The 10 biggest American medical device companies in 2020 by market cap (2024)

Many of the biggest American medical device companies have been in the news at some point this year due to their efforts in tackling the Covid-19 pandemic

The 10 biggest American medical device companies in 2020 by market cap (1)

Johnson & Johnson, Medtronic and Stryker are among the world's biggest US-based medical device firms (Credit: asharkyu/Shutterstock)

The world’s biggest healthcare companies and medical device manufacturers – many of which are American – have received more attention than ever in 2020 due to increased demand for ventilators, face masks, testing kits and, most recently, vaccines, as countries attempt to tackle the Covid-19 pandemic.

While a number of different indicators can be used to rank these firms, we’ve chosen to use market capitalisation – the market value of a company’s outstanding shares – as a way to determine who is currently leading the American medical devices sector.

If total revenue was used instead, pharma giant Allergan would have appeared on this list, and Cardinal Health, which primarily provides healthcare services, would be considered the biggest medical device manufacturer – not only in the US, but across the entire world.

With that in mind, here are the 10 biggest US medical device companies in 2020, based on market capitalisation figures from American software provider Greenlight Guru.

Biggest American medical device companies in 2020

1. Johnson & Johnson – $369bn

Johnson & Johnson (J&J) may generate a significant portion of its sales through pharmaceuticals – as well as consumer health products like those under its iconic Johnson’s baby brand – but the New Jersey-based firm manufactures a wide range of medical devices too.

In fact, not only is it currently the largest manufacturer of medical devices globally, in 2020, by some margin, but the Financial Times has also estimated that J&J was the world’s 10th-biggest publicly-traded company by market cap in the first half of the year.

It currently boasts a total revenue of close to $82bn, employs 132,200 people and, in 2019, spent more than $11bn on research and development – the most of any medical device firm in the world.

The key areas medical devices manufactured by J&J fall under are orthopaedics, surgery and ophthalmology.

2. Abbott – $144bn

Healthcare and medical device industry heavyweight Abbott is based in Chicago, Illinois, and was originally founded as a drug company more than 130 years ago.

Today, it makes a wide range of cardiovascular devices – including stents, pacemakers, replacement heart valves, catheters and monitoring systems – as well as numerous technologies used in diagnostics and diabetes care.

The 10 biggest American medical device companies in 2020 by market cap (2)

Abbott also became one of the first global companies to receive an emergency use authorisation (EUA) from the US FDA for a Covid-19 diagnostic earlier this year, with its molecular RT-PCR test gaining approval on 18 March.

Abbott’s figure for total revenue recently passed $30bn, and it currently employs about 103,000 people and operates in 160 countries worldwide.

3. Medtronic – $138bn

Medtronic may have switched its headquarters to Dublin, Ireland in 2015 for tax-related reasons, but prior to the move it had been based in Minnesota for more than 60 years and, to this day, generates the vast majority of its sales within the US healthcare system.

Its total revenue in 2020 stands at about $30.5bn, and it employs more than 100,000 people globally.

The company currently makes hundreds of medical device products in the cardiovascular, respiratory, urological, diabetes, orthopaedic, ENT (ear, nose and throat), and patient monitoring sectors.

Another area Medtronic has started to increasingly operate in is neurology, and its Percept PC system – which uses deep brain stimulation (DBS) to treat neurological conditions like Parkinson’s disease – gained FDA approval in August 2020.

4. Baxter – $129bn

Illinois-based healthcare giant Baxter boasts a total revenue of $11.1bn and employs 50,000 people globally.

Its medical device products are divided into the categories of critical care, hospital care, surgical care and renal care – and its current flagship products include the Amia dialysis system, which is used to treat end-stage renal disease patients at home, and the Spectrum IQ infusion pump.

In 2009, Baxter also became one of a handful of companies to receive EU clearance for a H1N1 influenza vaccine candidate during the global swine flu pandemic.

5. Danaher – $105bn

Danaher joins NASA, World Bank, the US Navy and numerous government departments in being based in the District of Columbia, as its headquarters is in the American capital of Washington, D.C.

The company’s total revenue stands at almost $20bn in 2020, and it employs 71,000 people in some 60 different countries.

The 10 biggest American medical device companies in 2020 by market cap (3)

Danaher started life as a real estate investment trust half a century ago, before being refocused as a manufacturing firm in 1984, and currently makes a range of products within the life sciences and diagnostics sectors.

