Top 20 Medical Device Companies of 2024 

Share this

Top 20 Medical Device Companies of 2024 


  • Bringing innovation and technology to healthcare, the MedTech sector is growing rapidly and transforming the ways diagnosis and treatment are received 
  • With a global market size of $503.2B in 2023, the MedTech sector anticipates reaching $776.4B by 2033 with a CAGR of 4.4 percent. With a staggering revenue of $32.31B, Medtronic ranks first in our list, followed by JNJ and Siemens Healthineers with $30.40B and $24.04B respectively  
  • PharmaShots brings a concise report on the Top 20 Medical Device Companies Based on 2023 Revenue  




Total 2022 Revenue 

Total 2023 Revenue  

Percentage Change  

1 Medtronic $30.77B $32.31B   5%
2 Johnson & Johnson $27.42B $30.4B 10.86%
3 Siemens Healthineers $23.31B $24.04B 3.13%
4 Danaher $26.64B $23.89B 10.32%
5 Fresenius Medical Care $20.82B $21.47B 3.12%
6 Stryker Corporation $18.45B $20.49B 11.05%
7 GE Healthcare $18.34B $19.55B 6.59%
8 Becton-Dickinson and Company $18.99B $19.49B 2.63%
9 Abbott Laboratories $14.80B $16.88B 14.05%
10 Philips Healthcare $14.55B $15.4B 5.84%
11 Cardinal Health $15.3B $15.2B 0.65%
12 Baxter International $14.50B $14.81B 2.13%
13 Boston Scientific $12.68B $14.24B 12.30%
14 B. Braun $9.12B $9.66B 5.92%
15 Alcon Inc. $8.65B $9.37B 8.32%
16 3M Health Care $8.42B $8.19B 2.73%
17 Zimmer Biomet $6.93B $7.39B 6.63%
18 Intuitive Surgical $6.2B $7.12B 14.83%
19 Fujifilm Holdings Corporation $6.55B $6.91B 5.49%
20 Olympus $6.44B $6.49B 0.77%

Note: Columns 1 and 2 represent ranks and companies while Columns 3, 4, & 5 showcase the Total revenue of 2022, the Total revenue of 2023, and the Percentage Change 


20. Olympus 

Total Revenue: $6.49B  

Founded Year: 1919 

Total Employees: ~32,800 

Headquarters: Tokyo, Japan 

Market Cap: $17.26B 

Stock Exchange: TYO 

  • A Japan-based MedTech company, Olympus delivers diagnostic, therapeutic, and minimally invasive procedures globally. The company predominantly deals in Endoscopic Solutions Business & Therapeutic Solutions Business  
  • Olympus offers endoscopes, laparoscopes, video imaging systems, surgical energy devices, system integration solutions, medical services, and a comprehensive range of endotherapy devices. In 2023, the company registered an increase of 0.77% in its revenue as compared to 2022 due to an increase, in sales of endoscopic and therapeutics solutions   
  • In Nov’23, Olympus launched the EVIS X1 endoscopy system in China, used to detect, characterize, and treat gastrointestinal disorders  


19. Fujifilm Holdings  

Total Revenue: $6.91B 

Founded Year: 1934 

Total Employees: ~73,900 

Headquarters: Tokyo, Japan 

Market Cap: $27.59B 

Stock Exchange: TYO 

  • A Japan-based conglomerate, Fujifilm Holdings focuses on photography, optics, office & medical electronics, biotechnology, and chemicals  
  • Fujifilm develops medical IT, MRI, CT, X-ray imaging, endoscopes, ultrasound, and in-vitro diagnostic systems in the healthcare segment. Moreover, the company works in developing pharmaceuticals, supporting bio-CDMO, drug discovery, and regenerative medicines. In 2023, Fujifilm's revenue increased by 49 percent  
  • In 2023, FUJIFILM's Synapse 7x Enterprise Imaging Platform received a Risk Management Framework (RMF) and Authority to Operate (ATO) on the US Department of Defense (DoD) networks 


18. Intuitive Surgical 

Total Revenue: $7.12B 

Founded Year: 1995 

Total Employees: 13,000 

Headquarters: California, United States 

Market Cap: $134.92B 

Stock Exchange: NASDAQ 

  • Known for the da Vinci Surgical System, Intuitive Surgical is an American company that develops, manufactures, and markets noninvasive surgical robotic products  
  • Intuitive Surgical's products and services include Ion, hub, and my intuitive. The company's revenue increased by 14.83% in 2023 vs. 2022 due to the increase in Instruments and accessories revenue  
  • In 2023, Intuitive’s da Vinci SP received the US FDA clearance for simple prostatectomy  


