The medical device industry creates possibilities to enhance patient care and revolutionize healthcare delivery. Certain players emerge as top medical device companies within this transformative landscape, propelled by increasing demand for innovative devices like wearables and services such as health data.

Business2Community experts have meticulously gathered data from various sources to uncover what distinguishes these market leaders. From industry giants to trailblazers, our selection of insights showcases how each medical device business position highlights its innovation, resilience, and steadfast dedication to advancing global healthcare.

The World’s Biggest Medical Device Companies

The medical device industry is often underestimated despite its essential role in modern medicine. With over 130 medical device companies spanning the globe, the top ten alone command a market capitalization of $1.32 trillion. Many medical device companies have developed groundbreaking technologies and cater to various niches that set them apart from one another.

Top Medical Device Companies Products

In 2023, the global medical device market revenue reached $479.36 billion. It’s projected to surpass $637.96 billion by 2028 fueled by technological advancements and rising healthcare expenditure.

According to the World Health Organization (WHO), approximately 2 million medical devices are classified into over 7,000 generic groups. Let’s explore the companies dominating the market across the globe.

1. Abbott Laboratories – $188.94 Billion

Abbott Laboratories has been a cornerstone of the medical device industry since 1888. With a market cap of $188.94 billion, Abbott Laboratories’ global sales surpassed $16 billion in 2023, with diabetic care devices contributing $5.7 billion to that.

Abbott Laboratories Top Medical Device Companies

The FreeStyle Libre system has revolutionized glucose monitoring since 2014. The wearable sensor medical device has reached a total of 5.2 billion users and generated $1.4 billion in worldwide revenue in Q4 2023 alone. According to the Medical Device and Diagnostic Industry, Abbott has set a target of achieving $10 billion in growth for its FreeStyle Libre medical device by 2028.

Abbott’s 2017 acquisition of St. Jude Medical granted rights to six breakthrough medical devices, including the innovative HeartMate 3® heart pump for heart failure patients.

The medical device company introduced a global-scale clinical trial in January 2024, for their Volt pulsed-field ablation (PFA) catheter to benefit patients with AFib-related irregular heartbeats. Then, in April 2024, the FDA approved the TriClip™ system, designed to treat tricuspid regurgitation (TR), a condition where the tricuspid valve in the heart leaks blood in the wrong direction.

However, in the same month, Abbott encountered a major setback as the FDA issued a class 1 device recall for its HeartMate II and HeartMate 3 Left Ventricular Assist Systems due to a biological material buildup. This development raised concerns over potential serious health issues, with 273 injuries and 14 deaths reported.

Despite the challenges in its medical device developments, Abbott Laboratories is the top medical device company by market capitalization with over 100 innovative medical devices dedicated to enhancing global patient outcomes.

Name Abbott Laboratories
Founder Dr.Wallace C. Abbott
Date 1888
CEO Robert B. Ford
Headquarters Chicago, Illinois, USA
Company Size  114,000

2. Intuitive Surgical – $133.75 Billion

Intuitive Surgical is a global pioneer in robotic-assisted surgical devices with a market capitalization of $133.75 billion. Founded in 1995, the surgical solutions company is renowned for its da Vinci Surgical Systems, which aid in performing complex surgical procedures.

The da Vinci System has facilitated over 12 million procedures across urology, gynecology, general surgery, and thoracic surgery. In 2021, Intuitive introduced its My Intuitive App, enhancing surgical performance by providing insights to surgeons gleaned from da Vinci procedures.

In 2023, da Vinci’s operations grew by 22%, with expectations of a 13-16% increase in 2024. 1,370 systems were installed and preliminary revenue reached $7.12 billion, up 14% from 2022.

However, as per Goldlaw personal injury lawyers, the da Vinci System has faced the dual challenges of medical malpractice and product liability. In 2014, Intuitive settled 3,000 claims from 2012, allocating $67 million. A 2021 case saw a $700,000 settlement after a surgeon’s error during gallbladder surgery.

In a January 2023 FDA filing, a recall of da Vinci Xi Surgical System’s instrument arms due to potential failure was reported. This malfunction could have led to uncontrolled carriage movement, posing a risk of tissue injury.

Nonetheless, over 60,000 surgeons, according to the American College of Surgeons, are trained on Intuitive Surgical’s da Vinci Systems, highlighting its widespread adoption and importance of modern surgical devices.