The company also spun out its operations in the dental segment into a separate firm called Envista – which produces dental implants, orthodontics, dental equipment and consumables – in the summer of 2019.

6. General Electric – $98bn

US manufacturing heavyweight General Electric has generated a total revenue of more than $95bn and employs roughly 200,000 people globally – and conducts its business in the medical device sector through Illinois-based subsidiary GE Healthcare.

GE Healthcare manufactures technologies used across the industry, from medical imaging and patient monitoring devices to ventilators, diagnostics and drug delivery systems.

Near the beginning of the Covid-19 pandemic, in March, the company teamed up with Ford to leverage the design of an FDA-cleared, third-party ventilator – allowing the car manufacturer to scale up its production of these critical care machines more quickly.

7. 3M Company – $88bn

Having been founded as a mining firm nearly 120 years ago, 3M Company arguably made its earliest major move into the healthcare sector when it produced the first asthma inhaler in the 1950s.

The first N95 respirator mask – a design that has gained increased notoriety during the Covid-19 pandemic – was also developed by 3M, and received FDA approval in 1972.

The Minnesota-based company is currently the single biggest global provider of sterile packaging for use in the medical industry, with one of its most well-known products of any kind being Scotch tape.

Today, 3M boasts total revenues of $32.8bn, employs more than 93,000 people and, in 2019, its spending on R&D came in at a little under $2bn.

8. Stryker – $74bn

Stryker is based in Kalamazoo, Michigan, and produces surgical equipment, orthopaedics like implants and joint replacements, neurotechnology applications and personal protective equipment (PPE).

Since its foundation by orthopaedic surgeon Dr Homer Stryker in 1941 – who decided to invent his own medical products upon noticing that existing ones were not meeting his patients’ needs – Stryker has grown into one of the world’s biggest medtech firms, boasting a total revenue of $13.6bn and employing 36,000 people.

Today, one of its most notable products is the Mako Total Knee, which was launched in 2017 and combines robotic arm-assisted technology with the company’s Triathlon knee replacement implant.

9. Becton Dickinson – $67bn

Becton Dickinson (BD) is currently the world’s largest manufacturer of needles and syringes – and provided the UK government with 65 million of these injection devices in July as part of the country’s preparation for a successful Covid-19 vaccine being approved and rolled out.

The New Jersey-based medical device firm also works in surgery, molecular diagnostics, diabetes management and infusion, and offers integrated analytics solutions and laboratory automation to help with healthcare workflow as well.

Its total revenue in 2019 was just shy of $17.3bn, and it employs more than 70,000 people across 50 countries worldwide.

Earlier this year, BD launched its Veritor Plus System – a portable, easy-to-use Covid-19 antigen testing kit capable of producing results in 15 minutes, which gained an EUA from the FDA in July, and received a CE mark for European use in September.

10. Intuitive Surgical – $65bn

Unlike the majority of companies on this list, Intuitive Surgical – despite providing a range of healthcare-related products – is best-known for one very specific medical technology it makes.

Its Da Vinci robotic surgery system can be controlled by a surgeon using a console and, according to the company, has been used in more than six million minimally-invasive procedures to date – including prostatectomies, cardiac valve repairs, and gynecologic operations like hysterectomies.

The 10 biggest American medical device companies in 2020 by market cap (4)

Largely thanks to this device making it an industry leader in robot-assisted surgery, Intuitive Surgical currently boasts a total revenue of about $3bn. It also employs more than 5,500 people.

The 10 biggest American medical device companies in 2020 by market cap (2024)


Who is the largest medical device company? ›

Medtronic, Johnson & Johnson MedTech and Siemens Healthineers top the Big 100 list of largest medical device companies by revenue.
What are the largest medical device companies?
CompanyAnnual Revenue
Cardinal Health (Medical segment)$15.9B
Abbott (medical device segment)$14.4B
6 more rows
8 Sept 2022

How many medical device companies are there in USA? ›

Medical Device Manufacturing in the US - Number of Businesses 2005–2028
908Medical Device Manufacturing Businesses in the US in 2022
Purchase this report or a membership to unlock our data for this industry.Medical Device Manufacturing in the US Business Growth 2022–2028
2 more rows
30 Aug 2022

Who is the largest manufacturer of medical supplies? ›

The 2022 version is ready and live online. Click here to review the latest Top Companies list!
1. Johnson & Johnson$25.1B
2. Medtronic$20.2B
3. GE Healthcare$17.6B
4. Siemens Healthcare$14.5B
26 more rows
16 Aug 2016

Who are the key players in medical devices industry? ›

The global top 10 medical device technologies market is fragmented and highly competitive. The key players in this market are Johnson & Johnson (U.S.), GE Healthcare (U.K.), Siemens Healthcare (Germany), Medtronic (U.S.), Philips Healthcare (Netherlands), Roche Diagnostics (Switzerland), Abbott Laboratories Inc.

