Medtronic and Abbott Surpass $30 Billion Revenue Milestone Amid Global MedTech Expansion

　　【Pharmaceutical Network Industry DynamicsIn 2022, the healthcare industry generally returned to normalcy. In the global medical device sector, the top revenue earners for 2022 were Medtronic, Abbott, Johnson & Johnson, Siemens Healthineers, BD, Stryker, GE Healthcare, Roche Diagnostics, Philips, and Boston Scientific.
 

Data shows,Medtronic(Medtronic) The revenue in 2022 was $31,686 million, representing a year-on-year increase of 5.2%; R&D expenses: $2,746 million, accounting for 8.7% of total revenue.
 

Medtronic Key Business Performance: Cardiovascular business accounted for 36%, unchanged from the previous year, and is one of Medtronic's major businesses, with revenue of $11.4 billion in 2022, a year-on-year increase of 6%. Surgical operations accounted for 29%, with revenue of $9.1 billion, a year-on-year increase of 5%. Neurosciences accounted for 28%, with revenue of $8.78 billion, a year-on-year increase of 7%, making it the fastest-growing business of Medtronic. All sub-divisions under Medtronic experienced growth. Looking ahead to the development trend in 2023, Medtronic is striving to leverage its scale by implementing new focused capital allocation and portfolio management processes.
 

　　AbbottHealthcare(Abbott Laboratories) reported revenue of $31,271 million in 2022, a year-on-year increase of 4.2%. The group's R&D expenditure was $2,888 million, accounting for 6.6% of the group's total revenue.
 

In the fiscal year 2022, the growth of Abbott's two major medical device segments—diagnostics and medical equipment—slowed somewhat. However, diagnostics remains a significant part of Abbott's business, accounting for 38% of the company’s total revenue in 2022, reaching $16.584 billion, a year-on-year increase of 6%.
 

In 2023, Abbott is confident of seeing 20% growth. It stated that in the diabetes field, expanding CGM to more patients who only use basal insulin represents a "significant opportunity" for growth.
 

　　Johnson & Johnson Medical(Johnson & Johnson) reported revenue of $27,427 million in 2022, a year-on-year increase of 1.4%; the group's R&D expenses were $14,603 million, accounting for 15.4% of the group's total revenue.
 

From the performance of Johnson & Johnson's key businesses,Surgical OperationAccounting for 35% of the business, revenue reached $9.69 billion, a year-on-year decrease of 1.2%, remaining one of Johnson & Johnson's major device businesses. The orthopedic business accounted for 31%, with revenue of $8.587 billion, showing no year-on-year change. The overall business was affected by the pandemic in China and volume-based procurement; hip joints (+2.3%), knee joints (+2.6%), the ACTIS stem hip product, and products launched in 2021.RobotVELYS Orthopedic Surgical Platform Becomes Growth Driver. Ophthalmology Business Accounts for 18%, Revenue Reaches $4.849 Billion, Up 3.4% Year-over-Year. Interventional Solutions Account for 16%, Revenue at $4.3 Billion, Up 8.3% Year-over-Year.
 

　　Siemens Healthineers(Siemens Healthineers) reported revenue of 23,523 million USD in 2022, a year-over-year increase of 20.65%; R&D expenses were 1,934 million USD, accounting for 8.2% of total revenue.
 

In terms of Siemens Healthineers' key business performance, the imaging business revenue reached 10.981 billion euros, increasing by 11.8% year-on-year, accounting for 54.6% of the total revenue, and remaining the largest business segment of Siemens Healthineers. The diagnostics business revenue was 6.065 billion euros, growing by 11.9% year-on-year, making it the second-largest business. The clinical treatment business revenue amounted to 1.92 billion euros, marking an increase of 11.9%. The Varian business revenue was 3.075 billion euros, surging by 136.5%.
 

　　BD(Becton Dickinson) reported revenue of $18,870 million in 2022, a year-over-year decrease of 1.36%; R&D expenses were $1,256 million, accounting for 6.7% of total revenue.
 

From the perspective of BD's key business performance, the medical segment accounted for 47%, with revenue of $8.84 billion, a year-on-year increase of 5.7%. Among this, the drug delivery solutions generated $4.3 billion in revenue (+5%), particularly driven by the growth of peripherally inserted central catheters. The medication management solutions achieved $2.53 billion in revenue (+4.1%), reflecting robust growth in global dispensing systems, and the acquisition of ParATA in fiscal year 2022 also contributed to revenue growth. Pharmaceutical systems revenue reached $2 billion (+9.5%), with strong growth reflecting continued high demand for predictable solutions in the high-growth biopharmaceuticals and vaccines markets. Additionally, the interventional segment accounted for 23%, with revenue of $4.46 billion, a year-on-year increase of 5.3%.
 

In addition to the above companies,Stryker(Stryker) reported revenue of $18,449 million in 2022, representing a year-over-year increase of 7.8%; R&D expenses amounted to $1,454 million, accounting for 7.9% of total revenue.
 

　　GE Healthcare(GE Healthcare) Revenue in 2022 was $18,341 million, a year-on-year increase of 4%; R&D expenses were $1,026 million, accounting for 5.6% of total revenue.
 

　　Roche Diagnostics(Roche Diagnostics) reported revenue of 17,730 million USD in 2022, a year-on-year increase of 3%; R&D expenses for diagnostics amounted to 1,957 million USD, accounting for 11% of total revenue.
 

　　Philips(Philips) In 2022, the revenue was 14,701 million US dollars, increasing by 2.7% year-on-year; the group's R&D expenses were 2,278 million US dollars, accounting for 11.8% of the group's total revenue.
 

　　Boston Scientific(Boston Scientific) reported revenue of $12,682 million in 2022, representing a 6.7% year-over-year increase, with R&D expenses amounting to $1,204 million, accounting for 9.5% of total revenue.
 

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