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Top 10 Medical Devices companies in the world (2020)

The Medical Devices industry is fast-growing market driven by the complex needs of patients encouraging life science companies to develop innovative therapies to improve health and quality of life. In 2019, the global medical devices market reached a value of nearly $456.9bn. Growth has resulted from a rise in the number of healthcare facilities, healthcare expenditure, technological advancements and an aging population.
We have ranked the leading medical device companies by 2019 revenue, looking at their medical devices segment results only. The list shows the top 10 biggest medical device companies in the world in 2020:

10. Cardinal Health (15.4bn)

American multinational healthcare services company, Cardinal Health is in tenth place. With over 100 years of experience and 50,000 employees, the company is widely recognised for providing pharmaceuticals, medical products and services that help healthcare providers. In the 2020 fiscal year, the company’s medical segment revenue fell slightly, with year-on-year growth down 1% owing to the adverse effects of cancelled or deferred elective procedures related to Covid-19, primarily on products and distribution.

9. Beckton Dickinson & Company (17.3bn)

Commonly referred to as BD, Beckton Dickinson & Company is an American multinational medical technology company that manufactures and sells medical devices, instrument systems, and reagents. BD’s medical division grew by 8% in 2019. Growth was broad-based across divisions and regions. Investments in research and development led to the successful launch of 25 major products in 2019. Looking ahead the company plans to continue to invest and develop a robust pipeline of new products.

8. Siemens Healthineers (17.6bn)

Siemens Healthineers sits in eighth place on the list of top medical device companies. Headquartered in Germany, Siemens Healthineers is the medical technology branch of automation and electrics conglomerate Siemens. In 2019, the company’s sales increased by an impressive 14% supported by all segments with very strong growth for Imaging and Advanced Therapies. Fiscal year 2020 marks the beginning of the second phase of the Siemens Healthineers Strategy 2025, with growth plans for all three core segments: Imaging, Diagnostics and Advanced Therapies. It’s cross-segment priorities are to increase market share across geographic growth markets, increase market share gains with leading healthcare providers and to drive forward the company’s digital transformation.

7. Fresenius Medical Care (19bn)

German-based international healthcare company, Fresenius, takes seventh place. With over 300,000 employees in more than 100 countries, Fresenius is a leading provider of products and services for dialysis, hospitals and outpatient treatment. In 2019, the company’s medical care division grew by a steady 1%. The acquisition and integration of home dialysis treatment, NxStage, greatly boosted the company’s performance. In the company’s annual general meeting it was stated Fresenius’ stable business model has helped keep the company on track for growth, even in face of the significant challenges presented by the Covid-19 pandemic.

6. Philips (19bn)

With over a hundred years in business, Philips is a diversified technology company. Philips’ health care division makes up 42% of their global revenue and is made up of three key areas; Diagnosis & Treatment, Connected Care and Personal Health. In 2019, Philips’ health business generated $19bn in sales, this was down by 8% on a year on year basis driven by steady growth from all divisions. Moving forward, Philips has a strategic plan to further boost growth, by focusing on capturing geographic growth opportunities, driving innovation solutions and reinforcing M&A, organic investments and partnerships.

5. GE Healthcare (19.9bn)

A staple to the top 10 is leading global medical technology and life sciences company, GE Healthcare. With a broad portfolio of products, GE Healthcare is widely recognised for its imaging, ultrasound, software and life care solutions. The company’s Healthcare sales grew by 1% in 2019, driven by strong performances by Life Care Solutions, Services, and Ultrasound, partially offset by Imaging. In late 2019 GE Healthcare unveiled a string of deals to expand its presence in the growing fields of 3D printing, surgical robotics and virtual care. In a press release president and CEO of GE Healthcare, Kieran Murphy commented “Healthcare’s next chapter will be written in part by emerging technologies like 3D printing, robotic surgery and virtual patient monitoring”.

4. Abbott (20bn)

American multinational, Abbot takes fourth spot in 2020s biggest medical device companies. Founded over 130 years ago, Abbott is headquartered in Illinois and delivers medical devices and healthcare solutions to more than 160 countries. With 107,000 employees worldwide, the company is well known for creating breakthrough products in diagnostics, medical devices, nutrition and branded generic pharmaceuticals. In 2019, Abbott’s sales increased by a notable 5%, with a stellar performance from glucose-monitoring system, FreeStyle Libre and heart valve treatment MitraClip. Looking ahead the company plans to continue to deliver sustainable growth, sustainable success, and a sustainable future.

3. Thermo Fisher Scientific (25.5bn)

Based in Massachusetts, medical diagnostics company Thermo Fisher Scientific is made up of four key segments; Life Science Solutions, Analytical Instruments, Specialty Diagnostics and Laboratory Products and Services. The company’s revenue rose by a healthy 5% in 2019, securing the company’s position in the top 3 of this list. Growth was driven by high-impact innovation and new product launches. The company remains committed to continuous innovation and plans to leverage its scope to more emerging markets.

2. Johnson & Johnson (26bn)

Johnson & Johnson takes the second spot in 2020. Johnson & Johnson’s Medical Devices segment includes a wide range of products used in the Orthopaedic, Surgery, Interventional Solutions and Eye Health fields. In 2019, the division generated sales of $26bn, a decrease of 4% compared to 2018. A fall in sales for the division was as a result of a decline in revenue for Surgery and Orthopaedics. A further decrease in growth was offset by a stellar performance for Electrophysiology, Contact Lens and Energy and Endocutters. Looking ahead, the company plans to prioritise improving their pipeline of innovation and managing their portfolio by focusing on the smooth execution of acquisitions and strategic partnerships.

1. Medtronic (28.9bn)

Medtronic remains the largest medical device company in the world. With a workforce of over 90,000, operating in 150 countries, Medtronic is at the forefront of medical technology. In fiscal year 2020, the company generated an impressive $28.9bn in revenue, a decrease of 3% year-on-year. A decrease in revenue was caused by the Covid-19 pandemic which effected the company’s Q4 2020 results. The effect of Covid-19 is expected to continue to have an adverse impact on significant aspects of the business. However, the company remain committed to remain committed to optimising innovation, improving R&D productivity, driving growth in emerging markets, clinical evidence generation, and assessing our R&D programs. Do you want to work, as a professional, at a Medical Devices organisation? Check out our vacancy page!

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