Medical Device Brands play a pivotal role in modern healthcare, encompassing a wide range of instruments, equipment, and technologies designed to diagnose, monitor, treat, or alleviate medical conditions.
These devices are essential tools in healthcare settings, from hospitals and clinics to home-based care. Examples of medical devices include diagnostic tools like MRI machines and blood glucose monitors, therapeutic devices like pacemakers and insulin pumps, and supportive equipment such as wheelchairs and hearing aids.
Advancements in medical technology continue to revolutionize patient care, enhancing accuracy, efficiency, and patient comfort. Food and Drug Administration (FDA) classifies Medical devices into 3 classes i.e. Class I, Class II, and Class III. Classes I and II have special labels because they have the least legal authority.
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Market Drivers
Rising Prevalence of Chronic Diseases Worldwide to Drive Demand for Medical Devices
One of the primary factors driving the market growth is the rising prevalence of chronic diseases like diabetes, cancer, and other infections worldwide. Due to a sedentary lifestyle younger generation is more prone to chronic diseases, thus there is rising demand for diagnostic tests and procedures which is propelling the market growth.
According to the report by Physiopedia, globally there are about 1 in 3 adults are suffering from multiple chronic conditions, and about 6 in 10 adults in the United States suffer from various chronic conditions. Thus rising prevalence of chronic diseases drives the demand for medical devices in the diagnostic and screening of chronic diseases.
Market Size
The global medical devices market is anticipated to reach USD 656.0 billion by 2032, from a value of USD 492.0 billion in 2022, with a compound annual growth rate (CAGR) of 3% between 2023 and 2032.
Top 10 Medical Device Brands
Stryker Corporation
Company Overview
| Establishment Year | 1941 |
| Headquarter | The U.S. |
| Key Management | Mr. Kevin A. Lobo (CEO) |
| Revenue (US$ Bn) | 18.4 Billion (in 2022) |
| Headcount | ~46,000 (in 2022) |
| Website | www.stryker.com |
About Company
Stryker is an American medical technology company, that was founded in 1941 by Mr. Homer Hartman Stryker. The company specializes in designing, manufacturing, and marketing a wide range of orthopedics, medical and surgical products, neurotechnology, and spine products and services. Its main products include orthopedic implants, surgical equipment, surgical navigation systems, patient handling, and emergency medical equipment, as well as Intravenous Care Disposable Products and Endoscopic and Communications Systems.
Additionally, Stryker provides neurosurgical, neurovascular, and spinal equipment as well as medical devices for various conditions. The company distributes its products to medical providers such as hospitals, doctors, and other healthcare providers through its subsidiaries, branches, independent dealers, and distributors.
Geographical Presence
Stryker Corporation operates in 75+ countries. It covers Europe, the Middle East, Africa, Asia Pacific, and countries in the Latin America region.
Recent Developments
- In September 2023, Stryker announced the launch of PROstep®, a new surgical procedure that uses minimally invasive techniques to treat bunions.
- In June 2022, Stryker opened a new research and development facility, Stryker’s Global Technology Centre (SGTC), at the International Tech Park, Gurgaon.
Abbott Laboratories
Company Overview
| Establishment Year | 1888 |
| Headquarter | The US |
| Key Management | Mr. Robert B. Ford (Chairman &CEO) |
| Revenue (US$ Bn) | $43.7 Bn |
| Headcount | ~115,000 (2022) |
| Website | www.abbott.com |
About Company
Abbott Laboratories, founded in 1888 by a Chicago physician, Dr. Wallace Calvin Abbott, has its headquarters situated in Abbott, Illinois, USA. Initially, the company primarily focused on developing well-known drugs, but it has since diversified its portfolio to include a broad spectrum of medical devices, diagnostic tools, branded generic medicines, and nutritional products.
In 2013, Abbott Laboratories spun off its research-based pharmaceuticals business, creating Abbvie as a separate entity. Some of the notable products offered by Abbott Laboratories include Pedialyte, Similac, BinaxNOW, Ensure, Glucerna, ZonePerfect, FreeStyle Libre, i-STAT, and MitraClip.
Geographical Presence
Abbott Laboratories operates worldwide, which includes the regions Asia Pacific, Europe, Middle East, Africa, North America and Latin America.
