Aug 29, 2023

August 29, 2023 Medtronic, Johnson & Johnson MedTech and Siemens Healthineers again lead the Medtech Big 100 list of largest medical device companies. However, there is so much more to Medical Design & Outsourcing and MassDevice‘s 2023 edition of the Medtech Big 100 report . We pulled thousands of data points to provide information on annual revenue, R&D spending, headcount, CEOs and key leaders, headquarters locations and descriptions of each of the 100 largest medical device companies. Senior Editor Danielle Kirsh’s analysis shows that even as the largest medtech companies engaged in layoffs over the past year, they also made a bet on innovation to boost future growth: R&D spending increased nearly 13% to $26.4 billion. ( Read the full story on MDO. ) In addition, the full Medtech Big 100 list includes already completed medtech company spinoffs such as Embecta , GE HealthCare and ZimVie. Read the full Medtech Big 100 report to find out more about the 100 largest medical device companies. Here are the 10 largest medtech companies by revenue: Company Medtronic has had its share of setbacks over the past year, but the world’s largest medical device company has also made moves that could set it up to make a difference in the treatment of chronic health conditions such as atrial fibrillation. Even as it  spins off some businesses  and engages in significant cost reductions,  including layoffs , Medtronic is now spending more annually than before the pandemic on R&D. It’s also engaging in tuck-in acquisitions to gain new, innovative tech. For example, it doubled down on its commitment to  boost its diabetes business  by  announcing plans in May to spend $738 million to buy EOFlow  and its tubeless, wearable and fully disposable insulin delivery device. In December, J&J boosted the profile of J&J MedTech inside the company through  its $16.6 billion acquisition of Abiomed  and its Impella heart pump portfolio for treating coronary artery disease and heart failure. Siemens Healthineers management has pared back some businesses as they seek to continue revenue growth in the present economic environment. The German medtech giant scaled back its robotic surgery ambitions, announcing in May that it  plans to discontinue  the use of its Corindus surgical robotics for cardiology procedures. Siemens Healthineers spent $1.1 billion on Corindus in 2019. Medline sales were up roughly 5% year-over-year to $21.2 billion in 2022, enabling the privately-held medtech giant to move up one spot in the MedTech Big 100 rankings. The company announced in June that it is promoting from within to fill CEO and president positions. Jim Boyle is taking over the corner office at Medline, effective Oct. 1. Meanwhile, Jim Pigott will become president and chief operating officer. The all-consuming story for Philips over the past year remains its massive recall involving millions of CPAPs, ventilators and other respiratory devices. Stryker is proving itself to be a leader in medtech’s transition to digital healthcare. It’s little wonder, then, that the ortho device giant moved up a spot to No. 6 in this year’s Medtech Big 100. Stryker’s popular Mako robotic surgery systems are more than just a robot when it comes to knee and hip surgeries. They also offer preoperative data modeling and planning, plus software and displays that assist the surgeon with navigation during the surgery. On top of that, Stryker is tapping health data and artificial intelligence (AI) to improve surgical robotics outcomes. Other top news this year included the  acquisition of Caption Health  and its AI-powered image guidance tech. One of the most significant medical device stories out of Cardinal Health over the past 12 months involved the launch of a pilot chain supply chain network to enable hospital-level healthcare in people’s homes. The Dublin, Ohio–based medical device and pharmaceuticals supplier announced in November 2022  that it was kicking off the Velocare supply chain network and last-mile fulfillment service through a strategic partnership with Boston-based Medically Home. Count Baxter among the major medical device companies seeking to refocus through divestitures. In January, Baxter  announced plans  to spin its renal care and acute therapies units into an independent, publicly traded company. Baxter expects the new, independent, publicly-traded company —  called Vantive — to launch by July 2024. Meanwhile, there is uncertain timing  around the sale of Baxter’s biopharma solutions (BPS) business. Abbott has now had two straight quarters of double-digit organic sales growth in its underlying business. Even as COVID-19 test sales continue to decline and hammer overall revenue, Abbott officials are betting on a productive, innovative pipeline to build momentum — especially in its medical device business. The world’s largest medical device companies have headquarters locations spanning 15 countries and four continents, according to an analysis of our 2023 Medtech Big 100. While some of the largest medtech companies have their headquarters in the U.S., our comprehensive Medtech Big 100 list (which ranks the largest medical device companies by revenue) shows that… […] Our ranking of the world’s largest medical device companies shows record-high revenue and a double-digit boost in R&D activities. Total sales are up but employment is down in our latest Medtech Big 100 ranking of the world’s largest medical device companies. Aggregate revenue for the 2023 Medtech Big 100 grew 2.8% to a record-high $453.2… […] ReCor Medical is hiring as its Paradise ultrasound renal denervation (RDN) system seems set for regulatory approval following this week’s favorable vote by an FDA review panel. The Circulatory Systems Devices Panel of the FDA’s Medical Devices Advisory Committee voted in support of the Paradise system’s safety, efficacy and risk/benefit profile for patients with uncontrolled hypertension. Such… […] A looming deadline for changes to ethylene oxide (EtO) regulations has new urgency under a consent decree approved by a federal judge this week. Under the consent decree, the EPA agreed to sign its final review on commercial sterilization standards — including EtO, used for half of all medical device sterilization in the U.S. —… […] Medtronic’s Symplicity Spyral renal denervation (RDN) system for treating hypertension seems less likely now than ever to win FDA approval after yesterday’s vote Circulatory Systems Devices Panel vote. The panel’s medical and statistical experts voted against recommending approval of Medtronic’s RDN therapy for hypertension under the proposed indications. While they supported approval of ReCor Medical’s… […] An FDA review panel voted against recommending approval of Medtronic’s Symplicity Spyral renal denervation (RDN) therapy for hypertension under the proposed indications. The panel unanimously said the minimally invasive catheter system is safe, but was nearly split on efficacy. With six members voting that the benefits outweighed the risk, six voting the other way and… […] NEWS RELEASE: Vocxi Health and S3 Connected Health partner on lung cancer screening and monitoring Vocxi Health, a breath diagnostics company focused on accurate, non-invasive disease identification, has partnered with S3 Connected Health, the specialist digital health partner for life science companies, to bring game-changing technology to market to transform lung cancer detection and monitoring.… […] The lead engineer on Abbott’s AVEIR project explains how his team developed a first-of-its-kind wireless pacemaker system that communicates through blood. When Abbott’s AVEIR DR leadless pacemaker system became the first approved by the FDA for dual-chamber pacing this year, it expanded the benefits of leadless pacing to the majority of patients who need stimulation… […] NEWS RELEASE: ProMed Molded Products opens new development and innovation facility ProMed Molded Products, a contract manufacturer supporting applications in medical devices, drug-releasing combination devices, as well as specialized applications arenas for aerospace and defense and automotive, announces the opening of our new development facility in Plymouth, Minnesota. Located less than a mile from our… […] Simplicity and speed will be the most important innovations for medical devices that treat strokes in the years ahead. That’s according to Michael Gilvarry, GM of Johnson & Johnson MedTech’s Cerenovus Galway business. While he declined to divulge his neurovascular unit’s plans for future products, he offered advice for other device developers in a field… […]