5 Top Medical Device Companies
INN breaks down the five top medical device companies in order of market cap size. Which ones made the list?
The top medical device companies are a vital component of the overarching life science industry, and are a major force in treating many diseases and conditions.
The global medical device market was valued at nearly US$456.9 billion in 2019, and is expected to expand to reach US$603.5 billion in 2023.
Growth in the global medical device industry is tied to the rapid rise of an aging population, increased infectious and chronic diseases, as well as technological advancements in the field of life science.
Of course, the sector‘s growth wouldn’t be possible without top medical device companies working on the development of devices for a variety of therapeutic areas across established and emerging markets.
Here the Investing News Network looks at the five top medical device companies developing innovative medical technology and medical equipment to treat ailments. Stocks are listed in order of market cap size, with data gathered using Investing.com’s stock screener. This list was compiled on July 13, 2020.
1. Abbott Laboratories (NYSE:ABT)
Market cap: US$176.87 billion
Abbott Laboratories creates a wide range of products, from diagnostics to medical devices to branded generic pharmaceuticals. It is one of the largest medical device companies in the life science sector.
In terms of the organization’s medical device equipment, Abbott Laboratories develops treatment options for vascular diseases, such as coronary and carotid stents, plus catheters and vessel closure devices. This medical device manufacturer also makes medical devices for the diabetes market, including blood glucose meters that provide accurate results and make the testing process easier.
The medical device company’s other areas of focus range from vision care to developing technologies for myopia, hyperopia, astigmatism, contact lens care and corneal healthcare.
2. Thermo Fisher Scientific (NYSE:TMO)
Market cap: US$163.29 billion
Thermo Fisher Scientific is one of the world’s most respected brands in healthcare, scientific research, safety and education. The medical device company’s family of global product and services represents a broad range of high-end analytical instruments, chemistry and consumable supplies, laboratory equipment and software designed primarily for medical researchers, clinicians and scientists. It has products in a variety of areas, including cellular analysis, synthetic biology and molecular biology.
In mid-2020, Thermo Fisher Scientific released better-than-expected organic revenue growth for Q2, primarily driven by strong global sales of PCR-based tests and other products and services supporting the COVID-19 response; these contributed more than $1.4 billion of second quarter revenue.
3. Medtronic (NYSE:MDT)
Market cap: US$129.34 billion
Naturally this list of big names in the medical device industry would not be complete without the inclusion of Medtronic, which is one of the largest global medical device manufacturing companies.
With its headquarters in Dublin, Ireland, Medtronic’s devices provide solutions for relieving pain, restoring health and working to extend the lives of millions of people globally. Its primary areas of focus include: cardiac and vascular, minimally invasive therapies, restorative therapies and diabetes.
4. Intuitive Surgical (NASDAQ:ISRG)
Market cap: US$80.2 billion
Medical device manufacturer Intuitive Surgical developed the da Vinci surgical system — the first minimally invasive surgical system to receive clearance from the US Food and Drug Administration.
Intuitive Surgical’s goal is to provide assistance to doctors and hospitals with its robotics-assisted platforms, including the da Vinci system. Roughly 5 million da Vinci procedures have been done, while the system is used by surgeons across 50 US states and 66 countries around the world.
5. Becton Dickinson (NYSE:BDX)
Market cap: US$79.74 billion
Becton Dickinson is another global medical technology company that is focused on medical discovery, diagnostic products and delivery of care.
The company’s technology works to advance clinical therapy for patients and, in turn, the clinical process for healthcare professionals. In terms of its product line, Becton Dickinson’s portfolio features devices for blood and urine collection, cell analysis systems, diabetes care products, diagnostic imaging systems, drug delivery systems, genomics, medical surgical systems and sharps disposal solutions.
This is an updated version of an article originally published by the Investing News Network in 2016.
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Securities Disclosure: I, Melissa Pistilli, hold no investment interest in any of the companies mentioned.