2024 Global MedTech Top 100 Rankings: Medtronic, Johnson & Johnson MedTech, and Siemens Healthineers Maintain Top Three Positions

Sep 05, 2024 18:04 CST Updated 18:04

Mindray

Medical Device R&D Manufacturer

Medtronic

Chronic Disease Medical Device and Therapy Developer

Johnson & Johnson

Healthcare Product Manufacturers, Health Service Providers

Siemens Healthineers

Medical Solutions Provider

September 4,Medical Design & Outsourcing Releases Annual Top 100 Ranking of Global Medical Device CompaniesMedtronic, Johnson & Johnson Medical Technologies, and Siemens Healthineers remain in the top three.。

Different from previous years, this year's list has added a new application procedure,Allow self-recommendation of companies`, in order to strive for a place among the top 100 medical device companies.`

Two Chinese companies made the list again (also ranking among the TOP100 for the third consecutive year).：

MindrayRanked 27th, unchanged (revenue approximately $4.289 billion);
Minimally Invasive HealthcareUp four places to 73 (revenue approximately $9.5 billion).

Mergers, acquisitions, and spin-offs have formed the core trend of this year’s Top 100 Medical Device Industry list. In previous rankings, some companies in lower positions, such as Silk Road Medical and Axonics, have been acquired by top 20 medical device giants through deals.

M&A activity also facilitated revenue integration for the combined companies. For example, the merger between Globus Medical and NuVasive helped elevate Globus' ranking on the list.Among the top 100 medical device companies, record growth in overall sales was achieved through mergers and acquisitions, reaching US$474.8 billion.

Moreover, there have been numerous spin-off cases, including Solventum (Shuwanuo) – a company spun off from 3M's healthcare division, which is now in its first year as an independent publicly listed company. ZimVie, spun off from Zimmer Biomet, transformed into a dental-focused company after divesting its spine and orthopedic businesses, resulting in a drop in its ranking on the list. However, its orthopedic business, under the name Highridge Medical, made its debut in the top 100 medical device companies list.

In recent years, changes in the respiratory device market have also led to a rise in rankings for some companies. For example, Inspire Medical Systems has seen significant growth in its obstructive sleep apnea implant business, while CPAP device manufacturer ResMed has similarly moved up in the rankings.

Top 10 Global Medical Device Companies 2024

*** Full list please see at the end of the article

(All monetary reporting companies have had their revenue and R&D rankings converted to USD using the Federal Reserve's standard exchange rate.)

Medtronic Still Sits Firmly at the Top of the Medical Device Top 100 List, but Johnson & Johnson Medical Technologies Is Rapidly Closing the Gap. Will we witness a new leader in next year’s Medical Device Top 100 report? Only time will tell.

Medtronic

"Our top priority is to fully restore profitability." Geoff Martha, Chairman and CEO of Medtronic, said at the beginning of 2024.

In the coming months, Medtronic, plc., the world’s leading medical device company, continued to execute significant portfolio management strategies, including the closure of its ventilator business. The company implemented stricter controls over staffing levels and expenditures, including global layoffs, while increasing the use of automation and digitalization. Several senior executives also left the company, including Chief Financial Officer Karen Parkhill, who joined HP as their CFO after resigning. Meanwhile, the company's leadership emphasized that Medtronic is making strategic investments in R&D to drive future growth.

In the fiscal year 2024, Medtronic's total revenue reached 32.4 billion US dollars (equivalent to 234.651 billion RMB), achieving a year-on-year growth of 3.6%.

In May, Medtronic announced that in the past 12 months, the company had received approval for 130 products in key regions. Recent achievements include:

PulseSelect Pulsed Field Ablation System Becomes the First to Receive U.S. Food and Drug Administration (FDA) Approval for the Treatment of Paroxysmal and Persistent Atrial Fibrillation (AFib);
The next-generation Evolut FX+ Transcatheter Aortic Valve Replacement (TAVR) system has also received FDA approval;
Its Percept RC Deep Brain Stimulation System has also received FDA approval, and Medtronic claims it is the first rechargeable device with sensing capabilities for treating movement disorders such as Parkinson's disease.
And the next-generation Micra AV2 and Micra VR2 leadless pacemakers received approval and were launched in 2023.

