Medtech businesses are evolving into standalone firms. This translates to the creation of new names for the 2023’s Medtech Big 10 ranking of the top medical device firms.
Have you ever thought, “What are the largest medical device companies?” Medtronic, Johnson & Johnson MedTech (which has rebranded as Johnson & Johnson Medical Devices in the year 2000) and Siemens Healthineers still rank at the top of the list with regards to revenues. You can scroll further down there are brand new names like Enovis as well as ZimVie. GE Healthcare plans to keep its current name, but it will become an independent entity early next year. Is the 3M Health Care division, which is scheduled for a spinout in 2023 to become a separate entity, follow suit? Will 3M’s home state of Minnesota continue to keep its new headquarters? The future will be interesting.
How to Use This Research on Medical Device Companies
It is possible to use this information to gain a better understanding of the medical device market and also to get acquainted with the largest medical device manufacturers within the field. This research can assist you in:
Explore companies that are creating technology you could want to get involved with or gain from
Locate a strategic partner or an established firm that could be interested in buying your company or conducting research
Examine the revenue produced globally through annual sales of medical devices and in particular by the major companies in the field that own vast parts of the market
MEDTRONIC $31.7BN +8%
Medtronic continues to top the charts as the biggest medical device maker around the globe. With an employee count of more than 90,000. Operating in more than 150 nations, Medtronic is at the top of the medical tech industry. In the fiscal year 2022, Medtronic had revenues totalling US$31.7bn which is an increase of 8 per cent from the US$29.4bn it reported last year. This growth was fueled by a strong performance from three of the company’s areas of treatment which include Cardiovascular (+6 per cent) and Medical surgical (+4.6 per cent) as well as Neuroscience (+7 7 per cent). The growth in the Neuroscience division was offset by the Diabetes Division which was down 3.1 percentage points at the same time that US revenues fell due to the lack of any approval of new products.
In line with the strategy of portfolio management as part of its portfolio management strategy, in May 2022 Medtronic announced that, along with DaVita they would create the first independent kidney-focused medical device manufacturer. Medtronic announced that it will be contributing to the Renal Care Solutions (RCS) business to the new entity with a focus on the creation of a full range of innovative kidney-care products and solutions.
With the publication of their 2022 full-year outcomes, Geoff Martha, Medtronic president and chief executive officer stated, “We remain keenly focused on delivering innovation-driven growth with a robust pipeline of technologies in fast-growing markets, and we’re committed to creating strong shareholder value through strategic capital allocation and active portfolio management.”
Johnson & Johnson
Johnson & Johnson comes in second place on the list, with an overall $22.95B in revenues. Established in 1886, Johnson & Johnson has over 250 affiliates and is present in more than 60 nations. DePuy Synthes is one such division that specialises in medical devices.
Johnson & Johnson sells a range of medical devices for orthopaedics covering joint reconstruction injuries, trauma, extremities the craniomaxillofacial area, spinal surgery, and sports medicine. The company also offers surgical, cardiovascular as well as vision departments.
Seaskymedical
Seaskymedical is among the leading manufacturers of medical equipment in China. With 13 years of knowledge, Seasky guarantees professional assistance with developing products as well as mould design and manufacturing as well as material selection and the production of injection moulds. Additionally, they are equipped to create microplastic medical items at a reasonable cost using modern injection moulding machines.
Seasky guarantees that the products that are manufactured comply with requirements for health and safety for the medical sector in which hygiene is an important factor. The high-end and quality of medical equipment is preserved by using Class 7 and 8 cleanrooms for medical injection moulding.
Siemens Healthineers
The company was spun out of Siemens and became an independent publicly traded corporation in the year 2018. Siemens Healthineers has grown to a larger size following the completion of the $16.4 billion purchase from Varian Medical Systems in 2021. Siemens Healthineers said the merger with Varian has created the largest cancer-related range.
