What are the Top Medical Device Companies in the World in 2023?

By: Donagh Fitzgerald B.Prod Eng and Claire Wilson BSc. Last Updated: August 2023

The Industry has shown growth in 2022 with worldwide revenue of around 557 Billion US Dollars.

Here is a list of the top 15 world’s largest medical device and medteck companies based on 2022 sales revenue.

Note: For the purpose of ranking, revenues outside of the medical device, medtech and diagnostics sectors were excluded. E.g. Danaher Corp’s life science and biotechnology sales, Philips’s personal care sales, Abbott’s nutritionals and pharmaceutical sales, etc. For companies reporting in currencies other than USD, conversion to U.S. dollars is based on the exchange rate as of August 1st, 2023.

Revenue in (USD Billions)

1. Medtronic (US) – $31.68 +5.2%
2. Abbott Laboratories (US) – $31.27 +4.2%
3. Johnson & Johnson (US) – $27.40 +1%
4. Siemens Healthineers (Germany) – $23.43 +21%
5. Fresenius (Germany) – $20.92 +8%
6. Roche (Switzerland) – $19.76 -0.2%
7. Becton Dickinson (US) – $18.90  6.4%
8. GE Healthcare (US) – $18.46 +4%
9. Stryker (US) – $18.40 +7.6%
10. Cardinal Health (US) – $15.88 -4.7%
11. Baxter (US) – $15.10 +18%
12. Philips (Netherlands) – $14.64 +1.5%
13. Boston Scientific (US) – $12.68 +6.7%
14. Danaher (US) – $10.8 +10%
15. B. Braun (Germany) – $9.19 +8%

B. Braun Logo

15. B. Braun (Germany)

2022: $9.19 billion (€8.49 billion) +8%
2021: $8.50 billion (€7.85 billion)
Number of Employees: 65,000
Revenue per Employee: $141,000

B. Braun is a medical and pharmaceutical device company based in Melsungen, Germany. With a history dating back to its founding in 1839, the company remains family-owned by the Braun family. B. Braun has over 65,000 employees worldwide and operates offices and production facilities in more than 60 countries.

Ref: D. Braun Annual Report 2022

Danaher Logo

14. Danaher Corp. (US)

2022 Revenue (Diagnostics): $10.8 billion +10%
2021 Revenue (Diagnostics): $9.8 billion
2022 Total Revenue: $31.47 billion
Number of Employees: 81,000
Revenue per Employee: $388,000

Danaher Corp is a family of more than 30 companies including Beckman Coulter, Implant Direct and Leica Biosystems. The Danaher group encompasses diagnostics, life sciences and biotechnology with a number of sites around the globe.

Ref: Danaher Corp Annual Report 2022

Boston Scientific Logo

13. Boston Scientific Corp (US) 

2022 Revenue: $12.68 billion +6.7%
2021 Revenue: $11.88 billion
Number of Employees: 51,000
Revenue per Employee: $233,000

Boston Scientific produces a large range of medical devices used to diagnose and treat patients with issues in the areas of cardiology, urology, endoscopy and many more. It was founded in 1979 with the aim of creating less invasive medical devices and procedures, they continue to innovate across expanding areas of medicine. They estimate that around 21 million people were treated with one of their products in 2014. Boston Scientific currently employs approximately 51,000 people across 40 countries.

Boston Scientific has had a manufacturing presence in Ireland since 1994. There are currently three manufacturing sites – Galway, Cork, and Tipperary. Established in 1994, the Galway site is the largest in the country providing research and development, manufacturing, regulatory affairs, and new product development. The Cork site was opened in 1998 and manufactures a range of devices across several areas of the business. In Clonmel, they have a focus on the development, manufacture, and distribution of defibrillators and pacemakers – the Cardiac Rhythm Management area is an area of high potential and growth for the company. These sites export approximately 10 million devices every year. They currently have around 5,700 employees across Ireland.

