On September 4, Medical design and outsourcing released the latest ranking of the top 100 global medical device companies for the year. Medtronic, Johnson & Johnson Medical Technologies, and Siemens Healthineers remain in the top three.
Unlike in the past, this year's list has added an application process that allows companies to self-nominate in order to enter the ranks of the top 100 medical device companies.
Chinese companies are still two companies on the list (and for the third year in a row, they have been in the top 100):
- Mindray ranked 27th, unchanged (revenue of about $4.289 billion);
- MicroPort rose four places to 73 (revenue of about US$950 million).
Mergers and acquisitions, acquisitions and spin-offs form the core trends of this year's Top 100 medical device industry list. In the past, some of the lower-ranked companies, such as Silk Road Medical and Axonics, have been acquired by the top 20 medical device giants by closing deals.
M&A activity also facilitates revenue consolidation for the combined company. For example, the merger of Globus Medical and NuVasive has led to an increase in Globus's ranking on the list. Among the top 100 medical device companies, overall sales increased to $474.8 billion through M&A activity.
In addition, it has seen a number of spin-offs, including Solventum, a spin-off from 3M's healthcare division that is now in its first year of going public as an independent, publicly traded company. Zimmer Biomet's spin-off ZimVie, which transformed into a dentistry-focused company after divesting its spine and orthopedic businesses, dropped its position in the list. However, its spun-off orthopedic business made its first list of the Top 100 Medical Devices under the name of Highridge Medical.
Changes in the respiratory equipment market in recent years have also led to some companies moving up the rankings. For example, Inspire Medical Systems saw significant growth in its obstructive sleep apnea implant business, while CPAP device maker ResMed also moved up the rankings.
2024 Top 10 Global Medical Device Companies
See the full list at the end of this article (all currencies reporting financial results for companies whose revenue and R&D rankings have been converted to US dollars using the Federal Reserve's standard exchange rate)
Medtronic remains firmly at the top of the Top 100 Medical Device list, however, Johnson & Johnson Medical Technology is rapidly closing the gap. Will we see a new leader in the Top 100 Medical Device Report next year? Time will tell.
Medtronic
"Our priority is to fully restore profitability." Geoff Martha, chairman and CEO of Medtronic, said in early 2024.
In the months that followed, the world's leading medical device company continued to execute on a significant portfolio management strategy, which included closing its ventilator business. The company has implemented tighter controls on staff size and spending, including global layoffs, while increasing the use of automation and digitalization. A number of senior officials have also left the company, including CFO Karen Parkhill, who joined HP as CFO after her resignation. At the same time, the company's leadership emphasized that Medtronic is making strategic investments in R&D to drive future growth.
In fiscal year 2024, Medtronic's total revenue reached US$32.4 billion (equivalent to RMB 234.651 billion), a year-on-year growth of 3.6%.
In May, Medtronic announced that it had received approvals for 130 products in key regions over the past 12 months. Recent achievements include:
- The PulseSelect Pulsed Field Ablation System became the first pulsed field ablation system approved by the United States Food and Drug Administration (FDA) for the treatment of paroxysmal and persistent atrial fibrillation (AFib);
- The next-generation Evolut FX+ transcatheter aortic valve replacement (TAVR) system has also received FDA approval;
- Its Percept RC Deep Brain Stimulation System has also received FDA approval, and Medtronic claims that it is the first sensing-functional, rechargeable device for the treatment of movement disorders such as Parkinson's disease;
- and the next-generation Micra AV2 and Micra VR2 leadless pacemakers, which were approved and launched in 2023.
Medtronic is also seeking medical insurance coverage and payment for its FDA-approved Simplicity Spyral kidney denervation technology for the treatment of hypertension. By August, the technology received New Technology Surcharge (NTAP) from the United States Centers for Medicare and Medicaid Services (CMS).
Johnson & Johnson Medical Technologies
With the $13 billion acquisition of Shockwave Medical and its intravascular lithotripsy (IVL) technology in May, Johnson & Johnson Medical is on track to compete with Medtronic for the top spot in the Top 100 Medical Device List in the coming year.