How big is the medical device industry in the US? ›

How big is the U.S. medical device manufacturers market? b. The U.S. medical device manufacturers market is estimated at USD 176.7 billion in 2020 and is expected to reach USD 186.5 billion in 2021.
Report AttributeDetails
Segments CoveredType
Country ScopeThe U.S.
11 more rows

Who is Stryker's biggest competitor? ›

Stryker competitors include Johnson & Johnson, Medtronic, GE Healthcare, Globus Medical and DJO Global. Stryker ranks 1st in CEO Score on Comparably vs its competitors.

Who has the best medical technology in the world? ›

The answer to the question, “what country leads the world in medical innovation?” is the United States. Medical industry professionals all over the world would have to agree that the top medical technology currently being used around the world has ties to the U.S.

Where does the US rank in medical technology? ›

The United States ranked first in science and technology by a wide margin. That result stems from U.S. leadership in the number of new drugs and medical devices gaining regulatory approval.

Which state has the most medical device companies? ›

California, Minnesota and Massachusetts dominate the U.S. medical device industry. But many other states also play a significant role in medtech. From industry employment to venture capital investment to notable industry suppliers, read on and discover how the medical device industry's top states compare.

Who are the top 10 medical device companies in the UK? ›

Below are some of the top UK medical technology companies currently dominating the healthcare AI field.
  • Skin Analytics. ...
  • Babylon Health. ...
  • Cambridge Cognition. ...
  • DeepMind Technologies. ...
  • BenevolentAI.
15 Jun 2018

Who supplies the US military with medical supplies? ›

DoD also awards $240 million contract to Owens and Minor Distribution Inc. for medical and surgical supplies. Cardinal Health has secured a $1 billion contract with the United States Department of Defense (DoD) to provide medical devices and supplies to U.S. military services and federal civilian agencies.

Which country exports the most medical equipment? ›

Table 1
Net export countriesNet import countries
2USSouth Korea
7 more rows

What is the best medical device company to work for? ›

The 20 Best Medical Devices Companies to Work For As Rated by the Women Who Work There (December 2022)
  1. Smith & Nephew. 4.4 stars. ...
  2. Edwards Lifesciences. 4.3 stars. ...
  3. Medtronic. 3.8 stars. ...
  4. Boston Scientific. 3.8 stars. ...
  5. DePuy Synthes. 3.7 stars. ...
  6. Starkey Hearing Technologies. 3.7 stars. ...
  7. Benco Dental. 3.6 stars. ...
  8. Alcon, A Novartis Division.

Who has the best healthcare system in the world 2022? ›

The Top 10 Healthcare Systems in the World 2022
  • South Korea. South Korea tops the list of best healthcare systems in the world. ...
  • Taiwan. Taiwan is second in the best healthcare systems in the world. ...
  • Denmark. ...
  • Austria. ...
  • Japan. ...
  • Australia. ...
  • France. ...
  • Spain.
21 Jul 2022

Which is the No 1 IT company in world 2022? ›

IT Services 25 2022 Ranking
42IBM Consulting
21 more rows

Who is the dominant player in the healthcare system? ›

The federal government is a dominant player in the healthcare sector because its Medicare program is the largest single-payer for health services. Additionally, the federal government pays about two-thirds of the costs of the joint state-federal Medicaid program.

What are the top 3 most important advances in medical technology? ›

Here, in order of anticipated importance, are the Top 10 Medical Innovations for 2022:
  • Next generation of mRNA vaccinology. ...
  • PSMA-targeted therapy. ...
  • New treatment for the reduction of LDL. ...
  • Novel drug for treatment of type 2 diabetes. ...
  • Breakthrough treatment for postpartum depression.
16 Feb 2022

Who are the buyers of medical devices? ›

Medical device buyers are usually hospitals, scientists, and other healthcare professionals. That means they tend to be intelligent, well-educated, and analytical.

