The medical device industry is growing at a rapid pace that doesn’t seem like it’s going to be slowing down anytime soon. The growth within this industry has mainly occurred because of the increasing amount of the aging population around the world who have chronic diseases. These diseases require new treatments that can be used to mitigate symptoms and support the affected individuals.
This industry is valuable to patients and individuals for a myriad of reasons. All technologies that have been created for healthcare settings are made by medical device companies. The primary beneficiaries of recent technological advancements include patients who require cardiac monitoring and brain monitoring. Because of how important the MedTech industry has become, more and more companies are joining the industry with each passing day.
For the top MedTech companies with enough resources, the factors that contribute to their advancements include emerging trends in cloud computing, IoT, AI-based technologies, and blockchain.
This article provides the top five medical device companies that are leading the industry for 2020.
- Medtronic plc is a medical device company that has been at the top of the industry for nearly three decades. Based out of Ireland, Medtronic was initially founded in 1949 and has since become the leader in several sectors of the medical device industry.
- They have four main areas of focus with the medical devices that they develop, which include:
– Restorative therapies
– Cardiac and vascular
– Minimally invasive therapies
– Diabetes
Towards the end of 2018, they acquired Mazer Robotics, which is a top orthopedic device manufacturer. With the over $30 billion in revenues that they’ve accumulated in 2018 and 2019, it appears as though Medtronic will continue to be in the driver’s seat of the medical device industry.
2. Johnson & Johnson is a medical device company that’s considered to be a subsidiary of the main Johnson & Johnson pharmaceutical company. At the moment, they own numerous medical device businesses, which include:
- Cenovus
- Biosense Webster
- Acclarent
- Ethicon
They have long been a leading medical device company largely because of their focus on surgery, orthopedic care, diabetes, cardiovascular, and vision care. In 2018 alone, they brought in more than $27 billion in revenues and have the best market capitalization in the industry at $346 billion.
3. Cardinal Health, Inc. is among the largest medical device companies in the world and has a spot on the Fortune Global 500. They have a global presence with headquarters in both Dublin, OH, and Dublin, Ireland. At the moment, Cardinal Health is the largest manufacturer of surgical products and medical devices in the country, which is displayed by them providing supplies to more than 75 percent of the hospitals in the U.S.
Their products include everything from durable medical equipment to advanced patient monitoring systems. Having made nearly $16 billion in revenues in 2018, they are poised to continue being a leader in the industry.
4. Abbott LaboratoriesAbbott Laboratories is a large healthcare company based out of Chicago that specializes in nutrition, pharmaceuticals, diagnostic treatments, and medical devices. The diagnostic equipment and medical devices that they create are used by many laboratories, hospitals, and other healthcare settings all over the world.They are among the leading companies in the medical device industry because their equipment and devices have proven to be highly effective at diagnosing diseases and providing continuous monitoring. The medical device aspect of their company was able to generate upwards of $19 billion of revenues in 2018 alone.
5. Siemens AG: is an expansive industrial manufacturing company that’s considered to be among the leading manufacturers and developers of medical devices in the industry. Their products mostly center around diagnostic equipment and medical imaging systems, the latter of which have proven to be the main contributor of the more than $15 billion in revenues that they earned in 2018. The primary markets that they distribute medical devices to include South East Asia, Europe, and the Americas.