Medical device manufacturers are not only one of the most profitable types of companies in the United States, but also one of the most crucial ones for the proper functioning of the health care industry. You would be surprised to find out that numerous medical device companies rake in billions (yes, billions) of dollars in sales each and every year (though the opponent of the medical device tax argue they still make to little to be taxed that way) by manufacturing top-notch, hi-tech, state-of-the-art equipment for hospitals, clinics and medical institutions all across the globe. If you think about it, the situation is more than plausible; without reliable equipment, medical professionals worldwide would not be able to treat countless patients and the field of scientific research would not be able to evolve as it does, continuously. We have put together a list of the best-selling and all-around most successful large medical device companies in the United States of America below for your information (though some important companies, such as Wright, didn’t make it in this top).
1. Johnson & Johnson
What better way to start off such a list than by presenting the #1 medical device company in America? Believe it or not, Johnson & Johnson enjoys a market capitalization of no less than $294.2 billion and a total revenue of $28.7 billion only in 2014 alone. The New Jersey based company, with its headquarters in New Brunswick, NJ, commercializes not only medical devices, but also consumer products, prescription products and product coupons. Even though we tend to associate Johnson & Johnson with their lovely baby oils and shampoos, they are also a best-seller regarding medical devices for the fields of aesthetics, cardiovascular disease, diabetes care, diagnostics, infection prevention, orthopedics, neurological disease and vision care. Who wouldn’t want to work for them?
2. General Electric Company (GE)
Anyone probably recognizes the General Electric Company logo the instant they see it. The second most successful company that commercializes medical devices in the United States and the second largest regarding market value was actually founded by nobody else than Thomas Edison himself in 1878. It was initially named the Edison Electric Light Company. With its main offices in Connecticut, the General Electric Company covers no less than six primary fields, through GE Commercial Finance, GE Healthcare, GE Industrial, GE Infrastructure, GE Money and, surprisingly enough, NBC Universal. Market capitalization: $243.6 billion. Enough said.
With its principal executive office in Dublin, Ireland, its operational headquarters in Minnesota (Minneapolis, MN) and offices scattered all around the United States (in locations such as Louisville, Colorado, 18 miles away from Denver), Medtronic is the third company on our top 25 medical device companies in the United States list. It’s not a surprise why: Medtronic raked in over $17 billion in revenue just in the year 2014. The multi-billion dollar company has paired up with another multi-billion dollar company called Coviden, in order to “enhance life for people around the world”, as stated on their official website. Medtronic, together with Coviden, offer healthcare solutions and medical technologies through their Cardiac and Vascular Group, Diabetes Group and Restorative Therapies Group.
4. Siemens AG
You are probably familiar with the brand Siemens from their mobile phones and various household appliances. But did you know that they are also the 4th medical device company in the United States? Siemens AG has a market capitalization of a whopping $92.2 billion, with a 2014 revenue of $17 billion. Regarding their healthcare product groups, Siemens offer technical solutions for Healthcare IT & Infrastructure, Hearing Instruments, Laboratory Diagnostics, Medical Imaging, Therapy Systems, Medical Accessories, OEM & Electronics, Refurbished Systems, Education, Training and Services. One of their most reputed products is the Ysio Max state-of-the-art digital radiography systems, which offers exceptional imaging technology of MAX detection.
5. Baxter International
With its headquarters in Illinois, Baxter International Inc. enjoys ever-growing sales every year. With a $15.3 billion revenue in 2013 and a $16.4 billion income in 2014, it appears that Baxter International Inc. will be continuously on the rise in the years to come. The company focuses upon two main businesses: Medical Products and BioScience. It was founded in the year 1931 and it seems to be running quite smoothly ever since then. They have expanded with offices all around the globe and various corporate giving activities to give back to the community.
6. Cardinal Health
Listed in the New York Stock Exchange, Cardinal Health is a large medical company that focuses upon healthcare providers, pharmacies, suppliers and manufacturers. Believe it or not, they even offer nuclear pharmacy services! Like many other big names in the health care industry, Cardinal Health also directs a part of their energy towards philanthropy, contributing with over $150,000,000 in donations (products and money) to non-profit organizations both inside and outside the USA, since the year 2001. Income stats? Market capitalization: $25.1 billion, total revenue in 2014: $11 billion. Wow!
