12 Chinese Medical Device Companies Make Global Top 100 List Based on 2024 Revenue

Apr 23, 2025 22:15 CST Updated 22:15

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Recently, overseas medical device websitesThe Medical Device and Diagnostic Industry Released the TOP 100 Ranking of Global Medical Device Companies.

According to the 2024 corporate revenue situation,The companies that made it to the top ten list are Medtronic, Johnson & Johnson, Abbott, and Danaher.Medline Industries, Stryker, Siemens Healthineers, BD Medical, GE Healthcare, Philips.

It is worth mentioning that,Mindray, Weigao Group, United Imaging, Shinva MedicalTwelve other companies, includingMindray Ranks 25th, rather than ""Successfully achieving the goal of being among the top 20 global medical device companies by 2025 is now one step closer."

Top 100 Global Medical Device Companies Announced

Medtronic Ranks First

Based on the revenue in 2024,Medtronic ranks first with $33 billion in revenue and a market value of $117 billion;Johnson & Johnson ranks second with a revenue of $30.4 billion, but its market value tops the list at $374 billion.

Abbott, Danaher,Medline Industries respectively inRevenue of $27.9 billion, $24 billion, and $23.2 billion ranked in the top five.

In addition,Stryker ($23 billion), Siemens Healthineers ($23 billion), BD Medical ($21 billion), GE Healthcare ($19.7 billion), and Philips ($19.5 billion) also made it to the top 10 of the list.

Mindray, Weigao, and 12 Other Chinese-Made Enterprises Enter the Top 100 List

In this global TOP100 list, 12 Chinese medical device companies have been selected to enter the top 100 globally. Specifically, these includeMindray, Weigao Group, United Imaging Healthcare, Shinva Medical Instrument, Intco Medical, Yuyue Medical, MicroPort, China Isotope & Radiation Corporation, Lepu Medical, Blue Sail Medical, DTF Technology, Autobio Diagnostics.

Mindray

Among them, Mindray ranked 25th.As the "leading figure" of China-produced medical devices, Li Xiting, its leader, proposed for the first time in 2021 that Mindray Medical should use a strategic plan of "five to ten years to enter the top 20 in the global market, and a longer time to enter the top 10."

In September 2024, Mindray responded to this matter with the latest update,"Based on the current situation, the company still has strong confidence in achieving the goal of becoming one of the top 20 global medical device companies by 2025 at the latest, according to the established plan."Now it seems that Mindray is one step closer to this goal.

Industry analysis believes that Mindray's high profit margin is the result of multiple factors working together, including its strong market competitiveness, efficient operational management, continuous R&D investment, and good cash flow management.

Weigao Group

Weigao Group ranked 59th in this list.Data shows that Weigao Group is a large enterprise group mainly engaged in medical devices and pharmaceuticals. It oversees nine major industrial groups, including medical products, blood purification, orthopedics, biotechnology, pharmaceuticals, cardiovascular consumables, and medical commerce.

As one of the largest manufacturers of disposable medical devices in China,Weigao Group's products cover infusion consumables, surgical sutures, medical catheters, cardiac stents and intracardiac consumables, indwelling needles and various special-shaped needles, blood purification equipment and consumables, orthopedic materials, medical devices, therapeutic injections and other pharmaceuticals, biodiagnostic reagents, artificial plasma, bioimplants, PVC and non-PVC raw materials.More than 50 series, over 500 varieties, and more than 80,000 specifications.

United Imaging Healthcare

United Imaging Healthcare ranked 63rd in this list.It is reported that, based on its full range of medical imaging products, United Imaging covers multiple fields such as imaging cloud, medical devices, artificial intelligence, chip development, and third-party precision medicine diagnostic services. Currently, itsThe product line includes medical imaging and radiotherapy products, life science instruments, medical robots, smart wearable devices, and medical chips., and have been applied in 12,600 medical institutions, including more than 1,000 tertiary hospitals.

In the Chinese market, United Imaging Healthcare continues to lead in incremental market share and has established a complete global R&D, production, and service network.With its fully intelligent healthcare ecosystem and globally leading technological innovation capabilities, it is reshaping the global healthcare industry landscape.

Recent Developments of Some TOP10 Companies

Recently, the Instrument Family has compiled the top ten list of the 2024 Global Medical Device Top 100 and provided brief introductions to recent developments of some companies.

Medtronic

As one of the largest medical device companies in the world, Medtronic ranked first in the TOP 100 global medical device companies.Recently, the companyShow positive dynamics in finance, operations, strategic layout, and other aspects, continuously leading the development of the industry.

Financial data shows that on April 21, 2025, Medtronic's trading volume reached 4.27 billion US dollars.From the third quarter report of fiscal year 2025 (April 27, 2024 to January 24, 2025),Its revenue reached 24.61 billion USD, increasing by 3.51% year-on-year, and its net profit was 3.63 billion USD, increasing by 19.21% year-on-year, demonstrating a stable financial status and good profitability.

