The 2024 MPO Top 30 Medical Device Companies Report

This year’s top medical device companies report features the recoronation of a former king. Surpassing $32 billion in sales for the first time, Medtronic sits atop the list of the medtech elite once again. Notably, Medtronic regained the lead through primarily organic growth, as the company did not engage in major merger and acquisition deals during its latest fiscal year.

 Waning demand for COVID diagnostics precipitated Abbott Laboratories’ drop from the top of last year’s report—the company’s diagnostics sales were nearly cut in half, shunting it into the third spot. The end of the COVID diagnostics sales surge also sliced Siemens’ Healthineers diagnostics proceeds 9%, slashed BD’s diagnostic sales 13.4%, and shrank Danaher’s diagnostics revenue 11.5

Solventum, formerly 3M Health Care, was a new addition to this year’s tally, with former Zimmer Biomet CEO Bryan Hanson now sitting in the company’s corner office. Other new entrants include orthodontic giant Align Technologies, and diabetes technology powerhouse Dexcom. ResMed regained entry into the medtech elite, mainly due to increased demand for its CPAP technology caused by Philips Respironics’ ongoing respiratory recall remediation.

Leading the pack in sales growth was Dexcom, which was up nearly 25% in revenue and as a reward, the company was granted its first presence in the Top 30. Other companies posting double-digit growth were ResMed, Intuitive, Terumo, Boston Scientific, Edwards Lifesciences, and Stryker.

Pockets were comparably shallow for merger and acquisition deals compared to previous years. Though a number of companies made bolt-on buys, large deals were notoriously absent. Deconsolidation was far more apparent. Baxter decided to spin out its Kidney Care and Acute Therapies businesses, dubbing the potential new kidney care company Vantive. It remains unclear whether the spinout will take place as the company disclosed it’s in talks for a potential sale of the businesses.

 GE HealthCare began its first full year apart from General Electric, as well. Fresenius converted its Fresenius Medical Care (FMC) business into a separate entity, and Danaher spun out its Environmental and Applied Solutions segment into new company Veralto. Edwards declared a spinout of its Critical Care business toward the end of the year, but instead decided to sell it to BD six months later.

We hope you enjoy reading this year’s Top 30 reports.

Editors’ note: As you read our report, please take note that while the companies are ranked according to sales reported for their most recent fiscal year, some may include non-device sales within a division, such as combination products, drug delivery, software, or device-related services. Not all companies explicitly break out the device portion of total revenues. We consulted numerous public documents and contacted company officials as needed to arrive at the best estimates. Also note that foreign currency conversions were done based on the exchange rate at the end of the fiscal reporting period being discussed.