In this article, we will explore the most valuable medical device companies in the United States. If you’re not interested in experiencing the rising trend in the medical device industry, proceed right away to the 5 Most worthwhile Medical Device Companies in The US.
US healthcare tech is changing swiftly. Medical device companies are making a big difference in patient care. They use cool new tech to make groundbreaking tools, helping people stay healthy and alive.
The industry encompasses major players covering diverse areas like diagnostic imaging through those pushing surgical robotics towards new frontiers. Big names like Medtronic, Johnson & Johnson, and Abbott Laboratories are at the forefront. They are pushing for healthcare improvements at home and worldwide, through valuable research and smart business moves.
Emerging Trends and Predictions in the Medical Device Industry
Changes are Happening Fast in The World of Medical Gear. The medical gadget field is growing steadily and evenly, at home and abroad. Projections suggest a noteworthy surge in the American market in the foreseeable future. Fortune Business Insights predicts steady growth, estimating that the US medical devices market will grow from $192.78 billion in 2023 to $291.04 billion by 2030, reflecting a compound annual growth rate (CAGR) of 6.1% during the forecast period.
The MedTech (Medical Technology) market size was valued at USD 574,002.45 million in 2022 and is expected to expand at a CAGR of 6.0%. The annual US healthcare spending on medical devices is expected to reach approximately $300 billion to $400 billion, comprising 5-6% of the total US healthcare spending.
The U.S. Cluster Mapping Tool provides valuable insights into the states where the Medical Devices industry holds significant statistical importance within the US business economy. In 2020, the sector employed over 329,000 individuals and boasted an annual payroll of around $25.8 billion.
The global health tech sector is changing a lot. EY’s 2023 report gives important info for health tech leaders. It’s about stuff like how to handle money and keep track of supplies. They really care about R&D (short for “research and development”), even spending US$24.7 billion on it. That’s a big number! Still, it’s not growing as fast as the last few years. Furthermore, the report shows they’re not buying out other companies as much. Translation: they’re not investing so much in “inorganic” growth.
The worldwide market for outsourcing medical devices is set to reach a whopping $300.09 billion by 2032. The growth rate? An impressive 11.14% annually from 2021 to 2028. Why this big growth? Key reasons include cost savings, improved efficiency, and the need for expertise. This info comes from a detailed report.
Markets and Markets released a report. It states the worldwide medical device connectivity market was worth $2.6 billion in 2023, and it’s expected to hit $7.4 billion by 2028. This suggests an impressive 21.5% growth rate each year, from 2021 to 2028. The report pinpoints key growth drivers. These include a surge in demand for healthcare IT solutions, rising healthcare expenses, and an upswing in remote patient monitoring needs.
Check out this data. In 2018, the worldwide robotic surgery market was worth $1.4 billion. By 2026, it could jump to $6.8 billion. That’s a 21.4% increase from 2019 to 2026, Fortune Business Insights reports. The reasons? More folks have long-term illnesses. They’re choosing less harsh surgeries. And the robots are getting better. All these are fueling the market’s takeoff.
Advancements and Expansion in Non-Invasive Imaging Technologies
Healthcare relies heavily on MRI and Ultrasound, two non-invasive imaging tools. They help doctors diagnose varied health issues. Each works to significantly boost patient care and results across many medical areas. The MRI global market is thriving right now. It’s predicted to reach $5.2 billion in 2023 and may rise to $6.6 billion by 2028. It’s growing too, at a rate of 5.0% to 6.5%. Why? More diseases, advanced tech, and a liking for non-invasive images. Big players, like Siemens Healthineers, GE Healthcare and Koninklijke Philips N.V., push for better healthcare. The market splits into areas, with North America, or more so the US, holding a big chunk. Their healthcare system is strong. The global ultrasound market is on the up too. Expected to hit $11.6 billion by 2028, its growth is 6.3% from 2023 to 2028. The US also leads here, helped by more chronic diseases, a preference for non-surgical methods, and tech advancements.
Similarly, the global ultrasound machine market is rapidly expanding, projected to reach $11.6 billion by 2028, with a 6.3% CAGR from 2023 to 2028. Dominated by the US, the market is fueled by rising chronic diseases, emphasis on non-invasive procedures, and technological advancements.
Key players like GE Healthcare, Koninklijke Philips N.V., and Siemens AG drive innovation. Market segmentation reveals hospitals and surgical centers as the largest segment, with a growing demand for portable ultrasound devices. Future growth is anticipated, highlighting the pivotal role of both MRI and Ultrasound Machines in modern healthcare.
Our Approach
In terms of our approach, we have assessed the top medical device companies’ value in the US, considering their market capitalization at the moment of composing this article. To ensure data precision, we depended on information provided by Yahoo Finance.
Here is our list of the 5 most valuable medical device companies in the US.
5. Edwards Lifesciences Corporation (NYSE:EW)
Market Capitalization: $51.772 billion
In the second quarter of 2023, Edwards Lifesciences Corporation (EW on NYSE), a top-rated medical tech firm, posted a notable 11% sales increase, reaching $1.53 billion. It’s all about enlarging their share in the Transcatheter Aortic Valve Replacement (TAVR) market for them. Their goal? To double this field to nearly $20 billion by 2028. And how? Through significant investments in research, development, and organic growth trials.
4. Becton, Dickinson and Company (NYSE:BDX)
Market Capitalization: $69.556 billion
Becton, Dickinson, and Company (NYSE:BDX) is a standout firm in the medical technology field. It operates out of Franklin Lakes, New Jersey. The goal? To better health using novel ideas and prime quality. In the first part of fiscal 2024, the company made $4.7 billion. This shows progress in multiple areas of their work. BD values having varied STEM talent and sticking to tough ethics and rules. So what is the main idea of Becton, Dickinson, and Company (NYSE:BDX)? They see their products moving healthcare ahead. They want to make it safer for patients and for healthcare workers. Their focus is on health research, diagnosing disease, and giving health services.
3. Boston Scientific Corporation (NYSE:BSX)
Market Capitalization: $96.425 billion
Boston Scientific Corporation (NYSE:BSX) is a leading US medical device company that values innovation, global teamwork, and diversity. Its company size is immense with 45,000 employees worldwide and business operations in 130 countries, helping 33 million patients each year with over 16,000 products. It mainly operates within three sectors, including Cardiovascular and MedSurg. Its strategy focuses on extending its global reach and offering unique products. Recent progress has been made through acquiring Acotec and committing significant funds for Research & Development.
2. Medtronic plc (NYSE:MDT)
Market Capitalization: $112.249 billion
Headquartered in Dublin, Ireland, Medtronic plc (NYSE:MDT) is a top-rated medical device company. It runs four main departments and made $31.2 billion in sales in 2023. In the second quarter of 2024, its global income hit $7.984 billion – a 5.3% hike. There’s one striking segment: Cardiovascular. It drew in $11.6 billion, thanks to heart tools like pacemakers and defibrillators. Looking ahead for Medtronic plc (NYSE:MDT), it’s all about growth. Expect more treatment options, focused innovation, product approvals, and a push for STEM education.
1. Stryker Corporation (NYSE:SYK)
Market Capitalization: $132.826 billion
Stryker Corporation (NYSE:SYK) is a big deal in the world of medical devices. Ranking sixth in the US, it focuses on the orthopedic market. It has three key parts: Orthopaedics, MedSurg, and Neurotechnology & Spine. This company taps into the growing demand in our aging population and healthcare developments. Its passion for progress and research are key for its growth. Each year, Stryker Corporation (NYSE:SYK) affects more than 130 million patients in over 75 countries worldwide.
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