Who has the authority over medical devices in the United States? ›

The FDA was granted the authority to regulate the manufacturing and marketing of medical devices in 1976. It does not regulate the practice of medicine. Devices are classified based on complexity and level of risk, and "pre-1976" devices were allowed to remain on the market after being classified without FDA review.

How much does the US spend on medical devices? ›

In 2019, spending on medical devices and in-vitro diagnostics totaled $199.1 billion, or 5.2 percent of total national health expenditures [Figure 1].

What are the top 3 challenges that underlie the medical device industry? ›

Ensuring regulatory compliance– Stringent regulations, traceability, and safety are the major concerns for a medical device manufacturer.

Is Stryker or Medtronic better? ›

Stryker scored higher in 8 areas: Overall Rating, Culture & Values, Work-life balance, Senior Management, Career Opportunities, CEO Approval, Recommend to a friend and Positive Business Outlook.

Is Stryker a good guy? ›

The Reverend William Stryker is a fictional character appearing in American comic books published by Marvel Comics. A minister and former sergeant with a strong hatred for mutants, he is usually depicted as an enemy of the X-Men.

Who is Medtronic's biggest competitor? ›

The main competitors of Medtronic include Intuitive Surgical (ISRG), Gilead Sciences (GILD), Stryker (SYK), Sanofi (SNY), Elevance Health (ELV), Regeneron Pharmaceuticals (REGN), Moderna (MRNA), Vertex Pharmaceuticals (VRTX), GSK (GSK), and Becton, Dickinson and (BDX).

Who is No 1 technology in world? ›

Large country ranking
RankCountryInnovation inputs
1South Korea2.74
16 more rows

Who is number 1 in technology in the world? ›

RankingCountryComposite Score
1South Korea6.52
2United States5.10
60 more rows
4 May 2022

Which country is No 1 in medical facilities? ›

Best Healthcare in the World 2022
CountryLPI 2020 RankingLPI 2019 Ranking
123 more rows

Who is number 1 in healthcare in the US? ›

Hawaii is the top state for health care in the U.S. It has the best health outcomes in the country, with low preventable death (47 per 100,000 people), diabetes mortality and obesity rates.

What is the fastest growing medical specialty in the United States? ›

Cardiology is the fastest growing ASC specialty, according to Avanza's "2022 Key ASC Benchmarks and Industry Figures" report.

Which U.S. state is the most technologically advanced? ›


Which country has the best medical infrastructure? ›

Countries With The Best Health Care Systems, 2021
1South Korea87.16
51 more rows
27 Apr 2021

What state has the best medical center? ›

Best States for Hospital Care

Massachusetts ranks first as the best state for hospitals in the United States. Massachusetts is home to some of the best hospitals in the country such as Massachusetts General Hospital and Brigham and Women's hospital.

Which states practice medicine best? ›

Idaho is the best state to practice medicine in 2022, according to Medscape's rankings released May 20. The rankings are based on malpractice payouts, compensation, cost of living and work-life balance, among other factors. Specific methodology information can be found here.

What is the largest biomedical company in the world? ›

Johnson & Johnson

What is Stryker most known for? ›

Company Overview

Stryker is one of the world's leading medical technology companies and offers innovative products and services in Orthopaedics, Medical, Surgical, Neurotechnology and Spine that help improve patient and hospital outcomes.

Who is the largest medical supply company in the US? ›

Top 40 Medical Device Companies
RankingCompanyFiscal 2019 (Sales US$m)
2Johnson & Johnson25,963
3Philips Healthcare21,297
4Abbott Laboratories19,953
36 more rows

Which country supply weapons to USA? ›

TIV (trend-indicator value) is a unit invented by SIPRI.
U.S. arms exports in 2021, by country (in TIV expressed in million constant 1990 U.S. dollars)
Exports toExport value in TIV in million constant (1990) U.S. dollars
United Kingdom875
9 more rows
30 Sept 2022

Who supplies guns to U.S. military? ›

CharacteristicArms salesTotal sales
Lockheed Martin Corp. (US)58,21065,398
Raytheon (US)36,78056,587
Boeing (US)32,13058,158
Northrop Grumman Corp. (US)30,42036,799
9 more rows
5 Aug 2022

Which country is the medical hub of the world? ›

Dubai, with a population of more than 9.4 million welcomes more than 10 million tourists every year.

