20 medtech companies to know, by revenue | 2023

Becker's has compiled 20 medtech companies to know, most of which are working to expand their product offerings to support overall growth. 

This list was created using nominations, Medical Product Outsourcing's 2023 report, and editorial research. 

We accepted nominations for this list. This list is not exhaustive. Please contact Anna Falvey at afalvey@beckershealthcare.com if you'd like to recommend a medtech company, or if there are questions or comments.

Abbott (Abbott Park, Ill.): $31.27 billion. Abbott is a leader in innovation, launching various new products and gaining approvals for still others. The company has a diverse product portfolio and recently acquired Cardiovascular Systems Inc. and received FDA clearances for updates to the Freestyle Libre system.

Medtronic (Minneapolis): $31.23 billion. Medtronic is one of only two medtech companies to exceed $30 billion in net sales total. It leads various clinical categories. It is engaging in acquisitions and expanding its diabetes business.  

Johnson & Johnson (New Brunswick, N.J.): $27.43 billion. Johnson & Johnson is a global leader in medtech, having boosted its profile through the acquisition of $16.6 billion Abiomed in December 2022. The company also spun off its consumer health business with Kenvue. 

Siemens Healthineers (Malvern, Pa.): $21.13 billion. Siemens Healthineers has strengthened its ties to universities in 2022 in pursuit of further innovation. The company has been focusing on building its precision medicine platform. 

BD (Franklin Lakes, N.J.): $18.87 billion. BD has adopted a strategy involving strategic growth and simplification. The company is pruning Covid-19 solutions and adding new products to their lineup

GE HealthCare (Chicago): $18.46 billion. GE HealthCare is growing its portfolio, particularly in digital health and AI. The company unveiled a $50 million investment in startup Pulsenmore in 2022. 

Stryker (Kalamazoo, Mich.): $18.45 billion. Stryker invested in nursing and hospital employee communications via its purchase of Vocera Communications. The company is also expanding their orthopedic product portfolio.

Philips (Cambridge, Mass.): $16.50 billion. In the face of recalls, Phillips is focusing on repairing the patient-company relationship. The company is growing their remote monitoring solution portfolio. 

Cardinal Health (Dublin, Ohio): $15.89 billion. Cardinal Health is focusing mainly on precision medicine and specialty pharmaceuticals. It has also expanded its own product line with a specialized surgical drape.  

Baxter (Deerfield, Ill.): $15.11 billion. Baxter is laser-focused on innovation. The company launched several new products and achieved multiple clearances during the last fiscal year.

Boston Scientific (Marlborough, Mass.): $12.68 billion. Boston Scientific's growth strategy relies heavily on acquisitions. The company boasts a variety of products and continues its long history of innovation. 

3M Health Care (St. Paul, Minn.): $8.42 billion. 3M Health Care's sales in separation and purification, health information systems, food safety and medical solutions have been rising. Growth has been influenced by inflation, elective procedures and more. 

Zimmer Biomet (Warsaw, Ind.): $6.94 billion. Zimmer Biomet recently introduced new implant-related products and entered into several new partnerships to assist in future growth. 

Intuitive (Sunnyvale, Calif.): 6.22 billion. Intuitive has been a leader in robotic surgery for over 20 years. The company intends to continue rolling out technological ecosystems for acute care.

Roche Diagnostics (Indianapolis): $5.79 billion. Though sales are lower for Covid-related products, Roche Diagnostics is hoping to acquire drug candidates in various stages of development for the future. 

Smith+Nephew (Memphis, Tenn.): $5.21 billion. Smith+Nephew has been following a new 12-point operational strategy, with the goal of enhancing productivity and remedying issues with their orthopedics line. 

Dexcom (San Diego): $2.91 billion. Dexcom grew its worldwide reach, expanded its strategic initiatives, and added multiple new products to its line.  

Enovis (Wilmington, Del.): $1.6 billion. Enovis holds more than 1,000 total medical devices and 1,200 patents in the human and animal medtech space. In September 2023, Enovis announced plans to acquire LimaCorporate S.p.A., which will create a $1 billion global reconstructive business and a $2 billion overall medtech business. 

Shockwave Medical (Santa Clara, Calif.): $489.7 million. Shockwave Medical has seen recent growth thanks to the international market increasingly choosing the company's products, as well as domestic sales success in catheters. 

SourceMark Medical (Franklin, Tenn.): $40 million. For over 17 years, SourceMark Medical has provided solutions under the categories of surgery, infection prevention and airway/anesthesia. In 2023, the company's client base surpassed 3,000 hospitals and surgery centers across the U.S.

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