The 2022 MPO Top 30 Medical Device Companies Report

Recovery from the COVID-19 pandemic was the strategy for both the world at large and the medtech elite. As elective surgeries resumed and hospitals became less hectic, medical device companies toiled to regain revenue stifled during the global crisis.

For the most part, the medtech elite responded strongly in their latest fiscal years. Most of them posted revenue gains, with a handful of companies enjoying double-digit growth and beyond—some even returned to pre-pandemic growth levels. New Top 30 entrant Fujifilm led the pack in terms of sales growth, skyrocketing an impressive 53%. COVID-19 diagnostic tests were still in high demand as well, meaning companies operating in the sector performed handsomely: Hologic’s revenue shot up 48.9%, Danaher’s revenue grew 33%, Abbott Labs’ proceeds jumped 32.8%, and Siemens Healthineers’ sales rose 24%. Medtech firms that operate in the elective surgery space also showed impressive gains: Intuitive Surgical’s sales ballooned 31.3%, and Alcon’s sales increased 21.3%. Only three of the Top 30 posted revenues that decreased or remained flat.

Last year’s honor of the near-annual blockbuster medtech deal went to Baxter, which closed the acquisition of former Top 30 denizen Hillrom a few days before Christmas 2021 for a $12.4 billion purchase price. Welcoming Hillrom into Baxter’s fold created an approximately $15 billion global medtech leader, adding connected care solutions, patient monitoring and diagnostic technologies, and surgical video technologies and surgical accessories to the company’s portfolio.

On the flip side, a few of the medtech leaders initiated or announced spinoffs and divestitures within their businesses. Zimmer Biomet announced it was parsing its spine and dental businesses into standalone company ZimVie last February and completed the spinoff about a year later. BD shed its diabetes care business to create pure-play diabetes firm embecta last May. Olympus parted ways with its IT Solutions subsidiary last June, selling it to Accenture Japan, then completed the split of its Scientific Solutions business days after the close of its latest fiscal year. GE proclaimed its plan in November to spin off the Healthcare business by early 2023, part of GE’s larger plan to separate into three companies.

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.