Medtronic is also seeking Medicare coverage and payment for its FDA-approved Simplicity Spyral renal denervation technology to treat hypertension. By August, the technology had received a New Technology Add-on Payment (NTAP) from the U.S. Centers for Medicare & Medicaid Services (CMS).

Johnson & Johnson Medical Technologies

Following the completion of its $13 billion acquisition of Shockwave Medical and its intravascular lithotripsy (IVL) technology in May, Johnson & Johnson Medical Technologies is poised to compete with Medtronic for the top position in next year's Top 100 Medical Device Companies list.

In addition to the acquisition of Shockwave, recent developments at Johnson & Johnson Medical Technologies include the launch of Polyphonic, its open and secure digital surgical ecosystem. Imagine a software application that is agnostic to data sources and capable of providing surgical insights. The first set of released applications includes those for surgical video, telepresence, and planning. More artificial intelligence applications are expected to be created through the collaboration with NVIDIA, which was announced in March.

Other recent news from Johnson & Johnson Medical Technology includes:

Its DePuy Synthes business has launched the spinal surgery version of the Velys robot, developed in collaboration with eCential Robotics;
In April, the company sold its Acclarent ENT treatment technology business under the Ethicon division to Integra LifeSciences for $275 million.
Expected to submit an Investigational Device Exemption (IDE) application to the U.S. FDA for its Ottava surgical robot in the second half of 2024;
An application for U.S. FDA approval has been submitted for the Varipulse pulsed field ablation system, which is used to treat atrial fibrillation.
Reached a deal to acquire cardiac implant developer V-Wave for up to $1.7 billion.

Johnson & Johnson CEO discussed in July that the company has a "solid foundation for near-term and long-term growth."

Siemens Healthineers

Siemens Healthineers Achieved Significant Business Growth in Q3. It forecasts sales growth of 4.5% to 6.5% for the fiscal year 2024. The CEO noted at the end of July: "Particularly in the Varian and diagnostics business areas, we have seen strong operating performance."

Recent innovation highlights of Siemens Healthineers include:

Syngo Virtual Cockpit, which has received FDA approval in the United States, is a platform that allows medical professionals from different locations to collaborate in real time.
FDA also approved the Magnetom Cima.X 3 Tesla (3T) whole-body magnetic resonance imaging scanner, which has the strongest gradient performance in a whole-body scanner, enhancing the visibility of small structures and accelerating image acquisition speed.
In March, it was announced that its automatic Ciartic Move mobile C-arm had also received FDA approval, enabling the automation and acceleration of imaging workflows in surgical environments.

At the same time, Varian announced in March that its TrueBeam and Edge radiotherapy systems with HyperSight imaging technology had also received approval.

Medline Medical

In 2023, Medline achieved a 9% increase in revenue.

On August 1, Medline announced that it had successfully acquired Ecolab's Surgical Solutions business for $950 million (approximately RMB 6.8 billion), further driving the company's growth.

This transaction brings Medline Industries surgical room equipment, Ecolab's Microtek sterile surgical curtain product line, and Ecolab’s fluid temperature management system. Jim Pigott, President and Chief Operating Officer of Medline Industries, stated: "We look forward to partnering with healthcare providers and leading medical device companies through this acquisition to offer innovative solutions for the operating room."

In addition, Medline Industries recently invested $27 million to expand its product testing andThe development laboratory has expanded three times to 74,000 square feet.

Stryker

Stryker, leveraging the success of its Mako orthopedic surgical robot system and digital surgery systems, is actively expanding its business through acquisitions.

This giant, which holds a leading position in the field of orthopedic and surgical technologies, has recently completed several small-scale acquisitions, including the acquisition of Artelon, which focuses on soft tissue fixation products for foot, ankle, and sports medicine surgeries, as well as Molli Surgical, which develops wireless soft tissue localization technology.

Stryker's Chairman and CEO recently revealed that the company is seeking more M&A opportunities through a very active transaction channel. He pointed out that the soft tissue surgical robotics field is a potential growth area and hinted at possible future actions in the neuromodulation sector.

Notable advancements include the myMako app developed for Apple Vision Pro, which enhances surgeons' capabilities in surgical visualization and planning. Stryker has also introduced the Triathlon Hinge for its knee surgery product line, designed to streamline revision procedures. Analysts predict that Stryker is expected to achieve further growth later this year in Mako’s shoulder and spine applications.

cr：The 10 largest medical device companies By The 2024 Medtech Big 100

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