The medical device industry continues to gain momentum year on year thanks to progressive medical technological advancement. There are many leading medical device companies that work tirelessly to develop innovative healthcare solutions to fight against the world’s most prevalent diseases, as well as injury and disability. Here is a list of today’s biggest medical device companies based on their 2016 revenue:
2016 revenue: $10.2bn
US-based healthcare company Baxter International is a well-established medical device manufacturer, specialising in developing solutions for renal diseases, haemophilia and immune disorders. Baxter has an innovative portfolio including IV and irrigation solutions, surgical care, renal and blood purification therapies and infusion pumps. The company saw a 2% increase in global sales from 2015 following twenty product launches and global expansion. Among the most notable product launches of 2016 was the Hemopatch, an advanced surgical patch and the generic vaccine Vancomycin. Baxter hopes to further expand generic vaccine production in 2017 by acquiring Claris Injectables Ltd.
2016 revenue: $10.9bn
When Stryker Corporation was first established it initially focused on developing orthopaedic devices such as mobile hospital beds and cast cutters. During its 60-year history, the company has expanded into other sectors: medical and surgical (MedSurg), and neurotechnology and spine. In 2016, the 13.9% increase in sales was fairly balanced across all three sectors and further boosted by strategic acquisitions such as Sage Products which develops innovate disposable products for intensive care units, Physio-Control which famously developed defibrillators, and Stanmore Implants Worldwide which designs and manufactures implants for limb and joint replacements.
2016 revenue: $12.4bn
American health care company Cardinal Health supplies pharmaceutical and medical device products to hospitals across the globe with wound care, surgical, laboratory, over-the-counter and home healthcare products. The company saw a substantial 19% increase in total revenue (including pharmaceutical segment) compared with 2015 figures, thanks to sales from their existing portfolio of products and some acquisitions, two of which were medical device companies - Cordis and naviHealth.
2016 revenue: $12.5bn
Becton Dickinson is an American medical technology company, headquartered in New Jersey. The company develops medical devices, laboratory instruments and diagnostic products which they supply to hospitals, laboratories and clinics in over 190 countries. At the end of 2016, Becton Dickinson announced an impressive 21.4% increase in revenue, due to a combination of strong sales, diverse portfolio and a new joint venture with Apax Partners which launched as respiratory solutions pure play company Vyaire Medical. Going forward into 2017, the company is expanding state-of-the-art medical technologies and increasing their presence in emerging markets.
2016 revenue: $14.1bn
This multinational conglomerate company renamed their healthcare segment from Siemens Healthcare to Siemens Healthineers in 2016. The innovative healthcare provider boasts an impressive portfolio of medical imaging and laboratory diagnostics, and is currently working to use its scientific and engineering expertise to expand into digital services and therapeutic and molecular diagnostics. Following Siemens' 2020 Vision restructuring, Healthineers has enjoyed steady growth in 2015 and 2017 and the company expects to continue this into 2017, especially in markets such as the USA and China.
2016 revenue: $16bn
5th on a list of top medical device companies, Philips is a global conglomerate company that is the largest manufacturer of lighting in the world. Their healthcare segment is also hugely successful, developing medical devices in a number of therapy areas including anaesthesia, oncology and cardiology. The company experienced a 3% growth in sales in 2016 in part thanks to a serious of successful growth initiatives, including the acquisition of PathXL in June 2016 and the integration of Volcano back in 2015.
Fresenius (Medical Care)
2016 revenue: $18bn
German medical devices company Fresenius Medical Care specialises predominately in developing medical supplies to treat patients with renal (kidney) diseases, particularly to aid dialysis. The company attributes strong growth of 7% in 2016 to an increase in sales of dialysers and machines as well as positive price and volume effects. It also grew its workforce from 104,033 in 2015 to 109,319 in 2016, a 5% increase. Fresenius Medical Care intends to boost annual revenues to $28 billion by 2020.
2016 revenue: $18.2bn
In the top three medical device companies in the world, General Electric is another multinational conglomerate that has a thriving healthcare segment, commonly known as GE Healthcare. The company produces medical devices like x-rays, ultrasound machines, incubators and CT image machines. It also develops devices that aid research and drug innovation and biopharmaceutical manufacturing. In 2016, the company experienced healthy 17.3% margin and in 2017, it aims to grow by expanding further into emerging markets and China. Recently, GE Healthcare has committed $300million under their initiative, Sustainable Healthcare Solutions, which aims to bring ‘disruptive technologies’ to these emerging markets where healthcare is less accessible.
Johnson & Johnson
2016 revenue: $25.1bn
The second biggest medical device company on the list is American biopharmaceutical, consumer goods and medical device giant Johnson & Johnson, which has been a well-known household name across the globe for several decades. Their ranking on this list is based on the revenue from the company’s medical device subsidiaries that include Ethicon, Acclarent and DePuy Synthes. The group develop and manufacture products in various therapy areas: orthopaedic, cardiovascular, diabetes, vision care and surgery. The company saw a 2.6% increase in revenue in 2016 and intends to drive further growth in 2017 through greater innovation, portfolio management and by expanding into emerging markets.
2016 revenue: $29bn
The leading medical device company in the world, Medtronic, enjoyed a staggering 42% growth in revenue compared with 2015 figures ($20.3 billion). The medical device giant operates in over 140 countries and employs more than 100,000 people that work across its principal units: cardiovascular, diabetes, spinal and biologics, neuromodulation, surgery and cardiac rhythm disease. Much of 2016 growth can be attributed to the completion of a very successful acquisition of medtech company Covidien.
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