Medical companies that stood out in 2023
The medical device market is rapidly evolving. Factors such as the complexity of patient needs and the COVID-19 outbreak motivated manufacturers to develop and offer new inventive solutions, which resulted in the medical devices sector growing at an unprecedented rate in 2020. The global market for medical equipment was worth around $456.8 billion in 2020, representing a 3.5% CAGR from 2015. (source) The truth is that this market continues to grow as demand for high-tech medical devices rises.
Here are the major players in the medical device manufacturing industry.
MEDTRONIC PLC:
Medtronic plc was the leading medical device firm in 2022, with a revenue of $30.12 billion. Medtronic is a multinational medical device corporation headquartered in Minneapolis, Minnesota. Although its core market is the United States, Medtronic works on a worldwide scale. It now operates in 140 countries and employs more than 104,950 individuals. Medtronic focuses on the manufacturing and marketing of devices for cardiac rhythm disorders, spinal and biologic drugs, cardiovascular, neural stimulation, diabetes, and surgical technologies such as ENT diseases and cranial, spinal, and neurologic problems.
JOHNSONS & JOHNSONS:
Johnson & Johnson is ranked second on the list, with an overall revenue of $22.95 billion. Johnson & Johnson, established in 1886, has over 250 companies and works in over 60 countries. DePuy Synthes is one such medical device-focused subsidiary. Johnson & Johnson sells orthopedic medical equipment ranging from joint repair to trauma, extremities, craniomaxillofacial surgeries, spine surgery, and sports medicine. It also offers units for cardiovascular medicine, surgery, and eyesight.
ABBOTT:
Abbott, an American global corporation founded over 100 years ago in Illinois, provides medical equipment, products, and healthcare solutions to more than 165 countries. The company employs 113,000 people globally and is widely renowned for developing ground-breaking technologies in diagnostics, medical equipment, nutrition, and branded generic medications. Abbott's medical devices and diagnostics businesses climbed by an astonishing 32.7% year on year in 2021. Diagnostics increased by 42.7% owing to Covid-19 testing. Abbott augmented its' Medical Devices funnel in 2021, including the US unveiling of the first-of-its-kind innovation Neutrosphere Virtual Clinic, expanded reimbursement of the Mitra Clip device, FDA authorization of Amplatzer Amulet Left Atrial Appendage Occlude to cure stroke victims, and FDA authorization of Portico with FlexNav, a transcatheter aortic valve.
SIEMENS:
Siemens Healthineers, based in Germany, is the medical technology division of the Siemens automation and electrics group. The firm achieved $20.2 billion (€18.0 billion) in revenue in 2021, a 19% rise over the previous year. Siemens Healthineers increased its market share, introduced new technologies, and embraced sustainability in 2021. Moving ahead, the organization will continue to advance its digital transformation and stay committed to helping healthcare practitioners on their path to increase precision medicine, alter care delivery, and improve the patient experience.
BECKTON DICKINSON & COMPANY:
Beckton Dickinson & Company, abbreviated as BD, is an American multinational healthcare technology company that makes and distributes medical devices, equipment systems, and reagents. BD turned things around in 2021, with sales increasing by a whopping 18%. This solid performance was primarily driven by increased investments in higher-growth sectors and increased M&A activity. The FAC Symphony A1 Cell Analyzer, the COR Framework, a completely automated high-throughput molecular diagnostic channel, the Veritor at-home Covid-19 test, and the Rotarex Rotational Excisional Atherectomy System are among the new products introduced by BD as part of its innovation-driven growth strategy.
GE HEALTHCARE:
GE Healthcare is a global leader in medical technology and life sciences. With a diverse product range, GE Healthcare is well-known for its scanning, ultrasound, software, and life care technologies. With the unfavorable impact of supply chain interruptions, GE Healthcare's revenues declined by 2% in 2021. In 2021, they purchased two businesses, BK Medical and Zionexa, which both offer enormous promise in precision health and medicine, which is GE Healthcare's key emphasis.
FINAL THOUGHTS:
The rising occurrence of chronic diseases, combined with healthcare providers' added focus on diagnosing and treating diseases sooner, is leading to a spike in the number of patients undergoing surgical and diagnostic processes, urging businesses to improve, cultivate, and create new innovative medical breakthroughs. If you are looking for some of the best medical equipment from the top companies, PT Medical Technologies can help you get and maintain them.