2025 Global Medtech Top 100 Released: Medtronic and Johnson & Johnson Maintain Leadership; Mindray and MicroPort Make the List

On September 18, the medical device industry website Medical Design & Outsourcing releasedTop 100 Global Medical Device Companies in 2025 (Medtech Big 100)。

In the top ten of the list, U.S. companies still occupy an absolutely dominant position:

• MedtronicAndJohnson & Johnson Medical TechnologiesRanked first and second respectively;

• Medline Industries Surpass Siemens Healthineers, rising to third place;

• Boston ScientificUp 2 places to 9th;

• BD Medical(Medical and Interventional Business) Rose from 12th to 10th place;

In this year's list, a total of two Chinese companies made the cut.：

Mindray

• Ranking: 25th (↑2)

• Revenue: $5.01 billion (Fiscal Year Ended December 31, 2024)

• R&D Investment: $5.57 billion

As the leading medical device company in China,Mindray's 2025 Mid-Year Report Shows First Revenue and Net Profit "Double Decline" Since A-Share Listing in 2018:

• Revenue of 16.743 billion yuan, a year-on-year decrease of 18.45%;

• Net profit attributable to shareholders was 5.069 billion yuan, a year-on-year decrease of 32.96%.

Market sources indicate that Mindray is considering a secondary listing in Hong Kong, aiming to raise at least US$1 billion. Huatai Securities and JPMorgan have been selected as underwriters.

Minimally Invasive Medical

• Ranking: 70th (↑3)

• Revenue: $1.03 billion (Fiscal Year Ended December 31, 2024)

• R&D Investment: $217 Million

Minimally Invasive Healthcare Achieves Key Turnaround in the First Half of 2025:

• According to non-Hong Kong Financial Reporting Standards, the company recorded an adjusted profit of $1.221 million, compared to a loss of $64.074 million in the same period last year.

• EBITDA reached US$128 million, increasing by 116.2% year-on-year;

• Net loss narrowed to US$46.6 million in the first half of the year (US$96.83 million in the same period last year).

On the day of the earnings announcement, the company's stock price surged 19.57% in the afternoon. The improvement in performance was mainly attributed to the strong performance in overseas markets, with overseas revenue growing 85% year-on-year in 2024.