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Medical Device Stocks: 5 Biggest Companies in 2023

The top medical device companies are a vital component of the overarching life science industry, as well as a major force in treating many diseases and conditions.

The world’s medical device market was valued at US$577.26 billion in 2022, with the US accounting for nearly US$200 billion of that figure. Globally, the market is expected to expand at a compound annual growth rate of 5.5 percent to reach US$850 billion in 2030.

Growth in the overarching medical device industry is tied to the rapid rise of an aging population and the increasing prevalence of infectious and chronic diseases. Other drivers include technological advancements in both the life science field and in emerging technologies such as 3D printing, robotics and the internet of things.

Of course, the sector’s growth wouldn’t be possible without the top medical device companies, which are working on the development of devices for a variety of therapeutic areas across established and emerging markets.

1. Thermo Fisher Scientific (NYSE:TMO)

Company Profile

Market cap: US$2109.54 billion

Thermo Fisher Scientific is one of the world’s most respected brands in healthcare, scientific research, safety and education. The medical device company’s family of global products and services represents a broad range of high-end analytical instruments, chemistry and consumable supplies, laboratory equipment and software designed primarily for medical researchers, clinicians and scientists. It has products in a variety of areas, including cellular analysis, synthetic biology and molecular biology.

Last year, Thermo Fisher Scientific launched its scalable CE-IVD-marked molecular Applied Biosystems TaqPath Respiratory Viral Select Panel, which can return results in as little as three hours. Using polymerase chain reaction technology, the assay panel is designed to detect five common respiratory viruses associated with bronchiolitis, influenza, the common cold and pneumonia.

2. Abbott Laboratories (NYSE:ABT)

Company Profile

Market cap: US$192.20 billion

Abbott Laboratories creates a wide range of products, from diagnostics to medical devices to branded generic pharmaceuticals. It is one of the largest medical device companies in the life science sector.

In terms of the organization’s medical device equipment, Abbott Laboratories develops treatment options for vascular diseases; the options include coronary and carotid stents, plus catheters and vessel closure devices. This medical device manufacturer also makes medical devices for the diabetes market, including blood glucose meters that provide accurate results and make the testing process easier.

The medical device company’s other areas of focus range from vision care to developing technologies for myopia, hyperopia, astigmatism, contact lens care and corneal healthcare.

3. Danaher (NYSE:DHR)

Company Profile

Market cap: US$188.28 billion

Globally diversified conglomerate Danaher has a number of brands under its corporate umbrella grouped in three distinct divisions: healthcare, diagnostics and environmental and applied end markets. Through its brands, Danaher designs, manufactures and sells a number of medical device products and services.

One of those brands is global life science analytical technologies company SCIEX, which has been a leader in the field of mass spectrometry for half a century. SCIEX is also a pioneer in capillary electrophoresis. In 2022, the company launched two important analytical technologies: the SCIEX OS software v3.0 and the RNA 9000 Purity & Integrity kit. The latter is for the BioPhase 8800 system and PA 800 Plus system.

4. Medtronic (NYSE:MDT)

Company Profile

Market cap: US$116.65 billion

Naturally this list of big names in the medical device industry would not be complete without the inclusion of Medtronic, which is one of the largest global medical device manufacturing companies.

With its headquarters in Dublin, Ireland, Medtronic’s devices provide solutions for relieving pain, restoring health and working to extend the lives of millions of people globally. Its primary areas of focus include cardiac and vascular care, minimally invasive therapies, restorative therapies and diabetes.

5. Intuitive Surgical (NASDAQ:ISRG)

Company Profile

Market cap: US$113.82 billion

Medical device manufacturer Intuitive Surgical developed the da Vinci surgical system — the first minimally invasive surgical system to receive clearance from the US Food and Drug Administration.

Intuitive Surgical’s goal is to provide assistance to doctors and hospitals with its robotics-assisted platforms, including the da Vinci system. The system is used by surgeons across 50 US states and 66 countries around the world, and roughly 5 million da Vinci procedures have been done.

Securities Disclosure: I, Melissa Pistilli, hold no investment interest in any of the companies mentioned.

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