EchoNous
A Washington-based company called EchoNous was the subject of headlines in 2021 due to its linear probe with 128 channels, dubbed Lexsa. Lexa provides new capabilities to EchoNous’ Kosmos Artificial Intelligence (AI)-powered handheld ultrasound instrument.
The company makes a portable device that offers the same capabilities for imaging as a traditional cart-mounted ultrasound. The new device enables clinicians to perform abdominal, cardiac, and lung examinations in just a few minutes.
Philips
The most talked about the story of Philips in the last year has been the massive recall involving over 1 million CPAPs or ventilators as well as other respirators. This recall has eliminated Philips from the Dutch medtech company from the respiratory device market as reports of malfunctions increased. The news came out in August of 44 additional deaths due to the recall.
Becton Dickinson buys Parata Systems
Durham located in North Carolina, Parata creates software that automates packaging, filling as well as central filling for pharmacies. J.P. Morgan analysts wrote that the software could be used in conjunction with the BD Pyxis range of medicine dispensers.
BD announced that Parata will assist BD to achieve its target of an operating margin of 25% before the year 2025’s end. Both companies agreed in June and completed the deal one month later.
FRESENIUS MEDICAL CARE:
Fresenius is a global health organization with its headquarters in Germany and is ranked fifth place among the leading manufacturers of medical devices. Revenues in the field of Fresenius Medical Care increased by two per cent in 2020 and reached $21.0 billion (EUR17.9 billion) in sales. The company announced its 2025 plan in the year 2020. It puts healthcare products and services in the spotlight and focuses on three key areas: the renal care continuum as well as critical care solutions as well as complementary assets.
GE HEALTHCARE:
The global health and medical technologies company GE Healthcare is a constant among the top. GE Healthcare has a wide assortment of items as well as being acknowledged for its imaging ultrasound software, as well as Life Care Solutions. GE Healthcare has a wide variety of products that are well recognized for its imaging products, ultrasound equipment, software, as well as Life Care Solutions.
Leica Biosystems
The German cancer diagnostics firm with the tagline “Advancing Cancer Diagnostics, Improving Lives,” Leica Biosystems is the only company in the world to offer an extensive diagnostics portfolio designed to assist in identifying and beating cancer by using cutting-edge technologies. Leica is a committed collaborator with the Mayo Clinic’s Department of Laboratory Medicine and Pathology and strives to enhance the patient experience through the creation of the latest cytogenic imaging software.
CEREBELLAR
Ceribell’s most popular product is Ceribell’s flagship product is the Point-of-Care EEG which is a handheld brain-monitoring device that utilizes the headband which can be attached to the head of patients. This monitor is designed to make it easy for physicians to see the brain’s activity and diagnose seizures. The device received FDA approval in the year 2017. In the years since Ceribell has been rolling out the system to hospitals.
The end of the year saw The company announce Clarity, a 24-hour alarm and monitoring system that is remote that is connected to the headbands and utilizes machine learning to recognize seizures in patients within five minutes. In September, the company pushed the system even further into the mainstream, receiving FDA-breakthrough-device designation to use it to detect delirium. The signs of delirium could be a sign of ongoing damage to the brain.
InVivo Bionics
The Norwegian medical device firm decided to work with Qualio in 2021 to assist the company build its quality management process from scratch in their journey towards its entry into the European market.
Their revolutionary pressure microsensor smaller than 1 millimetre across it, is located inside the bladder. It transmits actual-time data to the cloud for the treatment of those suffering from urinary problems.
A smart decision to invest in a quality management system for electronic devices (eQMS) investment has increased their speed to market by a factor of two which makes their quick and high-quality marketing a must-keep eye on in the coming year!
Puzzle Medical Devices
The Canadian startup offers transcatheter heart pumps that do not require complicated or invasive open-heart surgeries.
They’ve completed their preclinical implants, and plan to launch their hemodynamic pumps on the market to combat the problem of heart failure without the risk of unnecessary surgery.