Who is the largest supplier of medical supplies? ›

In fact, according to their website, Henry Schein is the “largest global healthcare distributor of medical supplies, services, point-of-care diagnostics and equipment to physician offices.” And being that they're such a large provider, Henry Schein's product selection is expansive.

What is the highest paid medical tech? ›

20 Highest Paid Non-Physician Jobs in Healthcare
  • Orthotic and Prosthetics Professionals.
  • Diagnostic Medical Sonographers and Cardiovascular Technologists and Technicians, Including Vascular Technologists. ...
  • Radiologic and MRI Technicians. ...
  • Dietitians and Nutritionists. ...
  • Respiratory Therapist. ...

Why is Cerner the best? ›

Cerner provides a user-friendly dashboard that gives easy and secure access to the EHR. Cerner's user interface design is responsive to mobile devices, which makes it easy for the users to use it anytime, anywhere. It has a “Chart Search” function which helps search different options.

Is Medtronic bigger than Stryker? ›

Medtronic's brand is ranked #546 in the list of Global Top 1000 Brands, as rated by customers of Medtronic. Their current market cap is $152.54B. Stryker's brand is ranked #- in the list of Global Top 1000 Brands, as rated by customers of Stryker. Their current market cap is $91.43B.

Who is medtronics biggest competitor? ›

Medtronic's competitors and similar companies include B. Braun, Otricath, Baxter International, Becton Dickinson, Johnson & Johnson, Zimmer Biomet, Boston Scientific and Olympus Corporation.

What will replace the Stryker? ›

The Army will redesignate its current Stryker element in Alaska to a light infantry brigade amid the formation of the 11th Airborne Division on Monday, according to a source with direct knowledge of the plans.

Is Abbott or Medtronic better? ›

Abbott is most highly rated for Compensation and benefits and Medtronic is most highly rated for Compensation and benefits.
Overall Rating.
Overall Rating3.93.9
Compensation and benefits3.93.8
Job security and advancement3.43.3
1 more row

Why is Medtronic falling? ›

The company said its fall in earnings decline reflects the continued effect of inflation on the cost of materials, labor, freight, and utilities. For the second half of fiscal 2023, Medtronic said it expects revenue growth of 3.5% to 4.

Which country is No 1 health care system in the world? ›

South Korea

Who has the number 1 healthcare in the world? ›

Best Healthcare in the World 2022
CountryLPI 2020 RankingCEO World Ranking
123 more rows

What is the best state to live in usa 2022? ›

Massachusetts topped 2022's list, touting a score of 62.65 out of 100. New Jersey came in second, dropping from the top spot last year. New York, Idaho and Virginia fill out the rest of the top five states to live in, in that order.

Who is Sanofi competitor? ›

Sanofi competitors include Novo Nordisk, Medtronic, Genentech, Celgene and GLOBAL BLOOD THERAPEUTICS.

Is Medtronic better than Boston Scientific? ›

Boston Scientific is most highly rated for Culture and Medtronic is most highly rated for Compensation and benefits.
Overall Rating.
Overall Rating3.93.9
Work/life balance3.73.7
Compensation and benefits3.83.8
Job security and advancement3.53.4
1 more row

Who are 3M biggest competitors? ›

3M competitors include Autoliv, Owens Corning, Avery Dennison, Corning and Office Depot. 3M ranks 2nd in Product Quality Score on Comparably vs its competitors.

Which are the top 3 medical device manufacturer as per revenues? ›

This statistic shows the revenue of the leading medical technology companies in 2021.
Leading companies based on medical device revenue in 2021 (in billion U.S. dollars)
CharacteristicRevenue in billion U.S. dollars
Stryker Corp.17.1
Cardinal Health16.7
Abbott Laboratories14.36
6 more rows
29 Aug 2022

Top Articles
Latest Posts
Article information

Author: Foster Heidenreich CPA

Last Updated:

Views: 6094

Rating: 4.6 / 5 (56 voted)

Reviews: 87% of readers found this page helpful

Author information

Name: Foster Heidenreich CPA

Birthday: 1995-01-14

Address: 55021 Usha Garden, North Larisa, DE 19209

Phone: +6812240846623

Job: Corporate Healthcare Strategist

Hobby: Singing, Listening to music, Rafting, LARPing, Gardening, Quilting, Rappelling

Introduction: My name is Foster Heidenreich CPA, I am a delightful, quaint, glorious, quaint, faithful, enchanting, fine person who loves writing and wants to share my knowledge and understanding with you.