In terms of products,Medtronic's MiniMed™ 780G system has performed well in the diabetes business field in the European market, and the Simplera Sync™ sensor has received FDA approval.And it is planned to be launched in a limited release in the United States in the fall of 2025.

In the cardiovascular fieldEvolut™ FX+ TAVR System Successfully Launched in the U.S. and International Markets, Structural heart disease business achieved high single-digit growth.Cardiac Ablation Solutions (CAS) grew nearly 20% due to strong demand for Pulse Field Ablation (PFA) products.

In the neuroscience business,Neuromodulation Business Grows 13%, with Inceptiv™ Closed-Loop Spinal Cord Stimulator and Percept™ RC Deep Brain Stimulator Showing Outstanding Market Performance; Global growth in cranial and spinal technology was 5%, with the U.S. market growing by 8%. In the medical surgical business, the usage of the Hugo robotic system increased in international markets. The company plans to submit an FDA application in the first quarter of 2025, with expectations to become a significant growth driver in fiscal year 2026.

However, the peripheral vascular business experienced a low single-digit decline due to China's Volume-Based Procurement (VBP) policy but has gradually adapted to the policy and maintained stable performance.

Johnson & Johnson Medical Technologies

Johnson & Johnson's latest financial report shows that in Q1 2025,Johnson & Johnson Medical Technologies revenue reached 8 billion USD, a year-on-year increase of 2.5%.Among them, the cardiovascular business performed outstandingly, with sales reaching $2.1 billion, a year-on-year increase of 16.5%, mainly driven by the strong performance of Abiomed and general surgery wound closure products.

In the field of product innovation,Johnson & Johnson Medical Technologies announced the completion of the first clinical trial cases for the Ottava™ robotic surgical system in April 2025.This system aims to address collaboration barriers in traditional robotic surgery, support multi-quadrant operational needs in complex surgeries, and provide a new option for upper abdominal general surgery.

In terms of medical devices,"Made in China" HARMONIC® 7s Ultrasonic Scalpel Launched in ChinaIts built-in smart chip, equipped with a new generation of adaptive tissue algorithm, enhances surgical safety. In addition,The radiofrequency ablation surgery guided by QDOT MICRO, China's first disposable pressure monitoring radiofrequency ablation catheter, was successfully completed.Brings a new choice for atrial fibrillation treatment.

It should be noted that, in terms of the market, tariff policies have had a certain impact on Johnson & Johnson Medical Technology.The company is expected to face a profit loss of 400 million US dollars (approximately 2.92 billion yuan) in 2025., among which the medical technology sector is the most affected. Due to the limitations of existing contractual agreements, there is limited room for price adjustments. The company stated that it will continue to monitor tariff policy developments and adjust its response strategies accordingly.

In addition,In the Chinese market, Johnson & Johnson Medical Technologies faces certain competitive pressures, with some products relying on imports from the United States. If tariff costs are passed on to end prices, it may lead to a partial loss of market share.

Abbott (Medical Devices Division)

Abbott's latest financial data shows,In the first quarter of 2025, Abbott's medical device segment revenue reached $4.895 billion.Up 9.9% year-over-year, with organic growth reaching as high as 12.6% after excluding the impact of exchange rates and business divestitures.

In the细分领域,Diabetes care business performance was particularly outstanding, with revenue of $1.827 billion, a year-on-year increase of 16.5%, of which continuous glucose monitoring (CGM) sales reached $1.7 billion,An increase of 18.4% year-on-year, with sales in the U.S. market growing by 27%.

Moreover, in the field of structural heart disease, more than 15,000 patients worldwide have benefited from the TriClip™ device, significantly improving their quality of life. In terms of cardiovascular devices, innovative products such as the Navitor™ valve and the AVEIR™ pacemaker have driven strong growth in the structural heart and electrophysiology businesses.

In response to external challenges such as the China-U.S. tariff博弈, Abbott swiftly activated a short-term emergency plan.The company increased the inventory of key raw materials and sought buffer space by relying on its global production base network to reduce the cost pressure brought by tariff policies.Despite the U.S. tariff hikes on China expected to cost Abbott "hundreds of millions of dollars" in losses for the full year, the company has demonstrated strong adaptability by balancing globalization and localization through a distributed production network and expanded local production strategies.

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Currently, under the dual challenges of global economic fluctuations and market competition, global medical device brands are demonstrating unprecedented resilience and innovation, forging ahead against the current to explore diversified development paths.

Despite experiencing layoffs and austerity measures,ButThe majority of the world's top 100 medtech companies also achieved revenue growth and heavily invested in R&D, demonstrating strong confidence in the future.

In fact, these data not only reveal the current state of the industry but also foreshadow its future development trends. Recently, reports have pointed out that,With the steady recovery of China's economy and the continuous promotion of medical policies, the medical device procurement market has shown a clear warming trend.So,After enduring a harsh winter, what innovative technologies and healthcare solutions will these top 100 companies bring to the industry? Instrumentation Station will continue to monitor.

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