Recent Developments
- In January 2023, Abbot FDA clearance for its Proclaim™ XR spinal cord stimulation system for the treatment of painful, diabetic peripheral neuropathy, a severe complication of diabetes.
- In January 2023, Navitor™ is a next-generation TAVI system developed by Abbott to treat aortic stenosis. Navitor™ has been approved by the Food and Drug Administration (FDA).
Johnson & Johnson Services, inc.
Company Overview
| Establishment Year | 1886 |
| Headquarter | The U.S. |
| Key Management | Mr. Joaquin Duato (Chairman &CEO) |
| Revenue (US$ Bn) | $94.94 billion (in 2022) |
| Headcount | ~150,000 (in 2022) |
| Website | www.jnj.com |
About Company
Johnson & Johnson was founded in the year 1886 by three brothers James Wood Johnson, Edward Mead Johnson, and Robert Wood Johnson. The headquarters of Johnson & Johnson is located in New Brunswick, New Jersey, U.S. Johnson & Johnson (J&J) is an American company that specializes in pharmaceuticals, medical devices, and medical technology.
The Company sells all kinds of products like skin and hair care, over-the-counter products, prescription drugs, and even surgical implants across the globe. Johnson & Johnson has 260 companies worldwide and 150,000 employees. The company operates in more than 60 countries.
Geographical Presence
Johnson & Johnson operates in more than 60 countries which include the US, Europe, Asia-Pacific and Africa, and the Western Hemisphere.
Recent Developments
- In December 2022, Johnson & Johnson Services, inc. acquired Abiomed. The main reason for acquiring is to boost growth in the MedTech business and give advanced medical products to patients all over the globe.
- In November 2022, Johnson & Johnson completed the acquisition of Abiomed, a company that develops medical devices for circulatory support.
Siemens Healthineers
Company Overview
| Establishment Year | 1847 |
| Headquarter | Germany |
| Key Management | Mr. Bernd Montag (CEO) |
| Revenue (US$ Bn) | $22.7 Billion (2022) |
| Headcount | ~ 69,500 (2022) |
| Website | www.siemens-healthineers.com |
About Company
Siemens Healthineers is a subsidiary of Siemens AG founded in 1847 and headquartered in Erlangen, Germany. Siemens Healthineers AG specializes in producing, designing, developing, and shipping diagnostic imaging, clinical, workflow, and minimally invasive systems.
The main products of the company include ultrasound systems, magnetic resonance imaging systems, point-of-care (POC) testing systems, hybrid ORs, angiography systems, molecular imaging systems, computed tomography systems, mobile C-arms, and X-ray products. The company provides a wide range of services to healthcare providers, including labs, clinics, hospitals, hospital systems, doctors, public health organizations, universities, state and private health insurance companies, pharmaceutical companies, and clinical research laboratories.
Geographical Presence
The company has branches all over the world, including Europe, the US, Middle East, Africa and Asia-Pacific.
Recent Developments
- In May 2023, Siemens Healthineers Announces New 10-Year Strategic Partnership Agreement with SSM Health to Increase Access to Quality Care and Training.
- In May 2023, to facilitate the production of semiconductor chips, Siemens Healthcare is investing a substantial sum of EUR 80 million in a new crystal cultivation factory in Forchheim.
Medtronic plc
Company Overview
| Establishment Year | 1949 |
| Headquarter | Ireland |
| Key Management | Mr. Geoff Martha (Chairman & CEO) |
| Revenue (US$ Bn) | 31.6 Billion(in 2022) |
| Headcount | ~ 95,000(2022) |
| Website | www.medtronic.com |
About Company
Medtronic was founded in the year 1949 by Earl Bakken and his brother-in-law Palmer Hermundslie. The company has more than 95,000 employees and the headquartered in Dublin, Ireland. Medtronic develops, designs, manufactures, and markets medical devices and solutions.
The company provides products that are used in the treatment of aortic, heart failure, spine and musculoskeletal disorders, heart valve disorders, diseases of the nose, throat, and ear, peripheral vascular, neurological diseases, and venous renal. Additionally, the company also provided solutions for the orthopedic and dental markets.
Geographical Presence
The company’s presence is across the globe which includes the regions of Asia Pacific, Europe, the Americas, the Middle East, and Africa.