Founded in 1996, the Swiss pharmaceutical company Novartis now benefits from offices all around the world and over 50 in the United States. Novartis offices on US territory can be found in cities such as San Diego, California; New York; Miami, Florida or Houston, Texas, among many others. Besides acing the pharmaceutical industry worldwide, Novartis also offers a wide range of advanced medical devices. Novartis has worked hard to obtain countless awards and ranking owing to their permanent evolution regarding development and research, as well as corporate responsibility contributions.
Based in Kalamazoo, Michigan, the Stryker Corporation has an impressive market capitalization of $30.8 billion. The company prides itself on “getting patients back to living” and offering optimum medical devices as medical, surgical, spine, reconstructive, and neurotechnology products. It has been multiply awarded as being the best company to work for and one of the most admirable institutions, especially in its industry. Stryker is particularly specialized in orthopedics, but is also a key player in the field of surgery. They provide top-quality equipment based on “innovation that saves lives”. Stryker is easily one of the most respectable companies in the game.
9. Becton, Dickinson and Co.
Becton, Dickinson and Company, commonly abbreviated as BD, is a New Jersey-based medical device company with offices in over 50 countries all around the world. The business prides itself on offering the necessary medical technology in order to manufacture devices, equipment for laboratories and medical supplies, among many others. According to the Medical Device and Diagnostic Industry, Becton, Dickinson and Company ranks in at number 12 regarding top medical device companies, with a total revenue of $8.3 billion in 2014 and $21.8 billion market capitalization. The products BD offers range from pharmaceutical drug delivery systems and diabetes care to molecular diagnostics and microbiology solutions and laboratory automation.
10. Boston Scientific Corporation
Based in Massachusetts, the Boston Scientific Corporation proudly represents the area with high quality solutions and medical devices. The entire list of their products is really too long to include here, but you should know that their medical specialties cover electrophysiology, gastroenterology, neurological surgery, pulmonology and interventional cardiology and radiology, just to mention a few. As one of their core values is innovation, they “continue to innovate in these areas and are extending their innovations into new geographies and high-growth adjacency markets”. It seems like all of the long hours of research and development are paying off for Boston Scientific Corporation employees, as the company is valued at $15.6 billion on the market and made roughly $7 billion just last year.
11. Essilor International
This is yet another extremely successful foreign company that manufactures medical devices internationally. Founded in France, Essilor focuses especially on eye care and improving vision. Besides manufacturing top-of-the-line lenses (prescription and non-prescription), Essilor contributes to “seeing the world better” by offering edging, mounting, measuring and screening equipment. It is certainly one of the most active companies in the optics industry, while enjoying a market capitalization of $22.9 billion. Essilor clearly states that their number one objective is to “allow as many people as possible to see well to improve their quality of life”. Impressive, isn’t it?
Although based in Orange County (Irvine), California, Allergan Incorporated has global offices in roughly 100 countries, thanks to the fact that is has been recently acquired by Actavis as of 2015. The products supplied by Allergan and Actavis cover neurosciences, medical aesthetics, urologics, medical dermatology, product prescribing and ophthalmic pharmaceuticals. Before teaming up with Actavis, Allergan raked in $6.7 billion in 2014, but now we’re certain that the numbers are bound to double in the years that follow.
13. St. Jude Medical Inc.
The St. Jude Medical Incorporated, often referred to simply as SJM, has its global headquarters in Minnesota, but has divisions in Austin, Texas and Los Angeles, California (Implantable Electronic Systems), as well as in Brazil, Belgium, Hong Kong and Tokyo. The company trademark stands out as being “Turning What If into Why Not”, and their new acquisition, Spinal Modulation Incorporated, will definitely aid the company in living out their mission. St. Jude Medical Inc. enjoys a market capitalization of $17.2 billion, by providing high-tech solution for medical professionals in the field of cardiology, neurology and electrophysiology. Thanks to their innovative technology, St. Jude Medical aids in treating costly neurological and cardiac diseases.
This 1-number, 1-letter company covers so many areas of activity, that it’s no surprise it was called the Minnesota Mining and Manufacturing Company until 2002. You know scotch tape? How about post-it notes? Yes, both of them are 3M brands. Saying that 3M is a global company is almost like an understatement: they literally have offices in countless countries around the world, with United States offices in Los Angeles, California; Murray, Utah; Hartford City, Indiana and Atlanta, Georgia, just to name a very few. Incredibly enough, their products are designed for the fields of automotive, commercial solutions, communications, design, construction, electronics, energy, manufacturing, mining, oil, gas, safety, transportation and, of course, health care. Wow!
