UPDATE: For the latest list of the world’s largest medical device companies, visit our 2023 Medtech Big 100 ranking.
Medtech businesses are becoming stand-alone companies. That translates into new names among 2022’s Medtech Big 100 ranking of the world’s largest medical device companies.
Ever ask yourself, “What are the largest medical device companies?” Medtronic, Johnson & Johnson MedTech (which rebranded from Johnson & Johnson Medical Devices this year), and Siemens Healthineers still rank at the top of the list when it comes to revenue. Scroll farther down, though, and you’ll encounter new names such as Enovis and ZimVie. GE HealthCare plans to keep its name when it becomes its own independent company early next year. Will 3M’s Health Care segment, due for its own 2023 spinout, do the same? And will 3M’s home state of Minnesota keep the new headquarters? Time will tell.
Medical Design & Outsourcing collected thousands of data points to size up the industry’s publicly traded companies and privately held firms, including annual revenue, R&D spending, employee counts, key leaders, headquarters locations across the globe, and descriptions of each company — from Abbott to Zimmer Biomet. (Here is last year’s report.)
This project draws on data from Securities and Exchange Commission filings, facts and figures shared directly with us by the largest medical device companies, and news coverage from Medical Design & Outsourcing, MassDevice and other WTWH Media Life Sciences brands. Note that the majority of these companies operate on standard calendar years, but some have fiscal years for which we’ve collected data as recently as August 2022. (Medtronic’s fiscal year, for example, ended on April 29, 2022.) Because we moved this year’s publishing date from November to September, a few companies have data rerun from last year’s report because their fiscal years run until the end of September.
Trends we see include major conglomerates spinning out medical device companies into stand-alone businesses. Some big companies including GE HealthCare are also turning to substantial partnerships rather than outright M&A in order to stay competitive. Plus, medtech companies have had to respond to macroeconomic headwinds — which include a strong dollar making it harder for American companies to export, inflation, supply chain disruption and more.
Speaking of currency, please note that we’ve converted foreign currencies reported by companies to U.S. dollars using standardized Federal Reserve rates.
Click through the listings below to learn more about the companies powering the global medical device industry.