Recent Developments
- In September 2023, Medtronic Diabetes Receives CE Mark for Simplera™ Continuous Monitoring CGM with Disposable All-in-One Design
- In August 2023, Medtronic Gets CE Mark Approval For Inceptiv™ Spinal Cord Stimulator with Closed Loop Sensing for Chronic Pain Treatment
- In April 2023, Medtronic was granted Food and Drug Administration (FDA) approval for the MiniMed 780G insulin delivery system with meal detection technology.
- In March 2023, Medtronic entered into a partnership with NVIDIA to develop an Artificial Intelligence Platform for Medical Devices, with the integration of NVIDIA Healthcare and Edge AI technologies into the Medical Device GI Genius™ Intelligent Endoscopy Module, developed and produced by Cosma Pharmaceuticals.
Koninklijke Philips N.V.
Company Overview
| Establishment Year | 1981 |
| Headquarter | Netherlands |
| Key Management | Mr. Roy Jakobs (CEO) |
| Revenue (US$ Bn) | 18.7 Billion(in 2022) |
| Headcount | ~ 74,451 (2022) |
| Website | www.philips.co.in |
About Company
Koninklijke Philips N.V. was founded by Gerard Philips and Anton Philips in 1981. The headquarters of Koninklijke Philips N.V. is located in Amsterdam, Netherlands. Koninklijke Philips N.V., better known as Philips, is a global technology company that specializes in the development and production of medical devices and consumer electronics.
Koninklijke Philips N.V. offers products and solutions in the fields of enterprise diagnostic informatics, sleep and respiratory care, image-guided therapy, population health management, therapeutic care, ultrasound, diagnostic imaging, connected care informatics, and monitoring and analytics.
Additionally, the company also offers personal care and oral healthcare products including brush heads, power toothbrushes, skin care, mother and childcare, breast pumps, trimmers, sterilizers, baby bottles, shavers, hair care and hair removal products, and groomers.
Geographical Presence
The company is running the business in North America, Europe and Asia-Pacific.
Recent Developments
- In September 2023, Philips announced the launch of its new Azurion Lung Edition, a 3D imaging and navigation platform designed to help physicians diagnose and treat lung cancer. The platform uses advanced imaging and navigation tools to help physicians visualize and access hard-to-reach lung lesions.
- In June 2023, Philips partnered with Biotronik to expand the range of cardio devices available for Philips SymphonySuite customers
BD (Becton, Dickinson, and Company)
Company Overview
| Establishment Year | 1897 |
| Headquarter | The U.S. |
| Key Management | Mr. Thomas Polen (CEO) |
| Revenue (US$ Bn) | $18.8 Billion (2022) |
| Headcount | ~75,000 (2022) |
| Website | www.bd.com |
About Company
Becton, Dickinson, and Company, commonly referred to as BD, was established in 1897 in New York City by Maxwell Becton and Fairleigh S. Dickinson. As of 2022, BD achieved a total revenue of $18.7 billion. BD operates through three distinct business segments: BD Interventional, BD Medical, and BD Life Sciences. With a global presence, BD serves more than 190 countries.
This American medical technology enterprise is renowned for its expertise in designing, developing, manufacturing, and marketing medical devices, instruments, and reagents, as well as offering consulting and analytics services.
Geographical Presence
The company’s products have a global reach, encompassing regions such as the Middle East, Eastern Europe, and select countries across Greater Asia, Africa, and Latin America.
Recent Developments
- In January 2023, Becton Dickinson and Company (BD) announced the introduction of a new robotic track system that automates laboratory specimen processing for BD’s new, automated microbiological laboratory solution, BDKiestra™. This new robotic track system may reduce the amount of manual labor and the amount of time needed to wait for results.
- In July 2022, Becton Dickinson and Company (BD) acquired pharmacy management software company MedKeeper. MedKeeper is a modern cloud pharmacy management software company.
Cardinal Health, Inc.
Company Overview
| Establishment Year | 1971 |
| Headquarter | The U.S. |
| Key Management | Mr. Jason Hollar(CEO) |
| Revenue (US$ Bn) | 53.4 Billion (2022) |
| Headcount | ~ 48,000 (in 2021) |
| Website | www.cardinalhealth.com |
About Company
Cardinal Health, Inc. was founded in the year 1971 by Robert D. Walter. At first Cardinal Health, Inc. was a food wholesaler company, but in the year 1979, the company acquired Bailey Drug Company and became the whole selling drugs company. The headquarters of the company is located in Ohio Dublin, Ohio, U.S.