Ref: Boston Scientific Corp Annual Report 2022

Philips Logo

12. Philips NV (Netherlands)

2022 Revenue (Diagnosis & Treatment and Connected Care): $14.64 billion (€13.57 billion) +1.5%
2021 Revenue (Diagnosis & Treatment and Connected Care): $14.42 billion (€13.20 billion)
2022 Total Revenue: $19.23 billion (€17.82 billion)
Number of Employees: 74,500
Revenue per Employee: $258,000

Philips is a technology company based in The Netherlands with headquarters in Amsterdam. Their main areas of focus are lighting, electronics, and healthcare – the latter accounts for 42% of global sales revenue. Philips Healthcare is a diverse range of over 450 different types of medical equipment including MRI scanners, diagnostic ECG devices, and patient monitoring equipment.

Ref: Philips NV Annual Report 2022

Baxter Logo

11. Baxter (US)

2022 Revenue: $15.10 billion +18%
2021 Revenue: $12.80 billion
Number of Employees: 60,000
Revenue per Employee: $251,000

Baxter began in the 1930s by launching the first commercially prepared intravenous solutions, today Baxter operates as a global diversified healthcare company. Its products serve disease areas such as hemophilia, infectious diseases, kidney disease, immune disorders, and trauma treatment.

Baxter moved into Ireland in the mid-1960s and built its first manufacturing site there in 1972. They currently have two manufacturing sites in County Mayo: one in Castlebar, where they produce renal dialysis solutions, premixed IV solutions, and several drug products; the other in Swinford, which produces devices for administration of these products. Between them, they employ over 1000 people. They also have a Compounding Facility and Sales and Marketing offices in Dublin.

Ref: Baxter Annual Report 2022

Cardinal Health Logo

10. Cardinal Health Inc (US) 

2022 Revenue: $15.88 billion -4.7%
2021 Revenue: $16.68 billion
Number of Employees: 48,000
Revenue per Employee: $330,000

Initially established in 1971 as Cardinal Foods, by 1994 the company had become Cardinal Health and established itself as one of the biggest wholesalers of pharmaceuticals in the USA. Cardinal Health employs approximately 48,000 people around the world and their work now includes surgical products and laboratory supplies.

Ref: Cardinal Health Inc Annual Report 2022

Stryker Logo

9. Stryker Corp (US)

2022 Revenue: $18.40 billion +7.6%
2021 Revenue: $17.10 billion
Number of Employees: 51,000
Revenue per Employee: $360,000

Founded by an orthopedic surgeon in the U.S in 1941, Dr. Stryker was aiming to make products that met his patient’s healthcare needs. Stryker continues in the field of medical technology with a focus on surgical devices and is now one of the biggest such companies in the world. They currently employ over 51,000 people worldwide.

Stryker has seven sites located across Ireland – five manufacturing sites in the Republic of Ireland and an R&D Innovation Centre in Cork. They also have a manufacturing site in Belfast, Northern Ireland. Stryker employs over 3,500 people.

Ref: Stryker Corp Annual Report 2022

GA Healthcare Logo

8. GE Healthcare (USA)

2022 Revenue: $18.46 billion +4%
2021 Revenue: $17.72 billion
Number of Employees: 49,000
Revenue per Employee: $379,000

GE Healthcare is the medical technology subsidiary of General Electric – a multinational conglomerate based in the USA. With a history as far back as 1893, the healthcare subsidiary today is involved in areas such as medical imaging, diagnostics, and patient monitoring. They work in specialized disease areas including neurology, coronary disease, and cancer.

GE Healthcare has Sales and Service Support offices in both Belfast and Dublin but also has a Global Manufacturing site in Cork. The site is of particular importance for the ‘contrast media’ technology manufacture which is improving the visibility of structures in radiography processes. Approximately 750 people are employed within the Cork manufacturing site and products from this site are exported to over 70 countries worldwide.

