Impact Healthcare

Top 10 Medical Device Companies in the World in 2024

The medical device industry is experiencing remarkable growth, with the global market valued at over $512 billion in 2022 and expected to nearly reach $800 billion by 2030. This growth is driven by the rising prevalence of chronic diseases, increasing surgical and diagnostic procedures, and continuous innovation in medical technology. Leading companies are expanding their product portfolios and improving existing technologies to meet the growing demand for healthcare solutions.

Below, we explore the top 10 medical device companies in the world in 2024, ranked by their 2023 revenue in the medical device segment. Impact Health Care, a key player in the healthcare export-import sector, has also made it to the list due to its significant contributions to the industry.

1. Cardinal Health (US$15.9bn -6%)

Cardinal Health, headquartered in Dublin, Ohio, is a global leader in manufacturing and distributing medical and laboratory products. With over 50 years of experience, Cardinal Health has earned a reputation for providing essential medical products and services that support healthcare providers worldwide. The company’s medical segment saw a 6% decline in sales in 2023, largely due to a decrease in demand for PPE, inflationary pressures, and supply chain constraints.

In a statement, CEO Jason Hollar emphasized that despite these challenges, Cardinal Health’s Medical segment showed significant improvement, driven by the execution of its Medical Improvement Plan. As the company enters the 2024 fiscal year, they are optimistic about continued growth and raised their fiscal year 2024 earnings guidance.

Cardinal Health logo

2. Philips (US$17.80bn -7%)

Philips, a technology giant with over a century in business, continues to be a major player in healthcare, with 42% of its revenue coming from its health products and solutions. However, 2023 was a challenging year for Philips, with revenue declining by 7% due to operational difficulties, supply chain issues, and the impact of the Russia-Ukraine war.

CEO Roy Jakobs acknowledged the disappointing performance in 2023, but emphasized the company’s commitment to improving execution and strengthening patient safety. With new strategies in place for 2024, Philips aims to recover from its setbacks and improve performance.

Philips logo

3. Stryker (US$18.40bn +8%)

Stryker, an American multinational founded in 1941, is one of the world’s leading medical technology companies. Known for its innovations in orthopedics, surgical solutions, neurotechnology, and spine care, Stryker continues to thrive, posting an 8% increase in revenue in 2023. The company’s investment in technology and AI in the pharmaceutical industry drives innovation and growth in the healthcare sector.The company’s MedSurg and Neurotechnology segments saw particularly strong sales growth, driven by rising demand for emergency care and acute medical products.

Despite the challenges posed by inflation, supply chain disruptions, and currency fluctuations, Stryker is well-positioned for continued growth in 2024.

stryker logo

4. GE Healthcare (US$18.46bn +4%)

GE Healthcare, a leader in medical technology and life sciences, saw a 4% revenue increase in 2023, thanks to strong performance in imaging and ultrasound products. GE Healthcare’s comprehensive portfolio of products includes software and life care solutions, which have earned it a reputation for advancing personalized and connected care.

CEO Peter Arduini expressed optimism for 2024, highlighting investments in innovation and increasing healthcare digitization as key drivers of future growth.

5. Becton Dickinson & Company (US$18.90bn -6%)

Becton Dickinson (BD), a global medical technology company, continues to make significant strides in the healthcare industry, despite a 6% drop in revenue in 2023 following the spinoff of its Diabetes Care business. BD remains committed to innovation, launching notable products such as the BD Research Cloud and BD Effivax, a next-generation prefillable syringe. Becton Dickinson’s new innovations in medical technology rely heavily on maintaining data integrity in the pharma industry to ensure compliance and safety.

CEO Tom Polen emphasized BD’s strong performance in a challenging macro environment, and the company looks forward to sustained growth in 2024.

becton dickinson & company logo

6. Fresenius Medical Care (US$20.92bn +8%)

Fresenius Medical Care, a global leader in kidney care products and services, ranks fifth on our list, with an 8% increase in revenue for 2023. With nearly 4 million patients receiving dialysis treatment worldwide, Fresenius Medical Care remains a crucial player in the healthcare industry. The company’s new operational model, which focuses on Care Enablement and Care Delivery, has contributed to its strong performance.Fresenius Medical Care’s success is also attributed to its adherence to QMS for the pharmaceutical industry, ensuring quality and safety in its operations.

CEO Helen Giza outlined the company’s focus on operational improvements and strategic transformation efforts as key priorities for driving future growth in 2024.

7. Siemens Healthineers (US$23.43bn +30%)

Siemens Healthineers, a German-based medical technology company, delivered impressive growth in 2023, with a 30% increase in revenue compared to the previous year. The company’s Imaging, Advanced Therapies, Diagnostics, and Varian segments all performed strongly, contributing to Siemens Healthineers’ continued success.

CEO Bernd Montag credited the company’s focus on innovation and the successful execution of its “New Ambition” strategy as factors behind its excellent performance. With strong momentum going into 2024, Siemens Healthineers expects further growth in the coming year.

siemens healthineers logo

8. Johnson & Johnson (US$27.43bn +1%)

Johnson & Johnson, a global healthcare giant, continues to maintain its position as a leading player in the medical devices industry. In 2023, J&J’s MedTech division reported a modest 1% increase in revenue. This growth was driven by the launch of new products and the successful acquisition of Abiomed, positioning J&J as a leader in heart recovery solutions.

Looking ahead, J&J is focused on leveraging AI, data science, and intelligent automation to drive the next wave of innovation in 2024.Johnson & Johnson’s approach exemplifies the transition towards Pharma 4.0, incorporating advanced technologies to revolutionize healthcare.

Johnson & Johnson logo

9. Medtronic (US$31.23bn -1%)

Medtronic, a global leader in medical technology, comes in second place on our list for 2024. Despite a 1% decrease in revenue, Medtronic remains a dominant force in the industry, with a presence in over 150 countries and more than 95,000 employees worldwide. The company’s cardiovascular and neuroscience portfolios continue to perform well, though sales in its medical-surgical segment declined due to reduced demand for ventilators.

With continued investments in AI and connected care technologies, Medtronic is poised for a strong recovery in 2024.

10. Abbott (US$31.27bn +4%)

Abbott takes the top spot as the world’s largest medical device company in 2024. With over 115,000 employees and a presence in more than 160 countries, Abbott’s medical device segment posted a 4% increase in revenue, driven by strong performance in diabetes care and cardiovascular products. Abbott’s recent innovations, including the FreeStyle Libre 3 glucose monitoring system and the Aveir leadless pacemaker, have helped solidify its position as a market leader.

CEO Robert B. Ford highlighted the company’s commitment to innovation and product development as key drivers of its continued success.

Abbott logo

Honorable Mention: Impact Health Care

Impact Health Care, a rising force in the healthcare export-import industry, has made significant strides in delivering innovative medical solutions to emerging markets. With a focus on providing high-quality medical devices and equipment, Impact Health Care has played a crucial role in addressing healthcare challenges in underserved regions. In 2024, the company is poised for further expansion, leveraging its expertise in sourcing and distributing cutting-edge medical devices to a global audience.

Conclusion: The Future of Medical Devices

The global medical device industry continues to thrive, with advancements in technology, increasing healthcare digitization, and the growing demand for chronic disease management fueling its growth. As we look to 2024, companies like Abbott, Medtronic, and Impact Health Care are leading the charge with innovative solutions that are transforming patient care.

If you’re looking to grow your business in this dynamic industry, now is the time to connect with one of these top medical device companies and explore the latest advancements in healthcare technology.

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