Name Intuitive Surgical
Founder Frederic H. Moll, John Gordon Freund, and Robert G. Younge
Date 1995
CEO Gart S. Guthart
Headquarters Sunnyvale, California, USA
Company Size 12,120

3. Stryker Corporation – $129 Billion

Established in 1941, Stryker Corporation has a market capitalization of $129 billion. It specializes in medical instruments for orthopedics, neurotechnology, spine, and surgical equipment. It entered the medical device manufacturing industry with innovations like a mobile hospital bed for patient repositioning and a cast cutter that removes casts without tissue damage.

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In 2023, Stryker generated $20.5 billion in global sales and served over 150 million patients across 75 countries. The MedSurg and Neurotechnology medical segment brought in $11.8 billion, while the orthopedics and spine segment accounted for $8.7 billion.

Stryker’s standout medical technology, Mako SmartRobotics, is primarily used for orthopedic surgeries like knee and hip replacements. According to Stryker’s 2023 sales data, more than 1 million Mako procedures have been performed.

As reported in The Wall Street Journal in May 2023, Stryker Corporation revealed an ongoing US investigation into potential anti-bribery law violations, marking the third such case in the last decade.

The global medical device company settled with the SEC in 2013 and 2018, paying $13.3 million and $7.8 million to resolve investigations into alleged violations of the Foreign Corrupt Practices Act.

Stryker Corporation’s innovative medical devices and global presence underscore its prominence in the industry. However, ongoing investigations into potential anti-bribery law violations also emphasize the imperative of ethical conduct.

Name Stryker Corporation
Founder Dr. Homer Stryker
Date 1941
CEO Kevin Lobo
Headquarters Kalamazoo, Michigan, USA
Company Size 52,000

4. Medtronic – $106.53 Billon

Medtronic is headquartered in Dublin, Ireland, and operates in over 150 countries and has served over 72 million patients worldwide. As a leader in the medical devices industry with a market cap of $106.53 billion, Medtronic provides solutions for over 70 medical conditions.

In 1957, Medtronic pioneered healthcare with the first battery-operated external pacemaker, revolutionizing heart condition treatment. Since then, it has led the industry with groundbreaking solutions such as implantable pacemakers, insulin pumps, neurostimulators, and minimally invasive surgical devices.

However, in 2020, Medtronic faced legal scrutiny, agreeing to pay $8.1 million for violating the False Claims Act and an additional $1.11 million for failing to accurately report payments to CMS. Despite this, the company has continued to release innovative technologies, launching InPen, the sole FDA-cleared smart insulin pen for those on multiple daily injections for diabetes management.

In FY 2023, Medtronic reported over $31 billion in worldwide revenue, with its cardiovascular portfolio emerging as the top segment, generating over $11.57 billion.

High-growth markets like structural heart, surgical robotics, neurovascular, diabetes care, and cardiac ablation solutions collectively contributed 20% of revenue, showcasing the company’s diverse market presence and ongoing innovation efforts in the medical devices landscape.

Name Medtronic
Founder Earl Bakken, Palmer Hermundslie
Date 1949
CEO Geoff Martha
Headquarters Dublin, Ireland
Company Size 90,000

5. Boston Scientific – $99.13 Billion

With a market capitalization of $99.13 billion, Boston Scientific specializes in innovative medical devices across interventional cardiology, cardiac rhythm management, endoscopy, urology, and neuromodulation.

In 2023, Boston Scientific achieved a revenue of $14.2 billion while introducing 90 new products and catering to over 37 million patients globally. Boston Scientific’s cardiovascular business segment emerged as the top revenue generator, reaching $8.8 billion.

One of Boston Scientific’s notable technological advancements was the FDA approval of the WATCHMAN FLX™ Pro medical device, which enhances treatment for atrial fibrillation (AF), reducing the risk of stroke.

Additionally, the endoscopy segment within MedSurg contributed significantly to the bottom line, with its multiple medical devices for gastrointestinal and pulmonary conditions bringing in $2.48 billion.

In January 2024, Boston Scientific acquired Axonics, a medical technology company focused on urinary and bowel dysfunction medical devices, for $3.7 billion in equity and $3.4 billion in enterprise value.

However, in April 2024, the FDA issued a Class I recall of Boston Scientific’s Obsidio Conformable Embolic due to the high risk of bowel ischemia from using the aliquot technique in embolization for lower GI bleeding. This recall followed 11 reported incidents involving injuries and deaths.

Despite challenges, through its dedication to improving patient outcomes and addressing unmet medical needs, Boston Scientific remains a key industry leader among medical device companies.

