Top Medical Device Companies

- September 8th, 2016

The five largest medical device companies are Johnson & Johnson, GE Healthcare, Siemens, Medtronic and Philips Healthcare. Here’s a brief overview of those companies.

The global medical device market is dominated by a handful of major international companies.
According to a 2015 report from Congressional Research Service, the five largest medical device companies account for more than a quarter of the global medical devices sales. These companies are:

  • Johnson & Johnson (NYSE:JNJ)

  •  GE Healthcare (NYSE:GE)

  • Medtronic (NYSE:MDT)

  • Siemens (OTCMKTS:SIEGY)

  • Philips Healthcare

Here’s a look at each company’s current market cap and their performance to date in 2016.

Top Medical Device Companies

Johnson & Johnson 

Market cap: US$328.28 billion
Q2 2016 revenues: US18.5 billion
Johnson & Johnson is the largest company in the medical device industry. The medical device section of this international company is comprised of its Global Medical Solutions, Global Orthopaedics and Global Surgery groups.
“We continue to see good momentum through the first half of 2016,” reported Chairman and CEO Alex Gorsky after this past quarter. He attributed much of that success to Johnson & Johnson’s pharmaceutical business, but acknowledged the company’s focus on medical devices as well: “we are continuing to accelerate our growth driven by new product launches and transforming our commercial models.”

The products that Johnson & Johnson makes are used by a wide variety of healthcare professionals. For instance, Biosense Webster (a Johnson & Johnson company) is a leader in the production of advanced cardiac diagnostic, therapeutic and mapping tools — it produced the first EP diagnostic catheters two decades ago. Meanwhile, Cordis is a pioneer in the field of interventional vascular technology.

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GE Healthcare 

Market cap: US$279.05 billion
Q2 2016 revenues: US33.5 billion

GE Healthcare is a leader in the medical device manufacturing field. Some of the company’s latest products include Discovery IGS 740 (a mobile angiography system), Vscan with Dual Probe (the world’s first handheld ultrasound machine with two transducers in one probe) and Invenia ABUS (an automated breast ultrasound machine).

At the close of Q2 2016, the company delivered US$0.51 of earnings per share and reported a 15 percent increase in total revenues. A strong performance in the healthcare division balanced weaker showings from other areas of the business, like transportation.


Market cap: US$121.47 billion
Q1 FY2017 revenues: US$7.166 billion

Medtronic is a large global company with executive offices in Ireland and operational headquarters in Minneapolis. With more than 85,000 employees in over 160 countries, it is a major player in the medical device industry.

Despite a two percent decrease in revenue, Medtronic’s Cardiac and Vascular division outdid the competition in core implantables this past quarter, thanks to products like the Amplia MRITM and Compia MRITM Quad CRT-D or Micra TPS pacemaker.


Market cap: US$103.83 billion
Q3 2016 revenues: 19.8 billion Euros
Germany-based Siemens is the largest European medical device company in the market. Founded in 1847, it now has 343,000 employees worldwide.
Siemens had a solid past quarter, reporting a net income of 1.4 billion euros. Some of that growth is attributed to their diagnostic imaging business, which continues to perform well.

Philips Healthcare (Private)

Market cap: US$28.14 billion
Q2 2016 revenues: 5.9 billion euros
Philips Healthcare is a diversified technology company, with healthcare making up 42 percent of its global sales revenue. A large company with over 37,000 employees scattered across 100 countries, Philips has produced more than 450 products and services. 
The company reports that its HealthTech portfolio grew by five percent last quarter. Part of that growth came from acquisitions—Philips recently bought PathXL, a company focused on on digital pathology image analysis—and some came from product launches, like Philips’ new cloud-based Patient Adherence Management Service.

This is an updated version of an article first published on Life Science Investing News on July 5, 2016. 

Securities Disclosure: I, Morag McGreevey, hold no direct investment interest in any company mentioned in this article.

Related reading: 

What is Medical Device Investing?

Why Should I Invest in Medical Devices?

Best International Regions for Medical Device Companies

2014 Top News Stories in Medical Device Investing

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