The company has two business segments: Pharmaceuticals and Medicals. The company provides a range of services, including pharmaceutical distribution, manufacturing and specialty services, nuclear services, and pharmacy services.
The Medical segment specializes in the production of disposable surgical equipment, including single-use gowns, gowns and apparel, examination and surgical gloves, fluid suction, and collection systems, as well as sterile and nonserve procedure kits. The company also sells its products through third-party distributors or by direct sale in the U.S., Canada, Asia, Europe, and other regions.
Geographical Presence
The company operates in more than 30+ countries. The company operates In the Americas, Asia, Australia, Europe, the Middle East & Africa.
Recent Developments
- In September 2033, Cardinal Health introduced the Kangaroo Omni™ Enteral feeding Pump. This pump is designed to help enteral feed patients have more options to suit their unique needs as they enter the enteral feeding process.
- In August 2023, Cardinal Health’s NTrainer™ system 2.0 is a medical device that helps premature and newborn infants gain the oral coordination skills that are essential for a rapid transition to independent feeding.
Boston Scientific Corporation
Company Overview
| Establishment Year | 1979 |
| Headquarter | The U.S. |
| Key Management | Mr. Michael F. Mahoney(Chairman & CEO) |
| Revenue (US$ Bn) | 12.6 Billion (2022) |
| Headcount | ~ 32,000 (2022) |
| Website | www.bostonscientific.com |
About Company
The Boston Scientific Corporation was founded by Peter Nicholas and John Abele in the year 1979. The headquarters of the company Is located in Marlborough, Massachusetts, U.S. Boston Scientific Corporation designs, develops, manufactures, and markets medical devices and medical products used in a wide range of interventional medical fields around the world. At present, Boston Scientific has three worldwide reportable segments that are cardiovascular, rhythm, neuro, and medSurg.
Boston Scientific sells a wide selection of internally developed and self-engineered stents for drug-eluting applications, including the Promus PRIME, Promus EPEL, and Promus EPEL Plus everolimus stents. Under the Customer Relationship Management (CRM) segment, the company specializes in the manufacture of implantable devices that are used to monitor the heart and provide electrical stimulation to treat cardiac anomalies.
Geographical Presence
The company operates in 60 counties across 6 continents. Boston Scientific has a global presence with locations in North America, Europe, Asia Pacific, and the Middle East
Recent Developments
- In September 2023, Boston Scientific officially closed the deal to take over Relievant Medsystems, a privately-held medical tech company that has created and sold a spinal nerve ablation system called Intracept®, which is used to treat vertebrate pain, which is a type of Chronic lower back pain.
- In September 2023, Boston Scientific was granted marketing authorization by the Food and Drug Administration (FDA) for the latest generation of the WATCHMAN FLX™ pro left atrial appendage closure device.
Zimmer Biomet
Company Overview
| Establishment Year | 1927 |
| Headquarter | The US |
| Key Management | Mr. Ivan Tornos (CEO) |
| Revenue (US$ Bn) | 6.9 Billion (2022) |
| Headcount | ~ 18,000 (2022) |
| Website | www.zimmerbiomet.com |
About Company
Zimmer Biomet Holdings Inc. is a medical equipment manufacturer and distributor, providing a wide range of products to patients around the world, including orthopedic implants, dental implants, spinal implants, bone cement, and surgical products. The company specializes in the development of digital and robotic applications that leverage data, data analysis, and Artificial Intelligence.
The company specializes in the design, production, and marketing of orthopedic reconstruction, sports medicine and biologic products, extremities, and trauma products. Zimmer Biomet Company specializes in the treatment of patients who have experienced fractures or injuries to their bones, joints, or underlying soft tissues.
Geographical Presence
Zimmer Biomet has operations in more than 25 countries around the world and sells products in more than 100 countries. Its business operations are spread across the Americas, Europe, the Middle East and Africa, and Asia-Pacific.
Recent Developments
- In June 2023, Zimmer Biomet Holdings, Inc. officially opened an expanded office and APAC Global Business Services Centre (GBS) in Kuala Lumpur, Malaysia.
- In January 2023, the world’s leading medical technology company, Zimmer Biomet Holdings (ZBH), announced the conclusion of a definitive transaction with Embody, Inc. (Embody), a privately held medical device company specializing in soft tissue healing.
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