The medical device industry plays a critical role in shaping the future of healthcare. From lifesaving cardiac implants to cutting-edge diagnostic tools, these companies are constantly pushing boundaries to improve patient outcomes. This list unveils the top 15 medical device companies in the world for 2024, ranked by their annual sales revenue. It provides a glimpse into the industry leaders who are driving innovation and shaping the medical landscape. The ranking showcases a dynamic industry with a mix of established giants and rising stars. American companies hold a strong presence, but European powerhouses like Siemens Healthineers and B. Braun also claim significant positions. The list offers valuable insights for investors, healthcare professionals, and anyone interested in the future of medical technology. Let’s delve deeper and explore the 5 key players who are defining this ever-evolving field.
Medtronic (US)
Medtronic began as a medical supply repair shop in the US in 1949, their first commercial product was a battery-powered, wearable pacemaker. From then on they have focused on technology as a means of improving treatment. Today there is a focus on using that technology to improve treatment and management of chronic conditions specifically – Medtronic claims that “every three seconds, another life is improved by a Medtronic product or therapy”. In 2014, Medtronic bought Irish-headquartered Covidien to further expand its scope. Globally, Medtronic employs over 95,000 people in over 150 countries. Medtronic moved into Ireland in 1999 and now operates five facilities – two manufacturing sites in Galway, a manufacturing site in Westmeath and two office sites in Dublin. Their Galway sites employ over 2,000 people and manufacture respiratory monitoring devices.
Johnson & Johnson (US)
Founded in 1886 with the initial idea that wounds should be treated and dressed using sterile equipment – today’s Johnson & Johnson is one of the world’s biggest healthcare companies. Johnson & Johnson operates three distinct divisions – medical devices, pharmaceuticals, and consumer health. Both their medical device and pharmaceutical divisions have manufacturing sites in Ireland. Johnson & Johnson products are marketed in 57 countries via almost 250 operating companies – global personnel are approximately 132,200. Johnson & Johnson has had a presence in Ireland for over 70 years. Today, that presence is in the form of DePuy Synthes, Janssen (Biologics & Sciences), Johnson & Johnson Vision Care and Ethicon. Between them, they have several separate manufacturing operations in both Limerick and Cork.
Abbott Laboratories (US)
Founded in 1888, Abbott has now become one of the leading pharmaceutical and medtech companies in the world. They produce a broad range of branded generic pharmaceuticals, medical devices, diagnostics, and nutrition products and in 1985, the company developed the first-ever HIV blood-screening test. At present, they have a number of sites in Ireland including in Dublin, Sligo and Tipperary, where they employ over 5,000 people.
Siemens Healthineers (Germany)
Siemens is a multinational conglomerate based in Germany – it is the biggest engineering company in Europe covering sectors including energy, industry, and healthcare. Founded in 2017, Siemens Healthineers focus on equipment for medical imaging, clinical IT and lab diagnostics and employs around 69,500 people worldwide. Siemens has over 450 employees across Ireland including staff in headquarters and sales roles. More specifically, Siemens Healthineers has a manufacturing plant for diagnostic equipment in Swords in Dublin.
Medline Industries (US)
Medline Industries, founded in 1966 LP is an American private healthcare company headquartered in Northfield, Illinois. In June, 2021 it was acquired by a consortium of private equity firms Blackstone, Carlyle and Hellman & Friedman valuing the company at $34 billion in one of the largest leveraged buyouts of all time. It is the nation’s largest privately held manufacturer and distributor of medical supplies providing products, education, clinical programs and services across the continuum of care with operations in over 125 countries and territories (such as USA, Canada, Mexico, Spain, Germany, United Kingdom, France, Italy, Japan, Australia and New Zealand) and include clinicians, researchers, engineers, financial experts and 2,000 direct sales representatives. Medline operates over 50 distribution centers across North America. In 2022, Medline had sales of $21.2 billion. Medline is ranked at 15th on the Forbes 2022 list of largest privately held companies in America and employs over 35,000 people.
Article by: Asst. Prof. Suwan Juntiwasarakij, Ph.D., Senior Editor & MEGA Tech