A new leader sits atop the medtech elite for fiscal year 2022. With $31.27 billion in revenue, Abbott Labs now leads the largest medical device makers in the world. The Illinois-based company overtook previous leader Medtronic by a mere $40 million. (Perhaps this was due to an unprecedented lack of M&A transactions on Medtronic’s part in 2022?)
This is despite flagging COVID-19 test sales, which barely touched half of what they reached in 2021. Companies that previously enjoyed a boon of COVID-19 diagnostics sales that year saw them far reduced: BD, Danaher, Roche, and Hologic were hit by the waning demand for tests. And although COVID-19 no longer enjoys pandemic status in the U.S., its effects still reverberate throughout the medical supply chain—particularly apparent with the ongoing semiconductor shortage.
In years past, the megamerger was the main event for the Top 30, but this year only saw one transaction that could be granted such a status: Johnson & Johnson’s $16.6 billion purchase of Abiomed. The narrative among the medtech elite last year was quite the opposite, in that many companies undertook spinoffs or divestments to refine their portfolios.
Medtronic aims to shed its Patient Monitoring and Respiratory Interventions business, either into a new company or speculated sale to other Top 30 members. J&J plans to release its Consumer Health business into new company Kenvue, and BD’s Diabetes Care business left the nest to become embecta. GE HealthCare now stands independent from its parent company, and 3M Health Care will soon follow suit. Danaher separated its Environmental & Applied Solutions business, Zimmer Biomet shed its spine and dental businesses into ZimVie, and Canon Healthcare USA took its first breath.
Recalls also rocked the Top 30 last year. Product recalls in the medtech industry jumped from 837 to 911 in 2022, with Class I recalls hitting a 15-year high. Philips Respironics continues to slog through the CPAP, BiPAP, and ventilator recall woes that began in April 2021, with some remediated devices needing yet another recall. Baxter also felt the sting with recalls of several of its product lines.
We hope you enjoy reading this year’s Top 30 reports.
Editors’ note: As you read our report, please take note that while the companies are ranked according to sales reported for their most recent fiscal year, some may include non-device sales within a division, such as combination products, drug delivery, software, or device-related services. Not all companies explicitly break out the device portion of total revenues. We consulted numerous public documents and contacted company officials as needed to arrive at the best estimates. Also note that foreign currency conversions were done based on the exchange rate at the end of the fiscal reporting period being discussed.
$31.27B
2. Medtronic
$31.23B
3. Johnson & Johnson
$27.43B
4. Siemens Healthineers
$21.13B
5. BD
$18.87B
6. GE HealthCare
$18.46B
7. Stryker
$18.45B
8. Philips
$16.50B
9. Cardinal Health
$15.89B
10. Baxter
$15.11B
11. Boston Scientific
$12.68B
12. EssilorLuxottica
$12.55B
13. Danaher
$10.85B
14. B. Braun
$9.07B
15. Alcon
$8.65B
16. 3M Health Care
$8.42B
17. Zimmer Biomet
$6.94B
18. Olympus
$6.65B
19. Intuitive Surgical
$6.22B
20. Terumo
$6.18B
21. Fresenius
$5.79B
21. Roche
$5.79B
23. Edwards Lifesciences
$5.38B
24. Smith+Nephew
$5.21B
25. Hologic
$4.86B
26. Fujifilm
$4.61B
27. Sonova
$4.08B
28. Dentsply Sirona
$3.92B
29. Canon Medical
$3.89B
30. Hoya
$3.57B
This is despite flagging COVID-19 test sales, which barely touched half of what they reached in 2021. Companies that previously enjoyed a boon of COVID-19 diagnostics sales that year saw them far reduced: BD, Danaher, Roche, and Hologic were hit by the waning demand for tests. And although COVID-19 no longer enjoys pandemic status in the U.S., its effects still reverberate throughout the medical supply chain—particularly apparent with the ongoing semiconductor shortage.
In years past, the megamerger was the main event for the Top 30, but this year only saw one transaction that could be granted such a status: Johnson & Johnson’s $16.6 billion purchase of Abiomed. The narrative among the medtech elite last year was quite the opposite, in that many companies undertook spinoffs or divestments to refine their portfolios.
Medtronic aims to shed its Patient Monitoring and Respiratory Interventions business, either into a new company or speculated sale to other Top 30 members. J&J plans to release its Consumer Health business into new company Kenvue, and BD’s Diabetes Care business left the nest to become embecta. GE HealthCare now stands independent from its parent company, and 3M Health Care will soon follow suit. Danaher separated its Environmental & Applied Solutions business, Zimmer Biomet shed its spine and dental businesses into ZimVie, and Canon Healthcare USA took its first breath.
Recalls also rocked the Top 30 last year. Product recalls in the medtech industry jumped from 837 to 911 in 2022, with Class I recalls hitting a 15-year high. Philips Respironics continues to slog through the CPAP, BiPAP, and ventilator recall woes that began in April 2021, with some remediated devices needing yet another recall. Baxter also felt the sting with recalls of several of its product lines.
We hope you enjoy reading this year’s Top 30 reports.
Editors’ note: As you read our report, please take note that while the companies are ranked according to sales reported for their most recent fiscal year, some may include non-device sales within a division, such as combination products, drug delivery, software, or device-related services. Not all companies explicitly break out the device portion of total revenues. We consulted numerous public documents and contacted company officials as needed to arrive at the best estimates. Also note that foreign currency conversions were done based on the exchange rate at the end of the fiscal reporting period being discussed.
TOP MEDICAL DEVICE MANUFACTURERS
1. Abbott$31.27B
2. Medtronic
$31.23B
3. Johnson & Johnson
$27.43B
4. Siemens Healthineers
$21.13B
5. BD
$18.87B
6. GE HealthCare
$18.46B
7. Stryker
$18.45B
8. Philips
$16.50B
9. Cardinal Health
$15.89B
10. Baxter
$15.11B
11. Boston Scientific
$12.68B
12. EssilorLuxottica
$12.55B
13. Danaher
$10.85B
14. B. Braun
$9.07B
15. Alcon
$8.65B
16. 3M Health Care
$8.42B
17. Zimmer Biomet
$6.94B
18. Olympus
$6.65B
19. Intuitive Surgical
$6.22B
20. Terumo
$6.18B
21. Fresenius
$5.79B
21. Roche
$5.79B
23. Edwards Lifesciences
$5.38B
24. Smith+Nephew
$5.21B
25. Hologic
$4.86B
26. Fujifilm
$4.61B
27. Sonova
$4.08B
28. Dentsply Sirona
$3.92B
29. Canon Medical
$3.89B
30. Hoya
$3.57B
