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Top Canadian Medical Device Companies
The medical device market continues to generate impressive growth in 2020, with complex patient needs, along with the Covid-19 pandemic, encouraging companies to create innovative solutions. In 2020, the global medical device market reached a value of approximately $456.9 billion and is expected to reach an impressive $612.7 billion by 2025. The growth is driven by a combination of factors, including an increase in the number of healthcare facilities. Health care costs, technological progress and population aging.
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Below, we've ranked the leading medical device companies by revenue in 2020, looking only at the results of their medical device segment. The list shows the 10 largest medical device companies in the world in 2021:
American multinational medical technology specialist, Stryker, ranked tenth in 2020. With 43,000 employees worldwide, Stricker focuses on creating innovative solutions in orthopedics, medical and surgical solutions, neurotechnology and spine care that help improve patient conditions and hospital outcomes . By 2020, Stryker had experienced 40 years of straight-line growth, but with the reduction in medical procedures due to the Covid-19 pandemic, the company's sales were down 3.6% in 2020. In late 2020, Stryker acquired Wright Medical Group, a medical device company focused on endoscopy and biologics. Going forward, the acquisition greatly expanded the company's position in trauma and extremity, providing significant opportunities to innovate and reach more patients.
With more than 100 years of experience and 50,000 employees, Cardinal Health is widely recognized for providing pharmaceutical products, medical products and services that support healthcare providers. In fiscal 2021, Cardinal Health's medical segment grew a strong 8%, driven by the positive impact of PPE sales and higher sales volume for the laboratory business as a result of demand due to the Covid-19 pandemic. Looking ahead, the company expects steady growth in 2022, assuming discretionary practices return to pre-Covid levels. Aside from Covid-19, the company recently announced that it has completed the sale of its Cordis business and, going forward, the company is committed to focusing on its focused portfolio and investing in technology development to improve patient outcomes.
Siemens Healthineers is ranked eighth in the list of the best medical device companies. Germany-based Siemens Healthcare is the automation and electronics medical technology division of Siemens. The company's revenue fell slightly, with sales down 3% to $17.0 billion (€14.5 billion) attributed to a decline in diagnostics, fewer appointments for routine testing due to social restrictions imposed to prevent the spread of Covid- 19. . Modest growth was recorded on a comparable basis in the imaging and advanced therapy segments. Computed tomography has shown particularly strong growth in imaging as CT scans are most important for the treatment of patients positive for Covid-19. Moving forward, the company continues to evolve with its digital transformation and remains committed to supporting healthcare providers by empowering them on their journey to improve their healthcare, transform care delivery and improve the patient experience.
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Commonly known as BD, Becton Dickinson & Company is an American multinational medical technology company that manufactures and markets medical devices, instrument systems and reagents. BD revenue decreased slightly (-1%) with sales of $17.1 billion; This was as a result of the negative impact of the Covid-19 pandemic on health services which were particularly affected. The company also had to invest heavily to cover the cost of fixing its troubled Alaris infusion pump. However, the business returned to growth in the fourth quarter thanks to the outstanding success of BD Life Sciences' integrated diagnostic solutions division with innovative Covid-19 testing. Going forward, BD is developing a strong portfolio of innovations that address unmet clinical needs, developing solutions for acute and non-acute conditions and bringing to market products that can be used at home, in the hospital or anywhere. They also meet the needs of patients.
The foundation in the top 10 is the leading global medical technology and life sciences company, GE Healthcare. With a broad product portfolio, GE Healthcare is widely recognized for its imaging, ultrasound, software and end-of-life care solutions. In 2020, sales fell 10 percent due to the sale of BioPharma, now known as Cytiva, which makes medical equipment to support the biotech industry. However, Life Care Solutions has quadrupled the production capacity of the Carescape R860 ventilator with good performance and increased the production capacity of other technologies used in the diagnosis and treatment of Covid-19. In an annual letter to their shareholders, CEO H. Lawrence Culp Jr. commented “Healthcare grew revenue organically and delivered strong margin and cash performance in 2020. Through it all, we invested in the future, launching and acquiring more than 40 new products. Prismatic Sensors, which specializes in photon counting CT technology. Healthcare continues to focus on advanced imaging technologies with digital at the forefront.”
Germany-based international healthcare company Fresenius is ranked fifth on the list of top medical device companies. With 300,000 employees in more than 100 countries, Fresenius Medical Care is the world's largest provider of products and services for people with kidney disease. In 2020, Fresenius Medical Care's sales grew by 2% with revenue of $21.0 billion (€17.9 billion). Despite the challenges of the pandemic, Fresenius Medical Care was able to provide patients with more dialysis treatments at home. In 2020, the company presented its strategy for 2025, with a plan to base its products and healthcare services on three key areas: continuity of kidney care, critical care solutions and complementary assets.
In business for over a hundred years, Philips is a diversified technology company. Philips Healthcare accounts for 42% of their global revenue and consists of three key areas: diagnostics and treatment, connected care and personal health. In 2020, Philips' healthcare products and solutions grew by 6% year-over-year, with sales of $22.6 billion (€19.1 billion), positively impacted by more favorable currency exchange rates. This was the result of a strong performance in the second half of the year, after a difficult first half due to the impact of Covid-19. For diagnosis and treatment, cells are slightly reduced, with a slight increase for diagnostic imaging and a decrease for image-guided treatment and ultrasound. Connected care grew well, with strong performances for monitoring and analytics and sleep and respiratory care, mainly due to demand caused by Covid-19. In a letter to shareholders, CEO Frans Van Houten commented: "The events of the past year confirm our strategy to innovate the delivery of care along the healthcare continuum - putting the patient at the center, diagnostics and improving treatment pathways, enabling the integration of care across all care settings and increasing productivity." providers. At the same time, we're helping consumers lead healthier lifestyles and fight chronic disease. We're increasingly able to connect home and hospital care through telehealth platforms. This approach is resonating stronger than ever."
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American multinational Abbott has secured its place among the top 3 medical device companies this year. Founded more than 130 years ago, Abbott is headquartered in Illinois and supplies medical devices and healthcare solutions to more than 160 countries. With 107,000 employees worldwide, the company is known for developing innovative products in diagnostics, medical devices, nutrition and branded generics. Abbott's medical devices and diagnostics divisions grew well, up 13 percent year over year. Abbott played a key role in fighting the early stages of the Covid-19 pandemic by developing diagnostic tests and making them available globally. Apart from Covid-19, other areas of the business continued to progress, releasing a number of new medical devices, including the MitraClip next-generation repair device and the Tendyne device, which replaces an entire valve for patients with No Repair. Options, as well as the FreeStyle Libre 3 system - the thinnest and most intelligent glucose sensor. Moving forward, Abbott plans to address not only the medical challenges their products address, but also access and affordability challenges at the same time.
After a difficult 2020, Johnson & Johnson returns to second place in 2021. J&J's Medical Devices segment includes a broad range of products used in the orthopedic, surgical, interventional solutions and eye health areas. Medical devices worldwide fell 12%, primarily due to the negative impact of the Covid-19 pandemic and associated delays in medical procedures in surgery, orthopedics and vision operations. The turnaround was partially offset by growth in the interventional solutions business led by electrophysiology products. Chairman and Chief Executive Officer, Alex Gorsky, said in a press release: "We are incredibly excited about the great potential of the end-to-end digital surgery ecosystem and the development of three different robotic programs simultaneously, and we recently achieved an important milestone. FDA approval for our Velys Robotic-Assisted Solution designed for use with the Attune Total Knee System Our industry is just beginning to unlock their full potential and benefits.
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