The medical device industry continues to thrive in 2024, with advancements in technology shaping the future of healthcare. From cutting-edge surgical robotics to innovative diagnostic tools, the top publicly traded medical device companies are delivering solutions that improve patient care and expand the capabilities of healthcare professionals.
Abbott, for instance, leads the industry with breakthroughs in diabetes care and diagnostics, while Stryker’s innovations in orthopedic devices and robotics are making waves across the sector. Boston Scientific is transforming heart health with its less invasive treatments, and Medtronic continues to push the boundaries with advanced insulin delivery systems and real-time glucose monitoring.
This blog provides a comprehensive look at the medical device giants, ranked by market capitalization, leading the charge into the future of medicine.
1. Abbott Laboratories (ABT)
Market Capitalization: $267.1 Billion
Abbott Laboratories leads the medical device industry in market capitalization. In the second quarter (Q2) of 2024, the company racked up $10.4 billion in sales, driven by double-digit growth in medical devices. Abbott’s Lingo and Libre Rio continuous glucose monitors (CGMs) are expanding diabetes care options, following the success of FreeStyle Libre. The company also launched the TRANSCEND study, exploring deep brain stimulation (DBS) for treatment-resistant depression. In cardiovascular care, Abbott’s Esprit below-the-knee dissolving stent was approved, and the company received CE Mark for AVEIR, the world’s first dual chamber leadless pacemaker.
2. Intuitive Surgical (ISRG)
Market Capitalization: $224.5 Billion
Intuitive Surgical pioneers the field of robotic-assisted surgery, with its flagship da Vinci systems. In Q2 2024, Intuitive posted $2.01 billion in revenue, driven by the strong global adoption of the da Vinci 5 system. The company placed 341 da Vinci systems during the quarter, expanding its installed base to over 9,200 systems worldwide. The da Vinci 5 introduces over 150 enhancements, including improved accuracy and next-generation 3D imaging, helping surgeons achieve better precision. The da Vinci X and Xi systems also received a revised US Food and Drug Administration (FDA) clearance, validating their effectiveness in robotic-assisted radical prostatectomy.
3. Stryker Corporation (SYK)
Market Capitalization: $183.9 Billion
Stryker continues to push boundaries in medical technology, leveraging its diverse portfolio, from surgical equipment to neurotechnology. The company saw net sales rise to $5.4 billion in Q2 2024, driven by demand across its Medsurg, Neurotechnology, Orthopaedics and Spine divisions. Stryker strengthened its position with acquisitions like Vertos Medical, expanding its minimally invasive solutions for treating chronic lower back pain caused by lumbar spinal stenosis. Plans to acquire care.ai, an AI-assisted virtual care platform, also expand Stryker’s virtual care platform offerings.
4. Boston Scientific (BSX)
Market Capitalization: $161.5 Billion
Boston Scientific continues to shape the future of medical technology with innovations across cardiology, neuromodulation and interventional procedures. Boston Scientific’s net sales reached $4.12 billion in Q2 2024, largely driven by the FARAPULSE Pulsed Field Ablation System, which earned National Medical Products Administration (NMPA) approval in China. Boston Scientific also presented strong clinical data for the Intracept Intraosseous Nerve Ablation System, showing that nearly one-third of patients were 100 percent pain-free after five years.
5. Medtronic (MDT)
Market Capitalization: $155.0 Billion
Medtronic remains a leader in the medical device industry. In its first quarter (Q1) fiscal 2025 results (which ended July 26, 2024), the company reported $7.9 billion in revenue, fueled by innovations across its portfolio. The MiniMed 780G insulin delivery system earned Fast Company recognition for changing diabetes care with real-time, adaptive insulin management. Medtronic also launched the Simplera CGM and partnered with Abbott, combining their technologies to push CGM innovation.
6. Becton Dickinson (BDX)
Market Capitalization: $90.9 Billion
BD continues to expand its global presence in medical technology, reporting $5.1 billion in adjusted revenue in the third quarter (Q3) of 2024. BD enhanced its portfolio with the acquisition of Edwards Lifesciences’ Critical Care group, which adds AI-enabled patient monitoring solutions. Additionally, BD received FDA approval for self-collection of cervical cancer screening samples and joined forces with Quest Diagnostics to develop companion diagnostics for personalized medicine.
7. Alcon (ALC)
Market Capitalization: $62.6 Billion
Alcon leads the global eye care industry with innovative solutions in surgical equipment and vision care. In Q2 2024, the company posted record sales of $2.5 billion, driven by its Implantables and Contact Lenses segments. The company further expanded its glaucoma portfolio with the acquisition of BELKIN Vision and received FDA 510(k) clearance for its UNITY VCS and UNITY CS systems, which aim to reimagine cataract and vitreoretinal surgeries. Recently, Alcon introduced the SMARTCataract DX digital planning solution and NGENUITY 1.5 3D heads-up display.
8. Mindray (300760.SZ)
Market Capitalization: $55.9 Billion
Mindray has made significant strides in diagnostics and laboratory automation. In 2024, the company launched the iService Remote Platform, which leverages AI and big data to provide real-time device diagnostics and proactive maintenance. Mindray also expanded its reach through a collaboration with Operation Smile to provide essential surgical equipment in Brazil. Additionally, Mindray introduced its Lab Vision 2030 initiative, aiming to shape the future of laboratory diagnostics with AI-driven solutions.
9. Edwards Lifesciences (EW)
Market Capitalization: $53.9 Billion
As a global leader in structural heart innovations, Edwards Lifesciences continues to advance transcatheter valve therapies. In Q2 2024, Edwards saw a seven percent rise in sales, with Transcatheter Mitral and Tricuspid Therapies (TMTT) seeing a 75 percent increase. The EVOQUE valve system delivered strong outcomes in real-world use, following success in the TRISCEND II trial. Edwards shared results from the RHEIA trial, which showed better outcomes for women using SAPIEN 3 valves compared to surgery, with fewer incidences of death, stroke or rehospitalization.
10. ResMed (RMD)
Market Capitalization: $47.9 Billion
ResMed is cementing its position as a global leader in sleep apnea and respiratory care technologies. In the fourth quarter (Q4) of full-year 2024, ResMed reached $1.2 billion in revenue, funded by the rising demand for ResMed’s sleep devices. The AirCurve 11 series devices, introduced earlier this year, provide personalized sleep apnea treatment with features like digital connectivity and remote monitoring. Recent clinical studies showed that ResMed’s positive airway pressure (PAP) therapy reduced hospitalizations by 31 percent for patients managing sleep apnea and insomnia.
With strong performances in 2024, these companies remain at the forefront of addressing healthcare’s most pressing challenges.
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