The ever-increasing frequency of chronic diseases and the appearance of pandemics in the world have led to a growing number of patients in need of distinctive diagnoses and surgical procedures. With that, medical companies are encouraged to improve and develop advanced innovations in the field of medicine.
The healthcare industry needs to keep up with approved medical innovations and have industry specific learning management for MedTech devices that will only improve their services.
In 2021, the medical devices market reached a value of approximately $489 billion and it is evident that it will keep growing in the upcoming years.
Below we listed the top 5 medical device companies according to their revenue in 2021:
1. Medtronic – $31.69 billion
At the forefront of medical technology, yet again, is Medtronic, the largest MedTech company in the world. With an employee count of over 90.000, operating in 150 countries, Medtronic’s growth in 2022 mainly came from three medical areas: neuroscience (+7%), cardiovascular (+6%), and surgical (+4.6%).
As part of their 2022 management strategy, Medtronic announced that together with DeVita they will establish an independent kidney care medical device company with a focus on developing innovative solutions for kidney-related diseases.
2. Abbott – $30 billion
The American giant, with over 113.000 employees provides medical devices and solutions to more than 160 countries worldwide. Abbott secures the second spot in the MedTech world as the creator of revolutionary products in pharmaceuticals, nutrition, diagnostics as well as medical devices. The company pledged that it will work intensely on access and affordability for its products. Starting with the Covid-19 tests, they have created a rapid self-test, called the BinaxNOW, which has turned out to be the most studied and widely available rapid antigen test today.
3. Johnson & Johnson – $27.1 billion
In third place for 2022 is Johnson & Johnson, named World’s most admired company by Fortune, and ranked #1 on the Pharmaceutical Industry list for the 9th year in a row. The company’s main goal has been to change the trajectory of human health by placing breakthrough products in order to eliminate cancer, working on an immediate pandemic response, and by supporting health equity solutions. In 2021 J&J’s medical devices worldwide sales went up by 18%, mostly driven by the post-pandemic market recovery. The company signed a power purchase agreement, meaning that almost all of its sites in Canada, the United States and Europe will be powered by 100% renewable energy by the year 2030. They are not afraid to show their efforts for the company’s goal, to refine the MedTech space through rebranding, restructuring, mergers and acquisitions.
4. Becton Dickinson & Company – $20.2 billion
Becton Dickinson & Company, widely known as BD, reported $4.64 billion in revenue in the third quarter of the fiscal year, a 0.7% increase compared to the same quarter from last year. BD’s Covid revenues declined to $76 million from the $300 million reported in the previous year. The company turned things around by growing M&A activity and increasing investments in higher-growth businesses. They have stayed amongst the top 5 thanks to their innovative new products like Veritor Covid-19 test, the COR System and the FACSymphony A1 Cell Analyzer.
5. Siemens Healthineers – $20.2 billion
The MedTech branch of Siemens has an increase in revenue of 19% compared to the previous year. The company continues to grow with its digital transformation and is committed to supporting healthcare providers and professionals. Their annual external exhibition at the headquarters in Germany gives chance to participants from different universities and research institutions to work on the interdisciplinary project at ITT locations around the world.