LePu Medical Becomes Sole Chinese Firm on EvaluateMedTech's Seven Global Medtech Rankings for 2024

Among the seven major rankings, Lepu Medical was the only Chinese medical device company to make the list, ranking seventh in the “Top 10 Global Companies by Cardiology Medical Device Sales in 2024.”

The report predicts that the global medical technology industry is expected to grow at an annual rate of 5.6% from 2017 to 2024, ultimately leading to global sales reaching $595 billion in 2024!Medtronic is still expected to remain the company with the highest medical device revenue in 2024, with sales approaching $39 billion.

EvaluateMedTech's forecasts reveal that,Medtronic will maintain its market leadership in 2024. Its annual sales are projected to reach $38.9 billion, accounting for 6.5% of the medical device market.Following its acquisition of St. Jude Medical and Alere, as well as the sale of its nursing business to Johnson & Johnson, it will become the third-largest player in 2024, with potential sales exceeding $26 billion.

Becton Dickinson is currently the eighth-largest medical technology company globally, but it is expected to break into the top five by 2024 following its acquisition of CR Bard., which would increase its annual sales to over $19 billion. However, as Philips and Stryker are close behind, with projected sales of only $19 billion, this lead may narrow.

EvaluateMedTech forecasts that global medical technology R&D expenditure will continue to grow at a compound annual growth rate (CAGR) of 4.5%, reaching an estimated $39 billion by 2024.

Medtronic topped the list for R&D spending in 2024, with a projected expenditure of $2.7 billion.The compound annual growth rate from 2017 to 2024 will reach 2.8%.Among the top 20 companies, BD Medical and Edwards Lifesciences are projected to see the largest increases in annual R&D spending, with compound annual growth rates of 8.4% and 8.3%, respectively.bioMérieux’s R&D investment as a percentage of its medical device sales will be higher than that of the other top 20 companies, with an R&D intensity approaching 16% in 2024.

From the perspective of global medical device sub-sectors, in vitro diagnostics will continue to be the leading equipment segment in 2024, with annual sales of $79.6 billion, accounting for a 13.4% share.Neurology is again projected to be the fastest-growing device segment, with sales expected to reach $15.8 billion in 2024, equivalent to a compound annual growth rate of 9.1% from 2017 to 2024.

The 15 slowest-growing segments are diagnostic imaging and orthopedic surgery, both of which are projected to achieve a compound annual growth rate (CAGR) of only 3.7% from 2017 to 2024.

The global in vitro diagnostics market is estimated to grow at a compound annual growth rate (CAGR) of 6.1% from 2017 to 2024, reaching $80 billion. It will remain the leading medical device sector in the foreseeable future.

Top 10 Global In Vitro Diagnostic (IVD) Medical Device Companies by Sales in 2024: Roche Continues to Maintain Its Leading Position in the IVD Market, with an Estimated Market Share of 17.8% in 2024.Following the acquisition of Alere, Abbott will become the second-largest IVD company, with projected sales reaching $10 billion in 2024.

The cardiology medical device industry is projected to grow at an annual rate of 6.4%, reaching $72.6 billion in 2024.

Among the top 10 companies in global sales of cardiology medical devices in 2024,Medtronic maintained its position as a top cardiology company in 2017 and is poised to become the world’s leading manufacturer of cardiac devices by 2024, with an estimated market share of 19.5%.Following the acquisition of St. Jude Medical, Abbott Laboratories continues to make progress in the cardiology market and is set to consolidate its position among the top two players in 2024, with projected sales exceeding $11 billion and a market share of 15.4%.

According to EvaluateMedTech's forecast,Diagnostic imaging will become one of the slowest-growing equipment sectors, with an expected compound annual growth rate (CAGR) of only 3.7% from 2017 to 2024.

Among the top 10 global companies in sales of medical imaging diagnostic devices in 2024,Siemens Healthineers will remain the leading company in diagnostic imaging, with projected 2024 sales nearing $12 billion and a market share of 23.5%. Philips and GE Healthcare follow closely, with each expected to hold over 20% of the market share in 2024.

According to EvaluateMedTech forecasts, the sales of the top ten companies in the orthopedic market will reach $41.2 billion in 2024, accounting for more than 87% of the total market revenue.

The growth of the plastic surgery industry is expected to remain sluggish, with a compound annual growth rate (CAGR) of only 3.7% from 2017 to 2024.Sales in 2024 amounted to $10.3 billion, with a market share of 21.8%,Johnson & Johnson will become the top orthopedic company in 2024.The company obtained approvals for 43 orthopedic devices in 2017, with more than half intended for hip and knee replacement systems.

It is worth noting that,Smith & Nephew acquired NuVasive for $3 billion in February 2019. This medical device company, currently projected to rank eighth in orthopedic sales in 2024, is alsoA medical device company focused on minimally invasive spinal repair surgical products and procedures,Smith & Nephew is expected to remain a top-ranked player in the orthopedics sector.

EssilorInternational will continue to dominate the eyewear market in 2024, with sales reaching $11.6 billion, far exceeding the $8.3 billion of Novartis, which is ranked second according to EvaluateMedTech forecasts.

Johnson & Johnson’s 2016 acquisition of Abbott Medical Optics will enable the latter to maintain its third-place position in 2024, with ophthalmic sales projected to reach $5.9 billion. Meanwhile, Bausch Health Companies (formerly Valeant Pharmaceuticals) is expected to surpass HOYA to become the fourth-largest ophthalmic company in 2024.