Name Boston Scientific Corporation
Founders John Abele, Pete Nicholas
Date 1979
CEO Michael F. Mahoney
Headquarters Marlborough, Massachusetts, USA
Company Size 48,000

6. Becton Dickinson – $67.81 Billion

Founded in 1897, Becton Dickinson is the second oldest company on this list, with a market capitalization of $67.81 billion. BD has a diverse range of medical devices for diabetes care and medication management solutions, advanced diagnostic and delivery systems, and surgical instruments.

As a leading global manufacturer of medical devices, BD is renowned for its expertise in product design and innovation. Having delivered over 34 billion medical devices worldwide, BD’s essential products like IV sets, catheters, and syringes have touched the lives of 90% of patients in US hospitals.

In 2022, BD made history by merging flow cytometry with fluorescence imaging, achieving unprecedented cell sorting speeds of 15,000 cells per second using advanced medical imaging systems.

Since acquiring C.R. Bard in 2017, BD has dominated the global vascular access device market. Notably, in November 2023, BD introduced the BD SiteRite 9 Ultrasound System, revolutionizing clinician efficiency in placing medical devices with features like real-time needle tracking and precise catheter tip navigation.

Becton Dickinson reported $19.4 billion in revenue in fiscal year 2023 across its three segments: BD Medical, BD Interventional, and BD Life Sciences. BD Medical, the highest revenue generator at $9.5 billion, produces various medical technologies and devices to enhance healthcare delivery.

In January 2024, BD partnered with Techcyte, a leading AI-based digital diagnostics company, to offer an algorithm aiding cytologists and pathologists in identifying cervical cancer in women’s health and precancer using whole-slide imaging.

Name Becton Dickinson
Founder Maxwell Becton, Fairleigh Dickinson
Date 1897
CEO Tom Polen
Headquarters Franklin Lakes, New Jersey, USA
Company Size 70,000

7. Edwards Lifesciences – $53.69 Billion

Edwards Lifesciences, a global leader in innovative medical devices for structural heart disease and patient monitoring, commands a market capitalization of $53.69 billion. The Starr-Edwards valve, which was developed, tested, and implanted by Edwards Lifesciences in the late 1960s, set a gold standard in mechanical heart valve technology, heralding an era of innovation in medical devices.

Medical Device Company Edwards

The company’s Transcatheter Aortic Valve Replacement segment in 2023 generated  $979 million in global sales, a testament to its ongoing innovation.

Since its debut in 2006, the SAPIEN valve has revolutionized transcatheter aortic valve replacement procedures, evolving into the SAPIEN 3 Ultra by 2023. In 2022, Edwards Lifesciences introduced the SAPIEN 3 Ultra RESILIA valve, uniting their RESILIA tissue technology with the SAPIEN 3 Ultra, post FDA approval.

Edwards Lifesciences introduced Egnite in 2021, an AI-driven healthcare technology company, which has made significant strides in cardiovascular care with its flagship solution, CardioCare. Leveraging artificial intelligence, CardioCare enhances patient monitoring and streamlines cardiovascular healthcare delivery.

Egnite Interface

With a revenue of $6 billion in 2023, Edwards Lifesciences continues to make significant strides in healthcare, prioritizing patient outcomes and enhancing quality of life worldwide.

Name Edwards Lifesciences
Founder Miles “Lowell” Edwards
Date 1958
CEO Bernard J. Zovighian
Headquarters Irvine, California, USA
Company Size 19,800

8. Dexcom – $51.87 Billion

Dexcom is a global medical technology company that focuses on diabetic care and specializes in real-time glucose monitoring (CGM) systems. With a market cap of $51.87 billion, their CGM systems offer crucial insights into glucose trends, empowering users to make informed decisions regarding diabetes management,

In 2006, Dexcom introduced its first real-time CGM, the STS (Short-Term Sensor), followed by the STS-7 a year later, which extended continuous glucose monitoring to seven days. By 2018, Dexcom released the G6, the first real-time CGM to eliminate finger-prick testing.

In March 2024, the FDA approved Stelo by Dexcom, the first glucose biosensor for diabetes management that doesn’t require a prescription, set to launch in summer 2024. The small wearable sensor will deliver glucose readings 24/7 directly to a patient’s smartphone for up to 15 days.

As per a case study from AI company UiPath, Dexcom’s adoption of AI-powered automation has resulted in over 2,000 hours saved. Collaborating with UiPath to automate prescription intake in Germany, Dexcom saw an 80% reduction in cycle time and a 50% increase in business growth.

In 2023, Dexcom’s revenue grew by 24% to $3.62 billion driven by the release of the Dexcom G7 in October 2023. With anticipated revenue from $4.15 to $4.35 billion for fiscal year 2024, Dexcom remains committed to advancing diabetes care and leveraging AI to enhance its capabilities.

