The top ten medical device companies by market share in 2018

Vasanthi Vara 7 March 2019 (Last Updated January 23rd, 2020 13:29)

Despite it being a highly fragmented industry, the ten biggest medical device companies account for approximately 40% of all sales in a market estimated to be valued at $515.16bn in 2018, according to GlobalData. Medicaldevice-network lists the ten top medical device companies by market share in 2018.

The top ten medical device companies by market share in 2018
Siemens Healthineers managed to command the highest market share in the global medical devices market despite a 2% decline in annual sales in 2018. Image courtesy of Siemens Healthcare GmbH.

Top ten medical device companies by market share in 2018: Ranking the ten biggest companies

10. Siemens Healthineers

9. Cardinal Health

8. Becton Dickinson

7. Abbott Laboratories

6. Fresenius Medical Care

5. GE Healthcare

4. Philips Healthcare

3. Thermo Fisher Scientific

2. Johnson & Johnson Medical Devices Companies

1. Medtronic

10. Siemens Healthineers

ten top medical device companies by market share
Siemens Healthineers managed to command the highest market share in the global medical devices market despite a 2% decline in annual sales in 2018. Credit: Siemens Healthcare GmbH.

Siemens Healthineers is a Germany-based healthcare company specialising in diagnostic imaging and laboratory diagnostics products and services. The company’s three business divisions include imaging, diagnostics, and advanced therapies.

In 2018, the company’s revenues declined by 2% from the previous year to reach €13.43bn ($15.36bn). Imaging business generated the highest revenues of €8.15bn ($9.32bn), followed by diagnostics with €3.96bn ($4.53bn) and advanced therapies with €1.48bn ($1.69bn).

Geographically, the Americas contributed the highest revenues of €5.29bn ($6.05bn) followed by the Europe, CIS, Africa, and Middle East (EMEA) region at €4.41bn ($5.04bn).

Siemens Healthineers strengthened its diagnostics business with the acquisition of Fast Track Diagnostics in January 2018.

9. Cardinal Health – 3.02%

ten top medical device companies by market share
Cardinal Health’s medical business contributed to majority of its revenues in 2018. Credit: martin.

 

Cardinal Health is a healthcare services and products provider based in the US. The company’s business segments include medical and pharmaceutical divisions.

The company’s total revenues in 2018 were $136.8bn. The medical business segment contributed $15.58bn of this, while the pharmaceutical business segment posted revenues of $121.24bn. Revenues of the medical business increased by 15% compared to the previous year.

Acquisition of Medtronic’s patient care business for $6.1bn in 2017 had a positive impact on the medical business.

8. Becton Dickinson – 3.1%

ten top medical device companies by market share
The BD Medical division of Becton Dickinson contributed the highest revenues of $8.6bn in 2018. Credit: BD (Becton, Dickinson and Company).

Becton Dickinson (BD) is a medical technology company based in the US with three main businesses – BD Medical, BD Life Sciences and BD Interventional.

In 2018, BD earned $15.98bn in revenues, achieving a year-on-year growth of 32.3%. The BD Medical business contributed the highest revenues of $8.6bn, while the BD Life Sciences and BD Interventional businesses posted revenues of $4.3bn and $3bn respectively.

BD divested some of its assets during the year, including its Advanced Bioprocessing business, as well as the remaining interests in Vyaire Medica. The company also made the strategic acquisition of TVA Medical, which added devices for the treatment of chronic kidney disease to its portfolio.

7. Abbott Laboratories – 3.66%

ten top medical device companies by market share
Medical devices business was the highest revenue generator for Abbott Laboratories in 2018. Credit: Abbott Laboratories.

Based in the US, Abbott Laboratories is a healthcare company that includes diagnostics, medical devices, nutrition, and branded generic pharmaceuticals businesses.

The company reported total revenues of $30.6bn in 2018. From this total, the diagnostics and medical devices businesses together accounted for $18.86bn. The medical devices business was the highest revenue generator for the company with $11.37bn in revenues, an increase of 10.1% from the previous year.

Diagnostics was the second highest revenue generator for the company with revenues of $7.49bn, an rise of 33.5% from the same period 12 months previously.

6. Fresenius Medical Care – 3.67%

ten top medical device companies by market share
North America accounts for majority of Fresenius Medical Care’s revenues. Credit: Fresenius Medical Care AG & Co KGaA.

 

Based in Germany, Fresenius Medical Care is a leading provider of medical device products and services for chronic kidney failure.

