What are the biggest medical device companies?

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Medtronic, Johnson & Johnson MedTech, and Siemens Healthineers top the list of the 100 largest medical device companies by revenue.

The 2022 edition of mass device and Medical design and outsourcingBig 100 report also holds surprises. Large conglomerates are turning medical technology companies into stand-alone companies, which means changes in the listing of the top 100 medical supply companies.

Colfax, for example, undertook business moves that transformed DJO’s parent company into Enovis, a large stand-alone braces company that is No. 56 in the 2022 Big 100. ZimVie, formerly the spinal and dental business of Zimmer Biomet, is 69th. And after decades under the umbrella of large corporations, Cordis debuts at No. 76 on the list.

We have collected thousands of data points to assess publicly traded companies and private companies in the industry. The Big 100 includes annual revenues, R&D expenditures, number of employees, key executives, worldwide headquarters and descriptions of every company – from Abbott to Zimmer Biomet.

Read it full Big 100 report to learn more about the top 100 medical technology companies. Here are the top 10 medical device companies by revenue:

Company Annual revenue
Medtronic $31.7 billion
Johnson & Johnson MedTech $27.1 billion
Siemens Healthineers $20.5 billion
Phillips $20.3 billion
Medline Industries $20.2 billion
GE Healthcare $17.7 billion
stryker $17.1 billion
Cardinal Health (medical segment) $15.9 billion
Abbott (medical devices segment) $14.4 billion
Baxter $12.8 billion

And here is more information on the top 10 medical technology companies:

Medtronic — topping the list among the 100 largest medical device companies of 2022 — has suffered a series of setbacks over the past year. There was delays in the company’s pivotal ON MED study of its renal denervation system, supply chain challenges around the deployment of its Hugo surgical robotics systemand regulatory issues for its Diabetes business. Announcing first-quarter results in August, CEO Geoff Martha insisted the company’s management can get the job done.

Learn more about Medtronic.

And here is the Medtronic coverage of MassDevice.

Renamed Johnson & Johnson MedTech, J&J’s medical device business should have greater visibility in the company after the expected fallout from its consumer business in 2023. Analysts have, however, suggested that J&J may be looking for another large medical technology company to acquire for increase MedTech revenue. on par with the pharmaceutical sector. (Needham & Co. analyst Mike Matson mentioned Boston Scientific as a possibility.)

But during J&J’s second-quarter earnings call in July, CEO Joaquin Duato said instead that J&J MedTech aims to strengthen current strongholds.

Learn more about Johnson & Johnson MedTech.

And here is the Johnson & Johnson coverage of MassDevice.

Spun off from Siemens to become its own publicly traded company in 2018, Siemens Healthineers became even bigger after the closure of its Acquisition of Varian Medical Systems for $16.4 billion in 2021. Siemens Healthineers said the merger with Varian has created the most comprehensive cancer care portfolio in the industry.

Learn more about Siemens Healthineers.

And here’s Siemens Healthineers coverage of MassDevice.

Philips’ all-consuming story over the past year has been its massive recall involving over a million CPAPs, ventilators and other breathing devices. The recall took the Dutch medtech giant out of the breathing device market, with reports of problems accelerating. There was news in August of 44 more recall-related deaths.

Learn more about Philips.

And here is Philips coverage of MassDevice.

Privately held Medline Industries is moving up in this year’s Big 100 report of the largest medical device companies. Sales grew nearly 15% to $20.2 billion last year.

Learn more about Medline Industries.

And here is the Medline Industries coverage of MassDevice.

As it prepares to become its own independent company early next year – keeping its old name – GE HealthCare has turned to major partnership deals rather than mergers and acquisitions to better compete.

Learn more about GE HealthCare.

And here is GE HealthCare coverage from MassDevice.

Stryker officials say they are already enjoying synergies from their $3.1 billion acquisition of Vocera Communications, a provider of digital care coordination and communication offerings.

Learn more about Stryker.

And here’s MassDevice’s Stryker coverage.

Chief financial officer Jason Hollar has moved to the corner office of pharmaceutical and medical services giant Cardinal Health, which is No. 8 in this year’s Big 100 report of the largest medical device companies.

Learn more about Cardinal Health.

And here is the Cardinal Health coverage of MassDevice.

9. Abbott (medical devices segment)

Abbott kicked off 2022 with CEO Robert Ford delivering the first-ever healthcare keynote at CES.

Learn more about Abbott.

And here’s Abbott’s coverage of MassDevice.

After completing its acquisition of Hillrom for $12.5 billion at the end of 2021, Baxter moved up two spots to No. 10 in this year’s Big 100 report.

Learn more about Baxter.

And here is the Baxter coverage of MassDevice.

Read the full Big 100 report on the largest medical device companies.

And here is last year’s report.

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