17. Zimmer Biomet 

Total Revenue: $7.39B 

Founded Year: 1927 

Total Employees: 18,000 

Headquarters: Indiana, United States 

Market Cap: $24.86B 

Stock Exchange: NYSE 

  • Zimmer Biomet is a global MedTech company that designs, manufactures, and markets orthopedic reconstructive products, including sports medicine, biologics, extremities, and trauma; CMFT; surgical products; and deals in a suite of integrated digital and robotic technologies  
  • Zimmer offers multiple products in 17 different categories. Some of the company’s well-known products are A.L.P.S., Bactisure, Cable-Ready, etc. In 2023, the company's revenue increased by 6.63% vs. 2022 due to the increased sales of Knee and Hip implants by 9.4% and 3.8% 
  • In 2023, Zimmer Biomet signed a definitive agreement to acquire Embody, a US-based medical device company for $155M    


16. 3M Health Care 

Total Revenue: $8.19B 

Founded Year: 1902 

Total Employees: 85,000 

Headquarters: Minnesota, United States 

Market Cap: $53.32B 

Stock Exchange: NYSE 

  • 3M is a multinational conglomerate that operates under four business segments: safety and industrial, transportation and electronics, health care, and consumer 
  • In healthcare, the company manufactures Animal Recovery Collars, Optical Lens Materials, skin care, X-ray supplies, and more. In 2023, the company's revenue registered a decline of 2.73% vs. 2022 due to the spin-off of the healthcare segment 
  • In Apr'23, 3M Health's Veraflo Cleanse Choice Complete Dressing and 3M V.A.C. Veraflo Cleanse Choice Dressing were approved by the US FDA for hydromechanical removal of infectious materials, non-viable tissue, and wound debris


15. Alcon   

Total Revenue: $9.37B 

Founded Year: 1947 

Total Employees: ~25,300 

Headquarters: Geneva, Switzerland 

Market Cap: $40.18B 

Stock Exchange: SWX 

  • A Swiss-American pharmaceutical and medical device company, Alcon specializes in eye care products. The company operates under two business segments; Surgical and Vision Care  
  • Alcon boasts a robust pipeline to treat refractive errors, vitreoretinal disorders, and ocular health. In 2023, Alcon registered an 8.32% rise in revenue vs 2023 due to the increased sales in surgical and vision care 
  • In 2023, Alcon launched its product TOTAL30 for Astigmatism, a reusable water gradient toric lens  


14. B. Braun 

Total Revenue: $9.66B 

Founded Year: 1839 

Total Employees: ~63,000 

Headquarters: Melsungen, Germany 

Market Cap: N/A 

Stock Exchange: N/A 

  • B. Braun is a private German medical device company that develops, manufactures, and markets innovative medical device products and offers services to the healthcare   
  • The company develops products in 17 therapy areas, including oncology, neurosurgery, orthopedic surgery, and minimally invasive surgery among others. In 2023, the company registered a spike of 5.92% as compared to 2022. The increase in revenue can be attributed to high sales of surgical instruments, imaging systems, and suture material 
  • In Dec'23, B. Braun launched the CARESITE Micro, a needleless Luer access device and extension sets


13. Boston Scientific  

Total Revenue: $14.24B 

Founded Year: 1979 

Total Employees: 48,000 

Headquarters: Massachusetts, United States 

Market Cap: $106.91B 

Stock Exchange: NYSE 

  • A multinational medical device company, Boston Scientific develops medical equipment for interventional procedures such as radiology, cardiology, and more  
  • Boston Scientific manufactures a wide range of products, including Pacemakers, Retrieval Devices, and Imaging Systems. In 2023, the company saw an increase of 12.30% in revenue as compared to 2022 due to the increased sales of single-use medical devices   
  • In 2023, Boston Scientific received the US FDA approval for its Spinal Cord Stimulation Therapy for the treatment of Diabetic Peripheral Neuropathy  


12. Baxter International 

Total Revenue: $14.81B 

Founded Year: 1931 

Total Employees: 60,000 

Headquarters: Illinois, United States 

Market Cap: $18.22B 

Stock Exchange: NYSE 

  • Baxter International is an American global healthcare company that develops products focusing on acute and chronic dialysis therapies, infusion systems and devices, parenteral nutrition therapies, inhaled anesthetics, generic injectable pharmaceuticals, surgical hemostat & sealant products, advanced surgical equipment, patient monitoring & diagnostic technologies, and respiratory health devices 
  • Baxter supplies these products to hospitals, kidney dialysis centers, nursing homes, rehabilitation centers, medical practices, and directly to patients. In 2023, the company registered an increase of 2.13% in the total revenue vs 2022 mainly from increased sales in the Healthcare Systems and Technologies business outside the US  
  • In 2023, the company launched PERCLOT, an absorbable hemostatic powder to treat mild bleeding  


