: Dublin, Ireland
Market Cap: $98.82B
Stock Exchange: NYSE
- Medtronic is a global healthcare technology company focused on medical devices and therapies. The company operates through four major segments: Cardiovascular, Neuroscience, Medical Surgical, and Diabetes, serving patients across more than 150 countries.
- Medtronic reported revenue of $35.48B in FY2025 compared with $33.12B in FY2024, reflecting approximately 7.1% year-over-year growth. The company’s key products include Micra transcatheter pacemakers, Evolut TAVR systems, and MiniMed insulin pumps
- On April 28, 2026, Medtronic announced CE Mark approval for its Stealth AXiS Surgical System, an integrated AI-enabled surgical planning, navigation, and robotic guidance platform designed for spine, cranial, and ENT procedures.
Criteria:
- The report is based on companies’ medical segment revenue for the period January to December 2025 only.
- For Japanese companies or those with non-December fiscal year endings, revenue has been calculated for the January–December period using their quarterly filings.
- Revenues reported in different currencies have been converted into US dollars using exchange rates as of 31 December 2025.
Source:
- Company Websites
- Press Releases
- Annual Reports
- Quarterly Reports
- Google Finance
- OANDA
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