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 US$605.7 billion in 2020, and is expected to grow at a compound annual growth rate of 5.6 percent to reach US$796.9 billion in 2025.
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 June 18, 2021.
1. Abbott Laboratories (NYSE:ABT)
Market cap: US$194.74 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$191.38 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 products 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-2021, Thermo Fisher Scientific launched a point-of-care COVID test in India. The TaqMan Mutation Panel can test confirmed infected samples for COVID-19 variants and provide results within 30 minutes.
3. Medtronic (NYSE:MDT)
Market cap: US$166.71 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 care, minimally invasive therapies, restorative therapies and diabetes.
4. Intuitive Surgical (NASDAQ:ISRG)
Market cap: US$104.91 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. Stryker (NYSE:SYK)
Market cap: US$96.9 billion
Stryker is another global medical technology company that is focused on medical discovery, diagnostic products and delivery of care. The company has a multi-year national partnership with Minor League Baseball as its “Official SmartRobotics Joint Replacement Partner.”
The company’s offerings include products and services in orthopedics, medical and surgical and neurotechnology and spine; these are aimed at improving patient and hospital outcomes. In late 2020, Stryker acquired Wright Medical, adding a variety of foot and ankle products to its portfolio.
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.
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