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The Medical Device Business Journal — Medical Device News & Articles | MassDevice
September 8, 2022 By 
Medtronic, Johnson & Johnson MedTech and Siemens Healthineers top the Big 100 list of largest medical device companies by revenue.
The 2022 edition of MassDevice and Medical Design & Outsourcing‘s Big 100 report also holds surprises. Big conglomerates are spinning out medtech businesses as stand-alone companies, and that means changes to the list of 100 largest medical device companies.
Colfax, for example, engaged in business moves that turned DJO’s parent into Enovis, a large, stand-alone orthopedic device company that is No. 56 in 2022’s Big 100. ZimVie, formerly Zimmer Biomet’s spine and dental business, is 69th. And after decades under larger corporate umbrellas, Cordis debuts at No. 76 on the list.
We collected thousands of data points to size up the industry’s publicly traded companies and privately held firms. The Big 100 includes annual revenue, R&D spending, employee counts, key leaders, headquarters locations across the globe, and descriptions of each company — from Abbott to Zimmer Biomet.
Read the full Big 100 report to find out more about the 100 largest medtech businesses. Here are the 10 largest medical device companies by revenue:
And here is more about the 10 largest medical device companies:
Medtronic — top of the list among the Big 100 largest medical device companies of 2022 — has suffered a series of setbacks over the past year. There were delays in the company’s pivotal ON MED study of its renal denervation system, supply chain challenges around the rollout of its Hugo surgical robotics system, and regulatory troubles for its Diabetes business. Announcing first-quarter earnings in August, CEO Geoff Martha insisted that company leadership can get the job done.
Read more about Medtronic.
And here’s MassDevice’s Medtronic coverage.
Rebranded as Johnson & Johnson MedTech, J&J’s medical device business is set to have a higher profile in the company after the expected spinoff of its consumer business in 2023. Analysts, however, have suggested that J&J may be looking for another large medtech business to acquire to make MedTech’s revenue more on par with the pharma business. (Needham & Co. analyst Mike Matson floated Boston Scientific as a possibility.)
But during J&J’s second-quarter earnings call in July, CEO Joaquin Duato instead said that J&J MedTech has its sights set on strengthening current strongholds.
Read more about Johnson & Johnson MedTech.
And here’s MassDevice’s Johnson & Johnson coverage.
Spun out of Siemens to become its own publicly traded company in 2018, Siemens Healthineers became even larger after closing its $16.4 billion acquisition of Varian Medical Systems in 2021. Siemens Healthineers said the merger with Varian created the industry’s most comprehensive cancer care portfolio.
Read more about Siemens Healthineers.
And here’s MassDevice’s Siemens Healthineers coverage.
The all-consuming story for Philips over the past year has been its massive recall involving more than 1 million CPAPs, ventilators and other respiratory devices. The recall has removed the Dutch medtech giant from the respiratory devices market, with reports of problems accelerating. There was news in August of 44 more deaths related to the recall.
Read more about Philips.
And here’s MassDevice’s Philips coverage.
Privately held Medline Industries is moving up in this year’s Big 100 report of the largest medical device companies. Sales grew nearly 15% to $20.2 billion last year.
Read more about Medline Industries.
And here’s MassDevice’s Medline Industries coverage.
As it prepares to spin off as its own independent company early next year — keeping its old name — GE HealthCare has been turning to major partnership deals versus M&A to compete better.
Read more about GE HealthCare.
And here’s MassDevice’s GE HealthCare coverage.
Stryker officials say they’re already enjoying synergies from their $3.1 billion acquisition of Vocera Communications, a provider of digital care coordination and communication offerings.
Read more about Stryker.
And here’s MassDevice’s Stryker coverage.
CFO Jason Hollar has moved up to the corner office of pharma and medtech services giant Cardinal Health, which is No. 8 in this year’s Big 100 report of largest medical device companies.
Read more about Cardinal Health.
And here’s MassDevice’s Cardinal Health coverage.
Abbott kicked off 2022 with CEO Robert Ford delivering the first healthcare keynote ever at CES.
Read more about Abbott.
And here’s MassDevice’s Abbott coverage.
Fresh off of closing its $12.5 billion acquisition of Hillrom at the end of 2021, Baxter has moved up two spots to No. 10 in this year’s Big 100 report of the largest medical device companies.
Read more about Baxter.
And here’s MassDevice’s Baxter coverage.
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