Top 20 Medical Device Companies Based on 2020 Revenue

• The medical devices industry is a fast-growing market driven by the complex needs of patients encouraging life science companies to develop innovative therapies to improve health and QoL
• In 2020, the companies have shown growth resulted from a rise in the number of healthcare facilities, healthcare expenditure, technological advancements. Medtronic remains at the top of the ledger with total revenue of $28.91B, followed by J&J with $22.95B
• PharmaShots has compiled a list of the top 20 medical device companies based on their 2020 medical device revenue

Siemens Healthineers is a global provider of healthcare solutions and services, with activities in numerous countries around the world. The business operations are divided into three segments: Imaging, Diagnostics and Advanced Therapies. With the acquisition of Corindus Vascular Robotics in early 2020, the company strengthens its business across the robotic-assisted platform for endovascular coronary and peripheral vascular interventions.

Smith+Nephew is a global medical technology company that is divided into three global franchises of Orthopedics, Advanced Wound Management, Sports Medicine & ENT. In 2020, the company launches Intellio Connected Tower Solution, the CORI surgical platform, HEALICOIL KNOTLESS Suture Anchor and many other devices. The company has done major acquisitions including the acquisition of Tusker Medical and the acquisition of Extremity Orthopedics business of Integra LifeSciences for $240M.

Terumo Corporation is a Tokyo based firm divided into four segments: Interventional systems, Terumo Business System, Medical Products and Pharmaceutical Solutions. In July’2020, the company acquires Quirem Medical to enhance its interventional oncology field. Terumo in collaboration with Marker Therapeutics received the first device FDA’s EUA to treat acute respiratory failure in COVID-19 patients.

Olympus Corporation is a Japanese manufacturer of optics and reprography products. Olympus also has a portfolio of multiple technologies like Optical, Opto-Digital, Precision including Bioscience and Digital Imaging. Its medical device segment consists of the Endoscopic Solutions Division and the Therapeutic Solutions Division and accounts for 80% of Olympus’ revenue.

Alcon is a global leader in the eye care business and having a complementary business in Surgical and Vision Care, to treat disorders related to the eye. Its surgical portfolio includes Implantables, Consumables, Equipment / Other while Vision Care comprises contact lenses and Ocular health. In 2020, the company received CE marking for Systane Ultra MDPF and Systane Hydration MDPF.

With over a hundred years in business, Philips is a diversified technology company. Philips’ health care focuses on three key areas; Diagnosis & Treatment, Connected Care and Personal Health. In Dec 2020, Philips acquired BioTelemetry with its wearable connected heart monitors, AI-based data analytics and a services platform while in 2021, Philips signed an agreement to acquire Capsule Technologies.

Zimmer Biomet is a global leader in musculoskeletal healthcare that design, manufacture, and markets orthopedic reconstructive products, sports medicine and trauma products, spine, craniomaxillofacial and thoracic products, dental implants, and related surgical products.  The company experienced a decrease by 12% in net sales compared to 2019 due to the deferral of elective surgical procedures from the COVID-19 pandemic. Currently, the company plan to spin off Spine and Dental businesses to form NewCo. The plan is expected to be executed in 2021.

3M is a diversified technology company with a global presence in the following businesses: Safety and Industrial, Transportation and Electronics, Health Care and Consumer. The company experienced  an increase in healthcare volumes that benefited both medical solutions and oral care after significant disruptions in Q2’20, with strong pandemic-related demand for disposable respirators resulting in increased sales for medical solutions, while oral care sales decreased year-on-year.

B. Braun Melsungen AG is a German medical and pharmaceutical device company offering a portfolio of anesthesia, intensive care, cardiology, extracorporeal blood treatment, and surgery. In 2020, B. Braun receives the US FDA’s approval for SpaceStation MRI. The global pandemic has impacted the sales of products such as implants from the Aesculap division and basic medical care products including infusion solutions fell considerably due to the postponement of non-essential surgeries in hospitals globally.

Boston Scientific Corporation is a global developer, manufacturer, and marketer of medical devices used for interventional medical specialties. The business of the company is reportable in three segments: MedSurg, Rhythm and Neuro, and Cardiovascular. In 2020, the company received the US FDA’s approval for WATCHMAN FLX which is designed to offer increased ease-of-use for physicians and improved procedural outcomes for patients, including reduced complication risk and healing time. The new device also received PMDA approval and Japanese National Health Insurance reimbursement approval.