11. Cardinal Health 

Total Revenue: $15.2B 

Founded Year: 1971 

Total Employees: 48,000 

Headquarters: Ohio, United States 

Market Cap: $23.73B 

Stock Exchange: NYSE 

  • Cardinal Health is a global product and healthcare company that manufactures and distributes pharmaceuticals and medical & laboratory products. The company also provides performance and data solutions for healthcare facilities  
  • The company primarily develops products in areas like patient care, patient monitoring, and PPE. In 2023, Cardinal Health's total revenue increased by 0.65% as compared to 2022 due to a slight increase in sales of the medical segment 
  • In 2023, Cardinal Health launched a medical device, NTrainer System 2.0 to improve neonatal feeding  




10. Philips Healthcare 

Total Revenue: $15.40B 

Founded Year: 1891 

Total Employees: ~69,700 

Headquarters: Amsterdam, Netherlands 

Market Cap: $23.65B 

Stock Exchange: AMS 

  • Philips is a Dutch health technology company that develops and manufactures innovative health and well-being products. The company divides its business into four segments namely, personal health, connected care, diagnostic & treatment, and other  
  • Philips manufactures a variety of equipment, including IGT Systems and equipment, Ultrasound devices, Radiology devices, and more. In 2023, the company's revenue rose by 5.84% vs. 2022. The increase in revenue is attributed to the sales from the diagnosis & treatment segment 
  • In Jul’23, Philips enrolled the first patient in the US site for the WE-TRUST clinical study, assessing the benefits of a Direct Angio Suite treatment pathway for stroke patients 


09. Abbott Laboratories 

Total Revenue: $16.88B 

Founded Year: 1888 

Total Employees: 114,000 

Headquarters: Illinois, United States 

Market Cap: $182.56B 

Stock Exchange: NYSE 

  • Abbott discovers, develops, and manufactures a wide range of healthcare products. The company develops diabetes care products, neuromodulation devices, and several other products for the treatment and diagnosis of cardiovascular diseases 
  • The company's well-known medical products include the Absolute Pro Vascular Self-Expanding Stent System, Acculink Carotid Stent System, and ACCUNET Embolic Protection System. The company's revenue increased 14.05% in 2023 vs. 2022 due to an increase in neuromodulation sales 
  • In Oct 2023, Philips presented results at Transcatheter Cardiovascular Therapeutics (TCT) 2023 from the TRILUMINATE pivotal study showing safety, efficacy, and improvements in quality of life when treating tricuspid regurgitation (a leaky valve) with TriClip, a device currently under development in the United States 


08. Becton-Dickinson and Company 

Total Revenue: $19.49B 

Founded Year: 1897 

Total Employees: 73,000 

Headquarters: New Jersey, United States 

Market Cap: $67.51B 

Stock Exchange: NYSE 

  • A global medical technology company, Becton-Dickinson manufactures and commercializes medical devices, instrument systems, and reagents. Additionally, the company provides consulting and analytics services in certain regions  
  • BD Veritor, PureWick, and BD Pyxis are well-known medical products from Becton-Dickinson. In 2023, the company registered a spike of 2.63% in revenue as compared to 2022 
  • In Dec 2023, BD launched SiteRite 9 Ultrasound system to improve clinician efficiency  


07. GE Healthcare 

Total Revenue: $19.55B 

Founded Year: 1994 

Total Employees: 51,000 

Headquarters: Illinois, United States 

Market Cap: $37.02B 

Stock Exchange: NASDAQ 

  • On Jan 4th, 2023, GE Healthcare spun off from its parent company General Electric. The company delivers MedTech solutions and offers services, including digital infrastructure, data analytics, and decision support tools 
  • The company develops and distributes devices for CT imaging, MRI, X-ray, ultrasound, cath labs, mammogram, and Nuclear Medicine Cameras, including Voluson SWIFT+, and the New Versana. In 2023, the company registered a spike of 6.59% in total revenue vs. 2022. The rise in revenue can be attributed to the growth in imaging and ultrasound segment revenue 
  • In 2023, GE HealthCare released MyBreastAI Suite, an application to enhance the detection of breast cancer  


06. Stryker  

Total Revenue: $20.49B 

Founded Year: 1941 

Total Employees: 52,000  

Headquarters: Michigan, United States 

Market Cap: $125.44B 

Stock Exchange: NYSE 

  • Stryker is a global medical device company that operates under three business segments namely orthopedics, medical & surgical (MedSurg), and neurotechnology & spine  
  • Procedural Oxygen Mask, TruRize, and Neptune 3 are among the various products that Stryker develops. In 2023, Stryker registered a total increase of 11.05% in revenue vs. 2022 which was driven by the overall sales growth 
  • In Dec 2023, Stryker announced the acquisition of SERF SAS, a France-based joint replacement company. The acquisition was completed in Mar'24 


