Top 7 Companies Leading by Quality and Innovation in the Global Medical Devices Market

The global medical devices market is expected to grow at a CAGR of roughly 6.1% in the forecast period of 2022-2027. As per the analysis by Expert Market Research, the market is expected to be driven by the rising prevalence of chronic diseases and technological advancements in healthcare facilities. 

There are rising investments in the healthcare sector due to increasing health consciousness. A surge in various health-related issues can be witnessed, because of unhealthy lifestyles, resulting in a high demand for health care facilities bolsters the growth of the medical devices market. Additionally, rapid digitalisation and advancements in medical devices technology improve their quality, preciseness, and affordability, supporting the market growth from both suppliers and buyers. 

In November 2021, Johnson & Johnson Services, Inc (NYSE: JNJ) announced the signing of a new agreement for its power purchasing in the United States and Canada. As a result, the company will achieve 100% renewable electricity usage in its operations in the United States and Canada. New solar fields will be used to power the company, supplementing existing renewable resources used in North America. By 2023, the company predicts that all of its operations in the United States and Canada will be powered 100% by renewable energy.

Medtronic plc (NYSE: MDT), in June 2021, announced its clinical trial results from the STROKE AF device. The results demonstrated the superiority of the Reveal LINQ™ Insertable Cardiac Monitor (ICM) in detecting abnormal heartbeats, also known as atrial fibrillation (AF). The device was able to detect abnormalities in stroke patients, suffering from large vessel or small vessel strokes. 

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Top 7 Medical Devices Companies in the World:

Medtronic plc

Medtronic plc is an American-Irish registered medical device company involved in the manufacturing and development of devices to treat chronic diseases. These include diabetes, obesity, chronic pain, urinary incontinence, Down Syndrome, and heart failure. Medtronic has a global reach with over 370 locations across more than 140 countries. In 2021, the company employed an approximate of 90,000+ employees across its locations. 

Johnson & Johnson Services, Inc.

Johnson & Johnson (J&J) is an American multinational corporation. It is involved in the development and large-scale manufacturing of medical devices, along with pharmaceuticals, and consumer packaged goods. There are over 250 subsidiaries of the J&J brand, with operations spanning across 60 countries, and sales reaching more than 175 countries worldwide. Johnson & Johnson recorded sales approximating USD 93.8 billion in the year 2021. Their workforce comprises of over 130,000 employees.

Siemens Healthineers AG

Siemens Healthineers is the medical technology wing of the overall Siemens brand. While the origins of Siemens Ltd can be traced to 1847, the healthcare brand is relatively new, founded in 2015. Expanding its portfolio of offerings for the healthcare industry, Siemens Healthcare was launched, and later renames Siemens Healthineers. A pioneer in innovative healthcare technologies, nearly 5 million patients utilise Siemens Healthineer products on a daily basis. Their core offerings include equipment for molecular medicine, diagnostics, imaging, digital health, and enterprise-grade services. 

Boston Scientific Corporation

Boston Scientific is an American healthcare company that focuses on the production of a range of medical devices used in interventional medical specialities. These include interventional radiology, cardiology, oncology, vascular surgery, neurovascular intervention, electrophysiology, neuromodulation, cardiac surgery, urology, endoscopy, and gynaecology. Its medical devices are divided into four broader segments, namely Orthopaedics, Surgery, Interventional Solutions, and Vision. Boston Scientific had an approximate annual revenue of USD 11.888 billion in the year 2021. 

GE Healthcare

GE Healthcare is a well-known subsidiary of the General Electric multinational conglomerate. It is a manufacturer and supplier of diagnostic imaging agents and devices, along with specialised radiopharmaceuticals that find applications in imaging modalities utilised in various medical imaging procedures. For magnetic resonance imaging operations, the company manufactures specialised dyes. GE Healthcare also produces medical diagnostic equipment, for example, CT image machines. It also develops healthcare technology for information technologies, and medical imaging, as well as patient monitoring systems, medical diagnostics, drug discovery, biopharmaceutical manufacturing, and disease research. The company had a net revenue of USD 20.3 billion in the fiscal year 2021. 

Philips Healthcare

Philips Healthcare is a division of the Netherlands-based Dutch Conglomerate Philips & Co, first founded in 1891. Expanding into healthcare as early as the 1900s, the company has approximately 57,000 patent rights. It partners with various healthcare providers, universities, other companies, and start-ups to innovate and improve its healthcare products. The primary divisions of Philips Healthcare are Personal Health, Diagnostics and Treatment, and Connected Care. In 2021, the company recorded a net income of EUR 3.3 billion, impacting 1.67 billion lives worldwide. 

F. Hoffmann-La Roche Ltd

F. Hoffmann-La Roche AG, popularly known by its short form ‘Roche’, is a multinational healthcare company based out of Switzerland that operates globally under two divisions: Pharmaceuticals and Diagnostics. Among the leading biotech companies in the world, it has completed multiple acquisitions, adding to its capabilities in discovery of drugs, development, clinical trials, life sciences, DNA microarrays, and pharma research. Its work in gene sequencing and tissue diagnostics boosted its offerings in overall diagnostics. F. Hoffmann-La Roche Ltd has over 100,000 employees worldwide, and recorded net revenue of USD 65.51 billion in 2021.

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