2019 Top 10 Medical Device Companies


The top 10 medical device companies (2019)

Monique Ellis 29/05/2019 Share this post

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:


$13.6 billion

Stryker is a US-based medical technology company that develops joint replacements, surgical equipment, medical machinery, neurosurgical and spinal devices among many others across its varied portfolio. The fortune 500 company enjoyed 9.3% overall revenue growth in 2018, as well as strong growth across all three business segments: Orthopaedics (5.9%) MedSurg (8.6%) and Neurotechnology & Spine (18%). Company sales in 2019 are expected to grow between 6- 6.5%.

Siemens Healthineers

$15.4 billion (€13.4bn)

Siemens Healthineers is the medical technology branch of the German automation and electrics conglomerate Siemens. The company develops medical devices and technology for a wide range of therapy areas, with particular focus on medical imaging and diagnostics. There was a slight decline in revenue of 2% compared with end of 2018 figures, however, there was significant growth by region, namely Europe, Africa and the Middle East. Revenue increases are mostly attributed to a growth in sales of the company's diagnostic imagining business thanks to the acquisition of Fast Track Diagnostics in January 2018.

Cardinal Health

$15.6 billion

Multinational health care company, Cardinal Health, has a booming medical device segment that experienced an impressive 15% increase in revenue in 2018. The company supplies wound care, laboratory, surgical and home healthcare products to over 100 countries worldwide. Cardinal Health attributes the growth to the success of their post-acute (rehabilitation or palliative care) and branded products such as Cordis. The company's acquisitions of Medronic's Patient Care, Deep Vein Thrombosis and Nutritional Insufficiency business in 2017 have really boosted their medical device business.

Abbott Laboratories

$18.9 billion

American life science company Abbott Laboratories is a world leader in developing medical devices in vascular disease, diabetes and vision care. The company's medical device segment grew by 10.1% compared with 2017 figures and the diagnostics segment was the highest performing in 2018. In January 2019, Abbott acquired medical device firm Cephea Valve Technologies, a company that develops minimally invasive heart valve replacement technology - this could eliminate the need for open-heart surgery.


$18.92 billion (€16.5 billion)

At the close of 2018, Fresenius Medical Care reported that it achieved strong revenue growth of 7%. The company also saw healthy growth across its key segments: Dialysis Services, Health Care Products and Care Coordination and its key global markets. In 2019, a lot of focus will be on expanding their network in China, an important emerging market. Fresenius' revenue growth is due to high sales of dialysers, machines and peritoneal dialysis products, and in part to the acquisition of Cura Day Hospitals in April 2017 which has significantly contributed to its Care Coordination segment.

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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