The medical device industry is a rapidly growing market driven by complex patient needs that encourages life sciences companies to develop innovative therapies to improve health and quality of life. In 2021, the global market for medical devices reached almost $ 456.9 billion. The growth is due to the increase in the number of sanitary facilities, healthcare spending, technological advances and the aging of the population.
The list shows the top 10 biggest medical device companies in the world in 2021:
The American multinational Cardinal Health ranks tenth. With more than 100 years of experience and 50,000 employees, the company has a reputation for providing medicines, medical products and services that help healthcare professionals.
Beckton Dickinson & Company, commonly known as BD, is an American multinational medical technology company that manufactures and markets medical devices, instrument systems, and reagents. Growth was spread across divisions and regions. Investments in research and development have led to the successful launch of 25 key products in 2021. Looking ahead, the company plans to continue investing in and developing a strong portfolio of new products.
Siemens Healthineers ranks eighth on the list of leading medical device companies. Germany-based Siemens Healthineers is the medical technology arm of automation and energy conglomerate Siemens. Cross-industry priorities are to increase market share in geographic growth markets, increase market share with leading healthcare providers, and drive the company’s digital transformation.
Germany-based international healthcare company Fresenius ranks seventh. With more than 300,000 employees in more than 100 countries, Fresenius is a leading provider of products and services for dialysis, hospital and outpatient treatment. At the company’s annual general meeting, it was said that Fresenius’s stable business model has helped keep the company on a growth path despite the great challenges of the Covid-19 pandemic.
With over a hundred years of experience, Philips is a diversified technology company. Philips Healthcare accounts for 42% of its global sales and has three main areas. Diagnosis and treatment, online assistance and personal health.
The top 10 includes the world’s largest medical technology and life sciences company, GE Healthcare. With a broad portfolio of products, GE Healthcare is widely known for its imaging, ultrasound, software and life care solutions. GE Healthcare has announced a series of steps to expand its presence in the growing sectors of 3D printing, surgical robotics and virtual care.
The American multinational is the fourth largest medical device manufacturer by 2020. Abbott was founded more than 130 years ago and is based in Illinois. The company supplies medical devices and healthcare solutions in more than 160 countries. With 107,000 employees worldwide, the company is known for developing state-of-the-art products for diagnostics, medical devices, nutrition, and generics.
Thermo Fisher Scientific, based in Massachusetts, has four main divisions. Life learning solutions, logical tools, Medical diagnostic tools, and laboratory products and services. The company’s sales increased a good 5% in 2020, confirming the company’s position in the top 3 of this list. Growth was driven by powerful innovations and new product launches. The company has always been committed to continuous innovation and plans to take advantage of its access to emerging markets.
Johnson & Johnson will rank second in 2021. Johnson & Johnson’s medical device segment includes a wide range of products for orthopedics, surgery, interventional solutions and eye health. Another decline in growth was offset by excellent electrophysiology, contact lenses, eye glass adjustment tool and energy efficiency. Going forward, the company intends to prioritize improving its line of innovation and managing its portfolio, focusing on the proper execution of its acquisitions and strategic partnerships.
Medtronic is still the largest manufacturer and seller of medical devices around the world. With more than 90,000 employees in 150 countries, Medtronic is a leader in medical technology. The effects of Covid-19 are expected to continue to negatively affect and aspects to the profit and losses of the company. However, the company continues to strive to innovate, improve research and development productivity, grow its emerging markets, generate clinical trials, and review our research and development programs.