14 Companies Dominate Med Device Market: Report
The market for medical devices is valued at $570 billion in 2022, according to Kalorama Information’s 12th report on the market since 2009. It grew 2.7% last year, and Kalorama believes it will grow average 3.4% next five years. Expect increasing revenue growth for 2022 as markets continue to stabilize. In 2023 and forward, growth will produce steady performance through the end of 2027.
“These companies collectively reported nearly $254.4 billion in medical device revenues in 2022 ─ roughly 45% of the global market.”Kalorama Information
Because of the variety of types of medical devices, there are several hundred competitors. There is a growing trend toward consolidation in the industry and as a result the top 15 companies are maintaining and/or gaining a growing percentage of the market with each year. Additionally, there is a great deal of shifting in ranking as a big acquisition could catapult a company several spots up the ladder. Most companies operate in just a few markets, though the top companies such as Medtronic, J&J, Siemens Healthineers, Danaher, and Philips are multi-billion-dollar companies that operate in several categories. There are thousands of companies making devices in the United States alone, most of these private, and many having less than 50 employees.
In each edition, Kalorama Information looks at 12-15 companies in the industry that are large, global and representative of different categories of medical devices. The companies’ performance provides insight into the performance of the global device market and reveals trends in geographic sales distribution and research and development spending.
The following companies make up Kalorama’s Index of Bellwether Device Companies. Details related to performance are detailed in our report.
- Abbott Laboratories
- B. Braun
- Becton Dickinson
- Boston Scientific
- Cardinal Health
- Danaher Corp.
- GE Healthcare
- Johnson & Johnson
- Siemens Healthineers
- Stryker Corp.
- Zimmer Biomet
These companies collectively reported nearly $254.4 billion in medical device revenues in 2022 ─ roughly 45% of the global market.