In 2024, the healthcare industry is not just about innovation; it’s about making a real-world impact. From cutting-edge digital health solutions to tackling health disparities head-on, the largest healthcare companies are reshaping how care is delivered. This blog explores the top 10 largest publicly traded healthcare companies by market capitalization, making strides in healthcare delivery and innovation.
1. UnitedHealth Group (UNH)
Market Capitalization: $738.67 Billion
UnitedHealth Group holds its position at the forefront of the healthcare sector, pushing the boundaries of digital and personalized care. The company recently partnered with Native American Connections through a $2 million, three-year initiative to launch a Mobile Health Initiative, aimed at reducing health disparities in the Greater Phoenix area. The company also invested $1 million to enhance school-based healthcare for K-12 (kindergarten to 12th grade) students in Texas, focusing on mental health services. In the second quarter (Q2) of 2024, the company reported revenues of $98.9 billion, demonstrating its strong financial position and ability to sustain these impactful initiatives.
2. Elevance Health (ELV)
Market Capitalization: $170.91 Billion
Focused on value-based, whole-person care and innovative digital health solutions, Elevance Health, formerly Anthem, has been ranked among America’s Most JUST Companies for six consecutive years, recognized for its dedication to sustainability and health equity. Early this year, Elevance closed its acquisition of Paragon Healthcare, enhancing its specialty pharmacy and infusion services capabilities. This move expands access to life-saving medications for chronic conditions. In Q2 2024, Elevance reported $43.2 billion in revenue.
3. HCA Healthcare (HCA)
Market Capitalization: $136.05 Billion
HCA Healthcare leads advancements in hospital-based care, particularly in critical and emergency services. In Q2 2024, the company reported $17.49 billion in revenue, reflecting a 10.3 percent increase from the prior year. HCA’s initiatives include a $1 million grant through the HCA Healthcare Foundation to the Consortium of Florida Education Foundations, aiming to expand healthcare career pathways for underserved students. In a large-scale collaborative real-world study, HCA helped develop an algorithm-driven tool, tested across 82 hospitals, that reduced hospital outbreak sizes by 64 percent before the pandemic.
4. Cigna (CI)
Market Capitalization: $135.66 Billion
Cigna continues to innovate by expanding access to healthcare through its diverse portfolio of insurance, pharmacy benefits management and health services. In September 2024, Cigna launched a new E-Treatment option via MDLIVE, providing customers fast and convenient access to diagnoses and treatment plans within an hour without direct interaction. Earlier in 2024, Cigna also partnered with HelloFresh to offer discounted meal kits to approximately 12 million Cigna customers, promoting healthier eating habits while addressing food insecurity through the “Meals with Meaning” initiative.
5. CVS Health (CVS)
Market Capitalization: $95.74 Billion
CVS Health is pioneering accessible healthcare solutions, particularly with its HealthHUBs and digital services designed to support long-term wellness. This month, CVS launched a birth control prescribing service at its pharmacy locations in Massachusetts, allowing pharmacists to evaluate patients and prescribe hormonal contraceptives, addressing gaps in reproductive health access. CVS also announced a $525,000 Health Zones grant to improve community health in Fresno, California, supporting initiatives like the First Fruits Market — a free grocery store for families facing food insecurity.
6. McKesson (MCK)
Market Capitalization: $89.78 Billion
McKesson’s influence spans across the pharma supply chain, enabling the delivery of essential medications and medical supplies globally. McKesson’s Biologics division was selected as the exclusive provider of Zokinvy (lonafarnib), the only US Food and Drug Administration (FDA)-approved treatment for Hutchinson-Gilford progeria syndrome, a rare and fatal condition. McKesson also began offering Rytelotm (imetelstat), a new telomerase inhibitor approved for patients with transfusion-dependent anemia caused by low- to intermediate-risk myelodysplastic syndromes (MDS). The company reported strong first quarter (Q1) fiscal 2025 results, with consolidated revenues of $79.3 billion.
7. Siemens Healthineers (SHL.DE)
Market Capitalization: $84.13 Billion
Siemens Healthineers, based in Germany, continues to innovate across imaging and therapy solutions. In February 2024, its Varian unit received FDA clearance for the HyperSight imaging solution, which enhances radiation therapy by improving accuracy and patient comfort. Siemens Healthineers also partnered with the World Stroke Organization (WSO) in June 2024 to improve stroke care globally, particularly in low- and middle-income countries. Siemens also achieved CE Mark for its neurofilament light chain (NfL) blood test, a new tool for clinicians to manage multiple sclerosis (MS) by detecting early neuronal injury. The company’s third quarter (Q3) 2024 results showed 4.3 percent revenue growth compared to Q3 2023.
8. Cencora (COR)
Market Capitalization: $62.80 Billion
Cencora, formerly AmerisourceBergen, is transforming into a global leader in pharmaceutical access. Cencora’s key milestone came in early 2024 when it introduced FormularyDecisions, a payer resource offering essential insights into cell and gene therapy (CGT) products to inform coverage choices. Additionally, Alcura, a subsidiary of Cencora, obtained a Manufacturing and Importation Authorization license, allowing it to import and distribute CGTs across Europe. Cencora also introduced two new educational programs for pharmacy residents, providing hands-on training in pharmaceutical supply chain.
9. Centene Corporation (CNC)
Market Capitalization: $52.42 Billion
Centene is a key player in government-sponsored healthcare programs, with a focus on Medicaid and Medicare services. Superior HealthPlan, a Centene subsidiary, invested $43.3 million from 2019 to 2023 in Medicaid and Children’s Health Insurance Program (CHIP) Value-added Services, providing extra benefits like dental care and asthma management to low-income families across Texas. In North Carolina, WellCare, another Centene company, donated $100,000 to support Camp HOPE America, helping youth affected by domestic violence. Centene reported $39.8 billion in revenue in Q2 2024.
10. Dr. Sulaiman Al Habib Medical Group (4013.SR)
Market Capitalization: $37.59 Billion
Based in Saudi Arabia, Dr. Sulaiman Al Habib Medical Group (HMG) is a leader in healthcare services across the Middle East. In 2024, the group collaborated with GE HealthCare to equip 13 hospitals and eight medical centers with advanced imaging and patient care solutions, including the latest MRI and CT technologies. Success stories for HMG abound with mobility restoration for a patient through endoscopic spinal surgery at Al-Rayan Hospital, and a complex heart surgery at Al Khobar Hospital, involving transplantation of three arteries.
The top 10 largest publicly traded healthcare companies are driving the transformation of healthcare across the globe — pushing the boundaries of technology, access and patient care.
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