The company earned revenues of €16.54bn ($18.92bn) in 2018, achieving year-on-year growth of 7%. North America accounted for the majority (70%) of the company’s revenues, followed by Europe, Middle East, and Africa (16%).

Fresenius Medical Care announced the acquisition of NxStage Medical in 2018.  Expected to be closed in the first quarter of 2019, the acquisition is intended to strengthen the company’s position in the home care market in the US. It will add home dialysis and critical care medical devices to the company’s product portfolio.

5. GE Healthcare – 3.84%

ten top medical device companies by market share
GE plans to establish the Healthcare division as a standalone. Credit: GE Healthcare.

 

GE Healthcare is a division of GE Electric Company (GE), a conglomerate company based in the US. The division includes healthcare systems and life sciences businesses.

The healthcare systems business provides medical technologies and digital solutions including imaging, ultrasound, life care, and enterprise software and solutions. The life sciences business provides biopharmaceutical solutions and pharmaceutical diagnostics services.

GE Healthcare generated $19.78bn in revenues in 2018, achieving year-on-year growth of 4%. GE announced plans to establish GE Healthcare as a standalone entity in 2018. The separation is expected to take place over the next three years.

4. Philips Healthcare – 4.02%

ten top medical device companies by market share
Philips Healthcare accounts for 42% of Royal Philips’ revenues. Credit: Philips Communications.

 

Philips Healthcare is a part of Royal Philips, a diversified technology company based in the Netherlands, and accounts for approximately 42% of the company’s revenues. The company’s business segments include diagnosis and treatment, connected care and health informatics, and personal health.

The company earned €18.1bn ($20.7bn) in revenues in 2018, recording a 5% increase from 2017. The diagnosis and treatment, and personal health businesses accounted for the majority of the revenues at €7.2bn ($8.23bn) each, followed by connected care and health informatics at €3.1bn ($3.54bn).

Philips Healthcare closed some key acquisitions during the year to strengthen business, such as that of EPD Solutions, Xhale Assurance, Remote Diagnostic Technologies, Blue Willow Systems, and NightBalance.

3. Thermo Fisher Scientific – 4.73%

ten top medical device companies by market share
Thermo Fisher Scientific registered a 16% growth in revenues in 2018, compared to the previous year. Credit: Thermo Fisher Scientific.

 

Based in the US, Thermo Fisher Scientific is a medical device company operating through five brands, which are Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, and Unity Lab Services.

The company’s business segments include life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products and services. The company posted revenues of $24.36bn in 2018, registering 16% growth over the previous year.

The life sciences solutions segment posted the highest revenues of $6.27bn, followed by analytical instruments ($5.47bn) and specialty diagnostics ($3.72bn) segments.

Thermo Fisher strengthened its life sciences business with the acquisition of Advanced Bioprocessing business from Becton, Dickinson and Company for $477m in October 2018.

2. Johnson & Johnson Medical Devices Companies – 5.24%

ten top medical device companies by market share
Johnson & Johnson Medical Devices Companies divested its Lifescan glucose monitoring business in 2018.

 

Johnson & Johnson Medical Devices Companies (JJMDC) is a part of US-based pharmaceutical company, Johnson & Johnson.

The group includes a number of medical device businesses including Acclarent, Biosense Webster, Cerenovus, DePuy Synthes, and Ethicon. The Mentor and Sterimed, a reprocessing services provider, are also part of the group.

The company’s revenues in 2018 increased by 1.5% from the previous year to reach $27bn. The revenues reflect the sale of the Lifescan glucose monitoring business, which had a negative impact of 1.4% on the company’s sales.

JJMDC strengthened its orthopaedic and digital solutions business in 2018 through key acquisitions of Emerging Implant Technologies, Orthotaxy, Auris Health, and assets of Medical Enterprises Distribution.

1. Medtronic – 5.81%

ten top medical device companies by market share
Medtronic grabbed a market share of 5.81% in 2018, thanks to strong sales in cardiac and vascular. Credit: Medtronic.

 

Medtronic is an Ireland-based medical device company established in 1960. The company’s businesses are divided into four groups including cardiac and vascular group (CVG), restorative therapies group (RTG), diabetes group, and minimally invasive therapies group (MITG).

The company earned $29.95bn in revenues in 2018, which is a marginal increase of 1% compared to the previous year. The CVG unit generated the highest revenues of $11.35bn, followed by MITG ($8.71bn) and the RTG unit ($7.74bn).

Medtronic completed the acquisition of Mazor Robotics in December 2018 for $1.7bn, which was considered to be the biggest orthopaedic deal of the year. The deal strengthened the company’s spine surgery portfolio.