Fastest Growing Medical Device/Medtech Companies in 2024

Fastest Growing Medical Device/Medtech Companies in 2024

The Financial Times’ 2024 ranking of The Americas’ Fastest Growing Companies is an annual list that celebrates the adaptability and resilience of sectors such as the medical device/medtech industry. It highlights substantial revenue growth across multiple industries, despite challenges from the pandemic and fluctuating interest rates. The 2024 ranking is determined by revenue growth recorded from 2019 to 2022, making it a comprehensive and reliable measure of a company’s success.

In this overview, we delve into the medical device/medtech companies that have earned a spot on this prestigious list, highlighting their innovative strategies that have led to substantial growth. As recognized by the Financial Times, these are the fastest growing medical device/medtech companies in 2024.

1. Axonics (Overall Rank 24)

Founded in 2013, Axonics is the leading medical device company that experienced remarkable growth from 2019 to 2022. In 2022, it was the leader of the Financial Times’ list and held second place in 2023, underscoring its strong year-over-year growth.

Axonics has made a substantial impact in the medical device industry by developing and commercializing innovative products for adults with bladder and bowel dysfunction. The company’s pioneering advancements in sacral neuromodulation therapy, a key treatment for bladder and bowel dysfunction, and its introduction of urethral bulking procedures for women with stress urinary incontinence, have revolutionized these areas, which are among the fastest-growing segments in urology.

Axonics had an impressive compound annual growth rate (CAGR) of 170.56 percent, according to the Financial Times’ list. The company’s revenue in 2023 reached a staggering $366.4 million, a testament to its substantial growth and market dominance.

2. Allurion Technologies (Overall Rank 124)

Allurion, founded in 2009, is an innovative technology-based company dedicated to ending obesity. Its Allurion Program features the world’s first and only swallowable, procedure-less gastric balloon for weight loss. The program also includes the Allurion Virtual Care Suite, which encompasses the Allurion Mobile App for consumers, Allurion Insights for clinicians and the Allurion Connected Scale and Health Tracker devices. The Allurion Balloon is not currently approved in the US but is already used in over 70 other countries, including Canada, Mexico and Europe.

Allurion secured a respectable 144th rank in Financial Times’ 2023 list and 137th rank in 2022. This consistent growth is a testament to the company’s dedication to its mission of ending obesity through innovative solutions.

Allurion Technologies’ revenue was $53.5 million in 2023, and according to Financial Times’ list, the company’s CAGR is 69.33 percent.

3. Exact Sciences (Overall Rank 281)

Exact Sciences, founded in 1995, is a molecular diagnostics company specializing in early cancer screening and diagnostic tests. Exact Sciences’ Precision Oncology portfolio provides actionable genomic insights to detect cancer earlier and provides guidance for successful treatment following a diagnosis. Exact Sciences is also investing in its pipeline to develop innovative solutions before, during and after a cancer diagnosis.

Exact Science’s total revenue was $2.50 billion in 2023. According to the Financial Times’ list, the company is growing at a CAGR of 33.49 percent.

4. DexCom (Overall Rank 372)

Dexcom Inc. is a leading provider of diabetes care technology, particularly continuous glucose monitoring (CGM) systems. Founded in 1999, Dexcom works to simplify and improve diabetes management around the world. It recently announced a first-of-its-kind, over-the-counter CGM system, Stelo, cleared by the US Food and Drug Administration (FDA) for use without a prescription in the US. Its stellar growth performance is backed by innovation and continuous product improvements.

In 2023, DexCom achieved a revenue of $3.62 billion, and the Financial Times reports a CAGR of 25.39 percent.

5. ICU Medical (Overall Rank 415)

Founded by a clinician in 1984, ICU Medical is a global leader in IV therapy, particularly in developing, manufacturing and selling innovative medical products used in infusion therapy, vascular access and vital care applications. The organization’s robust portfolio features medical delivery systems and consumable products for infusion therapy, emergency medicine, general and regional anesthesia, home care, neonatal intensive care unit (NICU)/pediatric intensive care unit (PICU), oncology, pain management and respiratory care.

ICU Medical’s annual revenue was $2.26 billion for 2023, and the Financial Times list reported a CAGR of 21.66 percent.

6. Thermo Fisher Scientific (Overall Rank 434)

Founded in 1956, Thermo Fisher Scientific Inc. is one of the largest global medtech companies with diverse segments ranging from life science solutions to specialty diagnostics, analytical instruments and laboratory products and services. Thermo Fisher’s leading brands include Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon and the PPD clinical research business. Thermo Fisher’s products and services find application in various sectors such as industrial and applied sciences, biotechnology, pharmaceuticals, healthcare, food and beverage and forensics.

Thermo Fisher Scientific boasts a $42.86 billion revenue for 2023 and, according to the Financial Times’ list, the company is growing at a CAGR of 20.70 percent.

7. Danaher (Overall Rank 435)

Danaher operates in three key areas: Biotechnology, Life Sciences and Diagnostics. Leading the biotechnology segment is Cytiva, which provides researchers and biopharma companies with the expertise, tools and services needed to develop and commercialize life-changing therapeutics. The diagnostic segment includes businesses such as Beckman Coulter, Cepheid, HemoCue and Leica Biosystems, all of which focus on enhancing healthcare through innovative diagnostic solutions that enable more confident treatment decisions for patients. Danaher’s diverse life sciences portfolio includes Abcam, Calderon, IDBS and Pall Corporation, among others. The company’s commitment to innovation and growth is reflected in its consistent performance and market leadership.

Danaher’s annual revenue was $23.9 billion in 2023, and Financial Times’ list reports its CAGR to be 20.67 percent.

These medtech companies continue to demonstrate remarkable growth with no signs of slowing down, as evidenced by the fact that, in 2023, the FDA approved more novel medical technologies than in any single year. The Financial Times list is a comprehensive compilation of the 500 fastest growing companies and also provides a glimpse into the future of the medtech industry, a future that is led by innovation and growth.

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