05. Fresenius Medical Care  

Total Revenue: $21.47B 

Founded Year: 1996 

Total Employees: ~128,000 

Headquarters: Bad Homburg, Germany 

Market Cap: $12.14B 

Stock Exchange: NYSE 

  • Fresenius Medical Care is a German-based company that focuses on dialysis treatment and provides services through its network to treat end-stage renal disease (ESRD)  
  • 2008T BlueStar, AquaA RO System, and NxStage Versi HD are some of the well-established products of Fresenius Medical Care. In 2023, the company reported an increase of 3.12% in revenue as compared to 2022. The rise in sales is attributed to the increased revenue in legal settlements with the US government. 
  • Fresenius reports the US FDA 510(k) clearance for Versi HD with GuideMe software  


04. Danaher  

Total Revenue: $23.89B 

Founded Year: 1984 

Total Employees: 63,000 

Headquarters: Washington, United States 

Market Cap: $184.84B 

Stock Exchange: NYSE 

  • Danaher is an American conglomerate that designs, manufactures, and markets medical, industrial, and commercial products and services  
  • The company's assets include the CellXpress.ai Automated Cell Culture System and Polar BioPharma Lifecycle Management (BPLM). In 2023, Danaher reported a decline of 10.32% in revenue as compared to 2022. The decrease in sales is attributed to an increase in product cost 
  • In 2023, Danaher finalized the separation of its Environmental and Applied Solutions Segment Veralto 


03. Siemens Healthineers 

Total Revenue: $24.04B 

Founded Year: 1847 

Total Employees: 71,000 

Headquarters: Forchheim, Germany 

Market Cap: $62.85B 

Stock Exchange: ETR 

  • Siemens Healthineers is a German healthcare company that provides healthcare equipment, solutions, and services globally. The company focuses on imaging, diagnostics, cancer care, and minimally invasive therapies  
  • AVVIGO, Getinge, iBreastExam, and NeoCoil are well-known medical devices of Siemens Healthineers. In 2023, the company reported a spike of 3.13% in revenue vs. 2022 due to increased sales of equipment and product-related services  
  • In Nov 2023, the company launched Acuson Maple an AI-powered ultrasound system  


02. Johnson & Johnson 

Total Revenue: $30.40B 

Founded Year: 1886 

Total Employees: 131,900 

Headquarters: New Jersey, United States 

Market Cap: $358.47B 

Stock Exchange: NYSE 

  • Johnson & Johnson is an American multinational company that provides new medications and MedTech solutions in oncology, immunology, neuroscience, cardiology, pulmonary hypertension, and ophthalmology  
  • In their MedTech segment, JNJ develops products in Surgery, Orthopedics, Vision, and Interventional Solutions. In 2023, JNJ showed an increase of 10.86% in their MedTech segment revenue vs. 2022. The increase in revenue is attributed to the acquisition of Abiomed and sales growth in Orthopedics, Surgery, Interventional Solutions, and Vision 
  • In 2023, Johnson & Johnson MedTech completed the acquisition of Laminar, a medical device company focused on eliminating the left atrial appendage in patients with non-valvular atrial fibrillation 


01. Medtronic 

Total Revenue: $32.31B 

Founded Year: 1949 

Total Employees: 95,000 

Headquarters: Dublin 2, Ireland 

Market Cap: $108.28B 

Stock Exchange: NYSE   

  • Medtronic is an Irish medical device company that develops, manufactures, distributes, and sells device-based medical therapies and services. The company focuses on four operating divisions including, the Diabetes Operating Unit, Cardiovascular, Medical-Surgical, and Neuroscience portfolio 
  • Medtronic develops products for Electrosurgery, Vessel sealing, and Cardiac Monitoring, among others. In 2023, the company's revenue spiked by 5% vs 2022 due to the recent acquisition of Intersect ENT that generated $98M in inorganic revenue 
  • In 2023, Medtronic got the US FDA approval for PulseSelect, a pulsed field ablation system to treat atrial fibrillation  



  • Annual reports  

  • SEC Filings  

  • Press releases  

  • Company websites  

Market Cap Source: Google Finance (May 2024)  

Currency Conversion: X-Rates (May 2024)  

Related Post: Top 20 Medical Device Companies Based on 2022 Total Revenue

Prince Giri

An avid reader and a dedicated learner, Prince works as a Content Writer at PharmaShots. Prince possesses an exceptional quality of breaking down the barriers of words by simplifying the terms in digestible chunks to make content readable and comprehensible. Prince likes to read books and loves to spend his free time learning and upskilling himself.

Share this article on WhatsApp, LinkedIn and Twitter

Join the PharmaShots family of 12000+ subscribers

I accept the Terms and Conditions