Name Dexcom
Founders John Burde, Scott Glen
Date 1999
CEO Kevin Sayer
Headquarters San Diego, California, USA
Company Size 8,000

9. Mindray – $46.48 Billion

Based in Shenzhen, China, Mindray specializes in medical devices for patient monitoring systems, diagnostic imaging, and in-vitro diagnostic products, with a market cap of $46.48 billion. Mindray was the first Chinese medical device company on the New York Stock Exchange in 2006. However, in 2016, the company was delisted after finalizing a $1.9 billion privatization deal.

In 2008, Mindray acquired Datascope’s patient monitoring business for $202 million, positioning Mindray as the third-largest player in both the North American and global patient monitoring markets. Then, in 2013, Mindray’s acquisition of Zonare Medical Systems for $105 million enhanced Mindray’s medical device portfolio with Zonare’s ZONE Sonography® Technology (ZST).

In September 2023, Mindray introduced its first wireless handheld ultrasound system. The TE Air Wireless Handheld Ultrasound system can connect to a mobile device via the TE Air App or the touch-based TE X Ultrasound System.

In 2024, Mindray reduced doctors’ film reading time from 25-30 minutes to just half a minute with AI algorithms. Furthermore, the company is applying AI to clinical testing for accurate and reliable digital cell morphology analysis.

Financial data for the 2023 fiscal year (FY) is pending release at the time of writing. However, based on FY 2022 figures, the company reported revenue exceeding $4.1 billion, with the patient monitoring and life support segment contributing $1.8 billion.

Mindayray’s adaption of AI in medical imaging systems and clinical testing, along with its vast medical device portfolio makes it one of the top medical device companies worldwide.

Name Mindray
Founder Li Xiting
Date 1991
CEO Li Xiting, Xu Hang
Headquarters Shenzhen, China
Company Size 10,000

10. Alcon – $40.11 Billion

Alcon possesses a market capitalization of $40.11 billion as of April 2024. Its medical device portfolio focuses on ophthalmic surgical products for cataract, retinal, and refractive surgery, as well as advanced technology intraocular lenses.

Originally a private company from Texas, Alcon was acquired by food manufacturing giant Nestlé in 1977 for $280 million. Later, it became a division of Novartis when the latter acquired Nestlé’s eye care business in 2010 for $28.3 billion.

In 2019, Alcon regained its independence when it was spun off from Novartis, becoming a fully independent entity once again. Both Nestlé’s and Novartis’s ownership of Alcon provided the company with stability and resources for growth, enabling it to expand its product portfolio and global reach.

Alcon introduced a new medical imaging device to treat patients with dry eyes in 2022. The Systane iLux2 System allows eye care professionals to customize MGD treatment for patients in just 8 to 12 minutes for both eyes.

According to a report by Global Data summarized on The Medical Device Network, Alcon Inc. prioritized patents in Q4 2023, focusing on machine learning for:

  • Data access control
  • Selecting intraocular lenses based on pre-operative measurements
  • Tracking eye movement during diagnostics
  • Integrating pre-operative and intra-operative data for surgical procedures
  • Using neural networks for ophthalmic image registration

In 2023, Alcon’s worldwide sales reached $9.4 billion, with surgical solutions accounting for $5.3 billion of that revenue. The global medical technology company projects net sales to reach between $9.9 and $10.1 billion in 2024.

Name Alcon Inc.
Founders Robert Alexander, William Conner
Date 1945
CEO David Endicott
Headquarters Fribourg, Switzerland
Company Size 25,000

Learning From the Biggest Medical Device Companies in the World

The leading medical device companies in the world, distinguished by their high market capitalizations, offer valuable insights into the evolving landscape of healthcare technology. Each company showcases innovation through its unique products and business strategies, catering to specific niches within the medical field.

Moreover, the integration of AI technologies has played a pivotal role in advancing their solutions and streamlining operations, resulting in increased efficiency and efficacy. By leveraging AI, these medical technology companies are not only advancing patient care but also driving significant revenue growth in their market valuations.

For most companies on our list, growth has come from innovation and cornering a specific niche in medical device needs, whether that be diabetes monitoring or ophthalmology. While mergers and acquisitions have boosted some companies, giving them access to leading-edge tech, it’s investing in the right R&D at home that is the lesson to take from these powerhouses of the medical device sector.

The success of these leading brands underscores the importance of continuous innovation, strategic focus, and technological adaptation in the dynamic healthcare industry.

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