15. Abbott Laboratories
$61.9 billion – that is the market capitalization that Abbot Laboratories enjoy. Although based in Chicago, Illinois, the Abbott offices can be found in Texas, New Jersey, Massachusetts and California, in areas like Alameda, Santa Ana or Santa Clara (about a 40 mile drive to the San Francisco Bay Area). The company aims to work for a “healthier tomorrow” in the fields of diabetes care, diagnostics, nutrition, vision care, vascular, animal health and pharmaceuticals. As of October 2014, Abbott Laboratories have extended their medical device business by acquisition in the electrophysiology market in order to promote the treatment of atrial fibrillation.
Formally known as Zimmer Holdings Incorporated, this company offers impressive solutions for replacing numerous key body parts (knees, hips, shoulders, elbows, feet and ankles), as well as optimum solutions for surgery and operating rooms. The Zimmer staff is made up of over 8,500 professional employees who develop joint replacement technologies for health care providers in over one hundred countries. The saying “started from the bottom, now we’re here” is valid for Zimmer: the company was founded by local Polish salesman J.O. Zimmer in the basement of his home in Warsaw. Ever since then, the company has been flourishing from all points of view.
As far as respectable foreign medical device companies are concerned, the Terumo Corporation is an excellent manufacturer. The company was established by Dr. Kitasato Shibasaburo and a group of scientists specialized in medicine in 1921 in Japan, with the objective of producing medical thermometers. Since the “Jintan Taionkei” (the first commercial thermometer made in Japan), the Terumo Corporation has expanded its activity and now successfully manufactures diabetes care products, medical disposables and efficient cardiovascular systems. Economically speaking, the Terumo Corporation is one of the wealthiest health care companies in Japan, with a market capitalization of $9 billion. Their products range from intravascular ultrasound systems, heart-lung machines, oxygenators and catheters for treating coronary artery disease to pathogen reduction technology systems and therapeutic apheresis systems.
18. Smith & Nephew
Don’t let the humble name of this company fool you, Smith & Nephew enjoys a market capitalization of $14.9 billion in the health care industry. With over 150 years in the field of medical solutions, Smith & Nephew provides technology and products for orthopedic reconstruction, trauma and extremities, minimally invasive sports medicine, advanced wound care and gynecology, among many others. They are particularly reputed for supplying exceptional joint replacement systems for hips, knees and shoulders, as well as technology for minimally invasive surgery. The story behind this multi-billion dollar medical device company began with a small English pharmacy ran by Thomas James Smith in 1856. After he passed away 40 years later, his nephew took over the company and transformed it into the Smith & Nephew Corporation we know today.
Another highly successful Japanese company is the Toshiba Corporation, formerly known as Tokyo Shibaura Electric K.K. Founded in 1939 by Tanaka Hisashige in Japan, Toshiba is now a leader not only on the consumer electronics market, but also in the health care industry with the Toshiba Medical Systems Corporation. Their products include but are not limited to computed tomography, magnetic resonance imaging, ultrasound, x-ray (angiography, fluoroscopy, radiography, mammography, mobile c-arm, mobile x-ray), advanced visualization and nuclear medicine. If all that isn’t mind-boggling, we don’t know what is.
Remember BD, the Becton, Dickinson and Co. business we were discussing at point 9? Well you should know that CareFusion has been acquired by them, creating a multi-billion dollar super power in the world of health care. With its corporate headquarters in San Diego, California, CareFusion can be found all around the United States in locations such as Seattle, Albuquerque, Miami or San Antonio. Before joining Becton, Dickinson and Co, CareFusion had an estimated market capitalization of $9.2 billion; now that the two have teamed up, we are certain that the numbers will be on the rise for many years to come.
21. Varian Medical Systems
Facebook isn’t the only great business that came out of Palo Alto, California. Varian Medical Systems has its corporate headquarters here and benefits from an $8.3 billion market capitalization. Active since the 1950s, Varian Medical Systems aims to “equip the world with new tools for fighting cancer, taking X-ray images and protecting ports and borders”. The fields that Varian Medical Systems have flourished in are cargo screening, digital image detectors, radio surgery, radio therapy, X-ray tube technology and non-destructive testing. Over 70 offices and over 6,500 employees around the world confirm the fact that this is a top company regarding medical devices.