The global medical device industry is growing rapidly: it’s estimated that it’ll be valued at $228 billion by 2015. The medical device industry covers a wide array of products that are used to treat patients like cardiovascular devices, dental equipment, diagnostic devices, medical equipment and supplies, ophthalmic devices, orthopedic devices, respiratory devices and surgical equipment.
The 21st century has seen some truly amazing developments in the medical device industry, and as technology keeps advancing you can expect to see even more fascinating advancements. EvaluateMedTech recently released their report on which medical device manufacturing companies will be on top in 2018 based on their current revenue and sales forecast, and you may be surprised to see which companies came out on top.
Johnson & Johnson
When most people think of Johnson & Johnson they think about pharmaceuticals and packaged goods, but this Fortune 500 company has significantly expanded their medical device division. Their Medical Devices and Diagnostics division has done a lot of work in orthopedics, neurovascular, surgery, vision care, diabetes care, infection prevention, diagnostics, cardiovascular disease, sports medicine, and aesthetics. In 2011 they had 7.9% of the worldwide market share, but it’s estimated that the number will grow to 8.6% in 2018.
Medtronic
Medtronic started off as a humble medical equipment repair shop in a garage in northeast Minneapolis in 1949. Since their founding they’ve grown to be one of the largest medical technology companies in the world. Medtronic has made a variety of innovations in the field of medical technology, but they may have recently made their most significant device. They’ve recently released the first and only implantable neurostimulation system that is intended to treat chronic and intractable back or limb pain. They’re expected to generate $20.4 billion in revenue in 2018.
Siemens AG
Siemens is the largest electronics and electrical engineering company based in Europe. It’s currently organized into five main divisions: industry, energy, financial services, infrastructure & cities, and health care. Their industry and energy divisions are still their most lucrative and popular, but their healthcare division has been steadily growing. People were worried that the company’s new CEO could affect their growth and sales, but it doesn’t seem like that is the case. Siemens Healthcare recently posted 3% sales growth in their 2nd quarter, and they’ve been hinting that new medical device components and developments in the device industry in general could be debuting in the next few years. EvaluateMedTech estimates that the industry giant will bring in $20.1 billion in revenue in 2018.
General Electric
In terms of enterprise value, General Electric is the largest company in the medical technology field. General Electric’s experience in the electronics field has helped give them the valuable manufacturing experience that is needed in the medical device industry. Their decision to purchase the UK pharmaceutical company Amersham plc in 2004 proved to be a smart decision since their innovations and stock has been growing ever since. It’s estimated that General Electric Healthcare will have 3.1% of the worldwide market share in 2018.
About Author : Ryan has a chief medical advisor at some of the biggest medical device companies in the world. Recently retired, he likes to write about the latest trends in his field.
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