In addition to the acquisition of Shockwave, Johnson & Johnson Medtech's recent developments include the launch of Polyphonic, its open and secure digital surgery ecosystem. Imagine a data source-agnostic software application that provides surgical insights. Apps released for the first time include apps for surgical video, telepresence, and planning. Looking forward to creating more AI applications through the partnership with NVIDIA, the two companies announced the collaboration in March.
Other recent news from Johnson & Johnson MedTech includes:
- 其DePuy Synthes业务推出了与eCential Robotics合作开发的脊柱手术版本的Velys机器人；
- In April, the company sold the Acclarent ear, nose and throat treatment technology business of its Ethicon business to Integra LifeSciences for $275 million;
- Expects to submit an United States FDA investigational device exemption (IDE) application for its Ottava surgical robot in the second half of 2024;
- It has submitted a United States FDA approval application for its Varipulse pulsed field ablation system for the treatment of atrial fibrillation;
- Closed a deal to acquire V-Wave, a developer of heart implants, for up to $1.7 billion.
Johnson & Johnson's CEO said in July that the company has a "solid foundation for near-term and long-term growth."
Siemens Healthineers
Siemens Healthineers continued to achieve significant business growth in the third quarter. It expects sales to grow by 4.5% to 6.5% in fiscal 2024. At the end of July, the CEO noted: "We are seeing strong operating results particularly in the Varian and Diagnostics segments. ”
Recent innovation highlights from Siemens Healthineers include:
- Syngo Virtual Cockpit, a platform that allows medical professionals in different locations to collaborate in real-time, is FDA-cleared in United States.
- The FDA also approved the Magnetom Cima.X 3 Tesla (3T) full-body magnetic resonance imaging scanner, which has the strongest gradient performance of any full-body scanner for improved visibility of small structures and faster image acquisition.
- It was also announced in March that it had also received FDA approval for its automated Ciartic Move mobile C-arm, which automates and accelerates imaging workflows in a surgical setting.
Meanwhile, Varian announced in March that its TrueBeam and Edge radiotherapy systems with HyperSight imaging technology had also been approved.
Myron Medical
In 2023, Medline achieved a 9% revenue growth.
On August 1, McRon Medical announced that it had successfully acquired Ecolab's surgical solutions business for US$950 million (about 6.8 billion yuan), which further boosted the company's growth.
The transaction brings operating room equipment, Ecolab's Microtek line of sterile operating room curtains and Ecolab's fluid temperature management system. "We look forward to working with healthcare providers and leading medical device companies through this acquisition to deliver innovative solutions to the operating room," said Jim Pigott, President and Chief Operating Officer of McRon Medical. ”
In addition, Myron Medical recently invested $27 million to triple the size of its product testing and development lab in Mandlin, Illinois, to 74,000 square feet.
Stryker
Relying on the success of its Mako orthopedic surgical robot system and digital surgical system, Stryker actively expands its business through mergers and acquisitions.
The leading giant in orthopedic and surgical technology has recently completed several smaller acquisitions, including the acquisition of Artelon, which specializes in soft tissue fixation products for foot, ankle and sports medicine surgeries, and Molli Surgical, which develops wireless soft tissue positioning technology.
Stryker's chairman and CEO recently revealed that the company is pursuing additional M&A opportunities through a very active transaction pipeline. He pointed to the field of soft tissue surgical robotics as a potential growth point and hinted at the possibility of future action in the field of neuromodulation.
Notable developments include the development of the myMako app for Apple's Vision Pro, which elevates surgeons' capabilities in surgical visualization and planning. Stryker has also introduced Triathlon Hinge to its knee surgery product line to simplify the revision surgery process. According to analyst forecasts, Stryker is expected to see further growth in Mako's shoulder and spine applications later this year.
cr：The 10 largest medical device companies By The 2024 Medtech Big 100