8 Largest Medical Device Companies In The World
Published Jan 18, 2021
In the field of medicine, medical device companies play a very important role. They develop medical and surgical instruments to detect and treat various ailments. These medical devices save countless lives and make doctors’ lives easier.
But since there is a huge demand for medical devices all over the world, there are also a lot of medical companies popping up. This gives rise to some very intense competition in the industry. As a result, these companies are in a constant race against each other to come up with the most technologically advanced devices.
This competition might be exhausting for these companies. But it’s very beneficial for us consumers as well as the entire medical field. Thanks to this stiff competition, medical technology is evolving faster than we could imagine. This means, we now have much better chances of healing people and saving lives than we did decades ago.
But the huge demand for medical equipment did not just create competition. It also brought in billions of dollars to the companies producing them. Some of the medical companies benefiting from this are:
Net worth: $414.31B as of January 6, 2021
Jhonson and Johnson is a known brand for baby care products. But what many don’t know is that the company also produces medical equipment and devices. This includes operating room products, hip, knee and shoulder replacements, and even orthopedic implants.
2. Novartis AG
Net worth: $216.12B as of January 6, 2021
Based in Switzerland, this healthcare company is responsible for many known medicine brands today. But aside from pharmaceutical products, they also manufacture medical devices. They are also now working on digital solutions for treating certain illnesses like asthma. It’s also currently exploring the use of AI technology to treat heart patients in China.
Net worth: $193.3B
Another pharmaceutical giant, Abbot Laboratories have also ventured into manufacturing medical devices and equipment. In fact, it offers a wide range of medical tools and equipment. From commonly used ones like catheters to the more advanced real-time PCR machine.
Net worth: $194.06B as of January 6, 2021
Unlike the previous three companies, Thermo Fisher is focused on
making laboratory equipment, instruments, and supplies. They supply a wide network of hospitals and laboratories around the world. Their products cover a wide range: from tools used in cell culture to protein and cell analysis.
Net worth: $157.67B as of January 6, 2021
Founded in 1949, Medtronic is an American-Irish medical device company with headquarters in Ireland and Minnesota. It derives most of its income by providing various medical solutions to the US healthcare system. They have products for a wide range of medical conditions and surgical procedures. They’re currently making leaps with data-driven health care.
Net worth: $157.8B as of January 6, 2021
Danaherclaims itself to be a global science and technology innovator. But it’s actually an umbrella corporation for the various medical companies it has acquired since 1984. This includes companies like Integrated DNA Technologies (IDT), Leica Biosystems, and Beckman Coulter.
7. 3M Company
Net worth:$100.82B as of January 6, 2021
For us consumers, we recognize 3M as the manufacturer of some of our home appliances. But for medical professionals, the company offers life-saving solutions. In fact, 3M’s products are so varied that they are involved in a wide range of industries. From automotive to communications, energy, and healthcare, they probably have it all.
As you would expect, their healthcare products are also very diverse. They have tools for bioprocessing, drug delivery systems, food safety, oral care, and personal healthcare. They also have equipment for orthodontic, optical care, and patient monitoring.
Net worth: $94.61B as of January 6, 2021
You probably know GE only as a manufacturer of electric bulbs and lightings. We couldn’t blame you though as the company really does trace its roots to manufacturing electric lightbulbs. But they have since then diversified their holdings and are now involved in many industries. One of its latest healthcare innovation is the Critical Care Suite 2.0. It’s a collection of AI algorithms embedded in X-ray systems to enable more accurate and automated measurements and quality control.
About The Author
Judy Ponio is a firm believer in the power of knowledge when it comes to whole body donation and she wants to share her experience with the world. She also loves to write about food and art.