top 5 medical device companies (2019)

top 5 medical device companies (2019)

Medical devices is one of the fastest growing areas within life sciences. This broad industry develops all manner of devices from diagnostics and medical imaging machines to surgical instruments and orthopaedics. With the high level of technological advancement over recent years, sub-sectors such as health technology – where medical devices meet innovative software technology – have grown exponentially. The last 12 months have seen some impressive growth in the medical device sector, mostly due to investment in health technology and artificial intelligence, and Proclinical has compiled the following list of the current top 10 medical device companies in the world, ranked by their 2018 revenue:

GE Healthcare

$19.8 billion
In 5th place on Proclinical’s list, GE Healthcare’s revenue grew from $19.1 billion in 2017 to $19.78 billion in 2018, a respectable and steady increase of 4%. The medical device company is a subsidiary of General Electric, but the company has plans to establish GE Healthcare as a separate entity in the near future. Its growth this year has been attributed to emerging markets such as South East Asia and Latin America, and an increase in sales of Health Care Systems and imaging products. GE Healthcare prepares to go from strength to strength by investing heavily in artificial intelligence medical platforms and solutions.

Philips Healthcare

$20.7 billion (€18.1 billion)
Philips Healthcare enjoyed modest but steady growth of 5% in 2018. The medical technology company is a subsidiary of the multinational technology conglomerate Philips, and prides itself on becoming a leader in the health technology sector. Its diagnostic imaging and personal heath segments did particularly well in 2018, and the digital pathology sector also enjoyed rapid growth. In 2018, Philips Healthcare took strategic steps to strength its position moving forward with a number of acquisitions, including EPD Solutions, Remote Diagnostic Technologies, NightBalance and Blue Willow Systems.

Thermo Fisher Scientific

$24.4 billion
American biotechnology and medical device company, Thermo Fisher Scientific, enjoyed an impressive 16% growth on 2017 figures. Their Analytical Instruments and Speciality Diagnostics segments did particularly well, growing by 11% and 7% respectively. In September 2018, the company signed an agreement with Becton Dickinson to acquire their Advanced BioProcessing and most recently in March 2019, Thermo Fisher Scientific entered into the gene therapy manufacturing market.

DePuy Synthes (Johnson & Johnson)

$27 billion
2nd on the top 10 list of medical device companies is Johnson and Johnson’s medical device subsidiary, DePuy Synthes. The company develops and manufacture products in various therapy areas: orthopaedic, cardiovascular, diabetes, vision care and surgery. Worldwide medical device sales increased by 1.5% and the primary contributors included high sales in the following areas: surgical vision, wound closure, biosurgery and electrophysiology.


$29.9 billion
Medtronic is the top medical device company in the world for 2019 with an impressive annual revenue nearly $30 billion in 2018. The company experienced 1% increase in revenue compared with 2017 figures and they reported growth across all groups and regions. Revenue increases is also due in part to its acquisition of Mazor Robotics in late 2018, which was considered the biggest orthopaedic deal of the year.
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