Ref: GE Healthcare Annual Report 2022

BD Logo

7. Becton Dickinson & Company (BD) (US)

2022 Revenue: $18.90 billion -6.4%
2021 Revenue: $20.20 billion
Number of Employees: 75,000
Revenue per Employee: $252,000

Becton Dickinson & Company (BD) was founded in 1897 in New Jersey, US, and now employs 75,000 people in over 50 countries around the world. They manufacture and sell medical devices, instrument systems, and reagents and the company was a pioneer in the production of hypodermic needles. Presently, the company is divided into three sectors – BD Medical, BD Life Sciences and BD Interventional.

BD has had a presence in Ireland since 1969 and currently has more than 1,000 employees in Ireland across three sites at Drogheda, Dun Laoghaire and Limerick.

Ref: Becton Dickinson & Company Annual Report 2022

Roche Logo

6. Hoffmann-La Roche AG (Switzerland)

2022 (Diagnostics) Revenue: $19.76 billion (17.73 billion CHF) -0.2%
2021 (Diagnostics) Revenue: $19.79 billion (17.76 billion CHF)
2022 Total Revenue: $69.4 billion
Number of Employees: 103,600
Revenue Per Employee: $669,000

Hoffmann-La Roche is a Swiss global healthcare company founded by Fritz Hoffmann-La Roche after whom the company is named, in 1896. Its headquarters is located in Basel, Switzerland. Other companies owned by Roche are Genentech, Chugai pharmaceuticals and Ventana. It manufactures a range of Diabetes management products under the brand name Accu-check.

Ref: Hoffman-La Roche AG Annual Report 2022

Fresenius

5. Fresenius SE & Co (Germany)

2022 Revenue (excluding services): $20.92 billion (€19.39 billion) +8%
2021 Revenue (excluding services): $19.00 billion (€17.61 billion)
2022 Total Revenue: $44.06 billion (€40.84 billion)
Number of Employees: 128,600

Fresenius SE & Co has its corporate headquarters is in Bad Homburg v. d. Höhe, Germany and presently has 45 production sites in more than 20 countries around the world. They are one of the leading providers of products and services for people with chronic kidney failure and also provide a global network of around 4,000 dialysis clinics.

Ref: Fresenius SE & Co Annual Report 2022

Siemens Logo

4. Siemens Healthineers (Germany)

2022 Revenue: $23.43 billion (€21.71 billion) +21%
2021 Revenue: $19.41 billion (€17.99 billion)
Number of Employees: 69,500
Revenue per Employee: $337,000

Siemens is a multinational conglomerate based in Germany – it is the biggest engineering company in Europe covering sectors including energy, industry, and healthcare. Siemens Healthineers focus on equipment for medical imaging, clinical IT and lab diagnostics and employs around 69,500 people worldwide.

Siemens has over 450 employees across Ireland including staff in headquarters and sales roles. More specifically, Siemens Healthineers has a manufacturing plant for diagnostic equipment in Swords in Dublin.

Ref: Siemens Healthineers Annual Report 2022

JNJ Logo

3. Johnson & Johnson (US)

2022 (MedTech) Revenue: $27.40 billion +1%
2021 (MedTech)) Revenue: $27.06 billion
2022 Total Revenue: $95.00 billion
Number of Employees: 155,800
Revenue Per Employee: $609,000

Founded in 1886 with the initial idea that wounds should be treated and dressed using sterile equipment – today’s Johnson & Johnson is one of the world’s biggest healthcare companies. Johnson & Johnson operates three distinct divisions – medical devices, pharmaceuticals, and consumer health. Both their medical device and pharmaceutical divisions have manufacturing sites in Ireland. Johnson & Johnson products are marketed in 57 countries via almost 250 operating companies – global personnel is approximately 132,200.

Johnson & Johnson have had a presence in Ireland for over 70 years. Today, that presence is in the form of DePuy Synthes, Janssen (Biologics & Sciences), Johnson & Johnson Vision Care and Ethicon. Between them, they have several separate manufacturing operations in both Limerick and Cork.

Ref: Johnson & Johnson Annual Report 2022