Danaher is a global science and technology group, comprising 20+ operating companies with three segments (Life Sciences, Diagnostics, and Environmental & Applied Solutions). On Mar 31, 2020, the Company acquired the Biopharma business of GE Life Sciences division, now known as Cytiva, for a ~$20.7B in cash.

Baxter through its subsidiaries provides a broad portfolio of essential healthcare products, including acute & chronic dialysis therapies, sterile intravenous (IV) solutions, infusion systems and devices, parenteral nutrition therapies, inhaled anesthetics, generic injectable pharmaceuticals, and surgical hemostat and sealant products. In 2020, the company completed the acquisition of the product rights to Seprafilm from Sanofi for ~$342M in cash and acquire the rights to Caelyx and Doxil from a subsidiary of Johnson & Johnson for specified territories outside the US for $325M.

Abbott is a public healthcare company focused on the development, manufacturing, and commercialization of diagnostics, medical devices, nutritional and branded generic pharmaceuticals. In 2020, the US FDA has granted EUA for the company’s several COVID-19 related products including its diagnostic tests. The company has received a CE mark for the TriClip heart valve repair system, Tendyne Transcatheter Mitral Valve Implantation and FreeStyle Libre 3 system and many more in the medical device segment. Though the operating earnings for the Medical Devices segment were decreased by 19.4%.

Becton, Dickinson, and Company (BD) is a global American medical technology company that manufactures and sells medical device instrument systems and reagents. The company has three worldwide business segments: BD Medical, BD Life Science and BD Interventional. BD has launched multiple products in the year 2020 which include BD Veritor Assay for rapid detection of SARS-CoV-2, the Caterpillar and Caterpillar Micro Arterial Embolization Devices and many other devices.

Stryker Corporation is one of the world’s leading medical technology companies, offering innovative products and services in Orthopaedics, Medical and Surgical, and Neurotechnology and Spine that help improve patient and hospital outcomes. In Nov’2020, the company completed the acquisition of Wright Medical for $30.75/ share while in Dec’2020, it completed the acquisition of OrthoSensor.

Cardinal Health is a globally integrated healthcare services and products company providing customized solutions for hospitals, healthcare systems, pharmacies, ambulatory surgery centers, clinical laboratories, physician offices and patients in the home. Medical segment revenue decreased due to the adverse impact of the COVID-19 pandemic, partially offset by sales growth from Cardinal Health at-Home Solutions.

EssilorLuxottica is a global leader in the design, manufacture and distribution of ophthalmic lenses, frames, and sunglasses. In 2020, the company collaborated with Facebook on smart glasses and launches EssilorLuxottica 360 in the US as the first joint commercial program.

Fresenius Medical Care is a global healthcare firm offering solutions in lifesaving medicines, biosimilars and technologies for infusion, transfusion, and clinical nutrition. The company develops, manufactures and distributes a wide variety of health care products, which includes dialysis and non-dialysis products. In 2020, Xenios’s Novalung which is a heart and lung support system received the US FDA’s approval for acute respiratory or cardiopulmonary failure and get FDA approval for Biofine PD solution bags.

J&J is an American multinational medical device, pharmaceutical, and consumer packaged goods manufacturing company. Its Medical Devices segment includes a broad range of products used in the Interventional Solutions, Orthopaedics, Surgery, and Vision fields. The company experienced a decrease of 11.6% in the sale from 2019 in this segment. In 2020, J&J collaborated with Health First Europe to highlight the unmet needs in the prevention of surgical site infections.

Medtronic is the world’s largest medical device company that majorly focuses on the Cardiac and Vascular Group (CVG), the Restorative Therapies Group (RTG), the Diabetes Group and the Minimally Invasive Therapies Group (MITG). In 2020, Micra AV received the US FDA’s approval and CE mark in Jan and Apr’2020. In Dec, the company launches the first and only pediatric and neonatal acute dialysis machine in the US while in Nov, Medtronic launches InPen with Real-Time Guardia Connect CGM Data as the first integrated smart insulin pen for people with diabetes on MDI.

Source: Company annual reports, SEC filings, press releases, and company websites

Market Cap source: Google finance (as on 20th May 2020)

All revenues are reported in USD and in billions

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