With the advancement of technology, many industries have begun to integrate technology into their practices to expand the scope of their work. A lot of businesses have gained from this. In the medical field, it is undoubtedly one of them.
Medical professionals have saved countless lives and provided quick solutions to illnesses thanks to technological advances. There’s a group behind the equipment that has created the devices.
Let’s take an overview of the best-known suppliers of medical equipment around the globe who have been able to develop the most cutting-edge medical equipment and rank among the top 10.
How We Researched the Top 10 Medical Device Companies
We analyzed the most up-to-date annual reports from all 100 companies manufacturing medical devices to gather details. Public traded companies must publish their financial information, including the total amount of revenue and R&D expenditure, in their quarterly and annual reports.
Market caps, which indicate the worth of all the shares available for this company, are up at the time of writing in March 2020. Businesses are typically identified by the market cap they have in the following manner:
Medical device manufacturers with mega-caps have a market capitalization of over $200 billion.
Medical device manufacturers with a significant market share have an annual market capitalization of between $100 billion-$200 billion.
Companies in the mid-cap segment of medical devices with a market capitalization of between $2 billion and $10 billion.
Medical device manufacturers with small caps can sell their products for $300 million-$2 billion.
Micro-cap companies that manufacture medical devices typically can be found between $50 and $300 million.
For all the financial details about these companies that make medical devices visit the investor section of every link on the website and download the year-end report. There you will be able to find out more about the company you choose and its financials, such as profits, expenses, and cash flow reports.
Medtronic
Medtronic plc tops the list of the most prestigious medical device companies with a projected $30.12B in revenues. Medtronic is a multinational manufacturer of medical devices located in Minneapolis, Minnesota. Its primary market is the United States; Medtronic is globally active. Medtronic is currently operating across 140 countries, employing more than 104,950 employees.
Medtronic specializes in the manufacture and marketing of devices within the following fields: spinal disorders and cardiac rhythms, and biologics diabetic neuromodulation, surgical technology (including ear, nose, and throat (ENT) disorders and spinal, cranial, and neurologic diseases. ).
ABBOTT $30BN +33%
American multinational company Abbott is awarded second place on this year’s best medical device firms list. Established over 130 years back, Abbott is headquartered in Illinois and provides medical devices and healthcare services across more than 160 nations. With over 113,000 employees around the world, The company is recognized for its innovative items in the field of diagnostics, medical equipment, nutrition, and generic drugs that are branded.
The Abbott Diagnostics and medical devices divisions increased by 32.7 percent year-over-year. Diagnostics increased by 42.7 percent, driven by the Covid-19 tests. Abbott has continued to build their Medical Devices portfolio with several developments in the pipeline for 2022, for example, the U.S. debut of the world’s first tech NeuroSphere Virtual Clinic, expanded coverage of the MitraClip device FDA approval for Amplatzer Amulet left Atrial Appendage Occluder for treating stroke patients, as well as FDA approval for Portico which includes FlexNav Transcatheter Aortic valve replacement (TAVR). Abbott plans to solve more than just the medical problem they address with their products in the coming years. However, they will also address issues of accessibility as well as affordability.
Ambu
Single-use endoscopy devices? Check out Ambu to discover this innovative instrument. Utilizing endoscopes is long unpopular (due to the danger of transmitting infection between patients and patients)–but one Danish-based business intends to change the situation by introducing a single-use bronchoscope.
Ambu has seen real improvements within a relatively short period, receiving two FDA approvals and a Health Canada Greenlight in 2021. It has made great strides in single lung ventilators and procedures for bronchoalveolar drainage; Ambu has sights on ENT, Urology, and gastroenterology in the coming years.
Johnson & Johnson MedTech
It is now branded Johnson & Johnson MedTech, the medical device division of J&J will be given more prominence within the business following the anticipated separation of its consumer division by 2023. However, analysts have indicated that J&J could be searching for an additional large medical device company that it can acquire to put MedTech’s revenues more comparable with the pharmaceutical business. (Needham and Co. analyst Mike Matson floated Boston Scientific as a possible option.)
However, during J&J’s earnings call in July, CEO Joaquin Duato said that J&J MedTech intends to keep its sights on strengthening its existing strongholds.
Stryker acquires Vocera Communications
Stryker’s purchase of Vocera illustrates companies that manufacture medical devices seeking to purchase software assets. San Jose, Calif.-based Vocera creates workflow and communication software designed for hospitals.
Analysts had stated that they were in awe of the deal when it was first announced in January, mainly because the company doesn’t have traditional surgery and medical-related equipment. It’s valued Vocera 11.5 times more than the 2022 estimates for revenue.
CARDINAL HEALTH:
Cardinal Health is well known as a supplier of medical supplies and products that aid healthcare providers. Cardinal Health has more than 100 years of knowledge and employs 50,000 people. In response to the popularity of Covid-19, positive effects from PPE sales, and more significant volume sales for the lab division, the medical department of Cardinal Health has grown by 8.8% during the fiscal year 2021.
STRYKER:
Stryker is an international American company that is specialized in the field of medical technology. It employs 43,000 people and concentrates on developing the most cutting-edge orthopedic medical and surgical neurotechnology and spinal-care solutions that improve patients’ health and hospital performance. Stryker has been growing steadily over the past 40 years before 2020. However, due to the decline in medical treatments caused by the epidemic of Covid-19, its sales fell by 3.6 percent that year.
Horizon Therapeutics
There’s no more impressive picture regarding the creation of new drugs for rheumatic and rare diseases than the Irish biotech company Horizon. Innovative products like Krystexxa, Duexis, and Rayos bring comfort and enhance people’s lives for millions across the globe who suffer from rare illnesses like thyroid eye diseases, gout, and a myriad of other inflammation-related disorders. Horizon’s workforce of more than 2000 people works to accomplish its mission at its headquarters in Dublin and its U.S. office in Lake Forest, Illinois.
BRAINSWAY
About 10 percent of Americans are depressed. However, we’re struggling to discover effective treatment options. BrainsWay is at the forefront by offering deep transcranial magnetic stimulation, a new version of transcranial magnet stimulation, which uses electromagnetic waves that stimulate brain neurons. The BrainsWay brand has a range of coils that have been FDA certified for treating the symptoms of depression (the H1), OCD (the H7), and addiction to smoking (the H4).
In August of this year, BrainsWay received FDA clearance for its H7 coil that can use to treat anxiety depression as well as depression. It gives doctors another option for treating depression. At present, BrainsWay has treated more than 100,000 patients. BrainsWay announced $21.1 million in sales in the first nine months of 2022. However, the expenses have increased since it continues to expand its sales and marketing infrastructure.
Francis Medical
Prostate cancer kills around 35,000 American males each year.
Francis Medical’s transurethral ablation system utilizes water vapor to cause overheating and kill cancerous cells inside the prostate while leaving healthy cells unharmed.
The company intends to broaden its product application to combat bladder and kidney cancers within the next few years.
Healthy.io
Medical device manufacturers don’t have to require the production and distribution of thousands of brand-new products to be successful.
Israeli software firm Healthy.io can work with the tools already in your possession and turns your phone camera into an FDA-approved test-at-home kit to treat UTIs, Open wounds, UTIs, and much more.
The business has grown 300 percent in the last year and has shown no sign of slowing down. Some partnerships include Johns Hopkins, the British NHS, and others gaining momentum.