The top medical technology companies globally include big name companies such as General Electric, Philips and Medtronic. As of 2021, the leading medical technology company based on market share was Medtronic (U.S.). At that time Medtronic held 5.8 percent of the overall medical technology market. The company’s hold on medical technology is projected to increase slightly to 5.9 percent by 2024.
Medical technology industry
The global medical technology industry includes different types of technology that are broadly categorized as medical devices, in vitro diagnostics and digital health solutions. The total medical technology revenue has been increasing in recent years and is expected to increase dramatically by the year 2024. Research and development in the industry is also gaining ground and has experienced some of the largest growth in spending from 2015 to 2016, with significant growth expected in the future.
Company spotlight: Medtronic
Among the various medical technology companies, Medtronic is among the top in many measures. Medtronic produces medical products and devices for cardiac and vascular disease, minimally invasive therapies, restorative therapies and diabetes. In 2017, Medtronic was the top medical technology company among those that produce cardiac devices. The company beat out other competitors such as Abbott and Boston Scientific by a significant percentage of the market share. Medtronic’s total revenue worldwide has been increasing significantly in recent years and in the company’s fiscal year 2022 had reached an all time high.
FAQs
Global medical technology top companies by market share 2021 and 2028. The top medical technology companies globally include big name companies such as General Electric, Philips and Medtronic. As of 2021, the leading medical technology company based on market share was Medtronic (U.S.).
What is the largest medical technology company in the world? ›
1. Abbott. Abbott takes the top spot in 2023 as the largest medical devices company in the world.
What is the global market size of medtech? ›
The global MedTech industry market size is estimated to grow from USD 642.5 billion in 2023 to USD 668.2 billion by 2024, at a Y-o-Y increase of ~4%.
What product has the greatest share of the medtech market? ›
The dry system segment is expected to dominate the medtech industry with a market share of 33.1% from 2022 to 2033. This segment captures a significant market share in 2023 due to its, adoption of digital health solutions, and patient-centric care.
What country is leading in medical technology? ›
The United States is the biggest economy, as well as the most technologically advanced country in the world. When it comes to the academic field of clinical medicine, it is the number one country in terms of average number of citations per paper.
Who has the best healthcare technology in the world? ›
Switzerland, along with the #1 overall ranking, placed first for Quality. The U.S. ranked first for Choice along with Science & Technology, while Germany ranked highest for Fiscal Sustainability. Notably, the U.S. ranked second-to-last in Fiscal Sustainability, ahead of only Japan.
What is the largest market for medical devices? ›
Regional analysis shows that North America is expected to continue to be the largest market in medical devices. This market dominance is due to the rising prevalence of chronic disease, high healthcare spending, and key players' presence.
How big is the MedTech market in the US? ›
The US medical technology (MedTech) market is projected to be valued at $192.8 billion in 2023 and grow at a CAGR of 5.0%, reaching $246.1 billion by 2028. MedTech deal activity has gained momentum in 2023 as the dealmaking environment recovers from the market's downturn in 2022.
How many MedTech companies are there? ›
Medical technology innovators are committed to providing physicians and other health care providers with the best tools to diagnose and treat patients. This commitment drives over 6,500 medtech companies in the U.S., which are mostly small- and medium-sized enterprises, to create medical miracles every day.
Is Medtronic bigger than Stryker? ›
Medtronic's brand is ranked #546 in the list of Global Top 1000 Brands, as rated by customers of Medtronic. Their current market cap is $152.54B. Stryker's brand is ranked #- in the list of Global Top 1000 Brands, as rated by customers of Stryker. Their current market cap is $91.43B.
UnitedHealthcare is the strongest healthcare brand in the ranking with a Brand Strength Index (BSI) score of 77.4 out of 100 and a brand rating of AA+.
Who is Medtronic's biggest competitor? ›
Here is an in-depth analysis of Medtronic's top competitors and alternatives:
- Abbott Laboratories.
- Stryker Corporation.
- Boston Scientific Corporation.
- Johnson and Johnson (J&J)
- Fresenius Medical Care.
- Philips Healthcare.
- GE Healthcare.
- Siemens Healthineers.
The main competitors of GE HealthCare Technologies include Koninklijke Philips (PHG), Hologic (HOLX), Alcon (ALC), Centene (CNC), Moderna (MRNA), Humana (HUM), IDEXX Laboratories (IDXX), Haleon (HLN), IQVIA (IQV), and Takeda Pharmaceutical (TAK). These companies are all part of the "medical" sector.
What is the medical device capital of the world? ›
That said, the U.S. is the leading country for medical device company headquarters. Notably, California houses 18 companies, showcasing the Golden State's versatility as a research and development hub.
What is the #1 tech company? ›
Leading tech companies worldwide 2024, by market cap
As of March 26, 2024, Microsoft was the leading tech company by market capitalization globally at 3.14 trillion U.S. dollars. Apple ranked second, totaling around 2.64 trillion U.S. dollars in market capitalization.
What is the largest hospital company in the world? ›
UnitedHealth Group tops the list for healthcare companies globally, and nine of the top 10 companies are U.S.-based. Here are the top healthcare companies by revenue, with revenue averaged from the last four quarters reported, as of May 5, 2023.
