Top Medical Device Companies in the United States

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.

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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.

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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.

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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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