Aug 07, 2021
Philip | Clinical Trials ,
The sudden outbreak of Covid-19 has both positively and negatively impacted the medical device industry. The demand for respiratory care devices, contactless monitoring devices, hospital supplies, hand sanitizers, face masks, and personal protective equipment (PPE) has significantly increased due to the covid-19 pandemic. This high demand is anticipated to offer lucrative growth opportunities for medical device market players. On the other side, lockdown situations have disrupted supply chains and transportation worldwide.
Medical devices are used to analyze, prevent and treat disease and provide various advantages to healthcare patients. The demand for medical devices has been rising due to the increasing number of infectious and chronic diseases, the growing geriatric population, increasing healthcare expenditure, and fast advancement of medical technology. Moreover, machine learning and artificial intelligence have helped the medical industry to manufacture automated devices and innovative applications that monitor a patient's health condition. At the same time, the need for home-based medical devices such as glucose monitors, insulin delivery devices, and oxygen concentrators is increasing, which will boost the production of medical devices around the world.
The efforts taken by the key market players are forcing this industry to create more innovative, accurate, and reliable products. Strategies like collaborations, acquisitions, partnerships, and expansions are helping medical device companies to maintain the balance between supply and demand. The top ten companies that play a major role in the medical device industry are:
Revenue: $82.6 billion
Headquarters: New Jersey, United States
Johnson & Johnson is one of the largest healthcare companies in the world. The company is engaged in manufacturing medical devices which can be used in the areas like orthopedic, cardiovascular, diabetes, vision care, and surgery. In March 2021, Johnson & Johnson announced an advance purchase agreement with the African vaccine acquisition trust for the company's covid-19 vaccine candidate. The Johnson & Johnson COVID-19 vaccine uses the AdVac vaccine platform. This technology was also used to develop and manufacture Janssen's European Commission-approved Ebola vaccine regimen and construct its investigational Zika, RSV, and HIV vaccines.
Revenue: $31.904 billionHeadquarters: Illinois, United States
Abbott Laboratories is engaged in offering medical devices, diagnostics, branded generic medicines, and nutritional products. It also develops a range of programs, materials and technologiesdesigned to be customized to the unique needs of laboratories. It specializes in cardiovascular, diagnostics, diabetes, and neuromodulation products. Four segments of the company are Nutrition, Diagnostics, Medical Devices, and Established Pharmaceuticals. The company offers products including FreeStyle, PediaSure, Pedialyte, Similac, EleCare, ZonePerfect, Juven, Ensure, and Glucerna. The company listed on Working Mother magazine's "100 Best Companies" list. In March 2020, company received emergency use authorization (EUA) from the FDA for a 2019-nCoV test to help mitigate the COVID-19 pandemic. Abbott's point-of-care test is regarded as a significant development due to its small size and rapid results – 5-minute positive, 13-minute negative.
Revenue: $28.91 billion
Headquarters: Dublin, Ireland
Medtronic is one of the leading medical device, services, and solutions companies engaged in offering a range of products to alleviate pain, restore health, and extend life. The company is engaged in operating its business through four operating and reportable segments, which are engaged in developing, manufacturing, distributing, and sale of device-based medical therapies and services. The products offered include surgical stapling devices, advanced and general surgery products, vessel sealing instruments, wound closure devices, hernia mechanical devices, patient monitoring products, and capnography products, among others. In June 2019, Medtronic entered into a partnership with KARL STORZ SE & Co. KG for integrating KARL STORZ'S three-dimensional (3D) vision systems and visualization components into Medtronic's forthcoming robotic-assisted surgical platform.
Revenue: $22.23 billion
Headquarters: Washington, United StatesDanaher Corporation designs, manufacture, and markets professional, medical, industrial, and commercial products and services. Danaher Corporation helps in solving complex challenges of customers and improves the quality of life around the world. Three segments of the company are Life Sciences, Diagnostics, and Environmental & Applied Solutions. In March 2020, Danaher acquired Cytiva, the biopharma business of the GE Life Sciences division, for $21.0 billion.
5. Philips Healthcare:
Revenue: $21.8 billion
Headquarters: Amsterdam, Netherlands
Philips works through its three main divisions: Personal Health, Connected Care, and Diagnosis & Treatment. Philips Healthcare offers health technology solutions and advance medical devices. In 2015, Philips Healthcare entered into an agreement with Belgium-headquartered IBA (Ion Beam Applications SA) to provide proton therapy solutions (an advanced radiation therapy) for cancer treatment in India. In January 2021, Philips announced the acquisition of Capsule Technologies, Inc., a provider of medical device integration and data technologies for hospitals and healthcare organizations.
6. GE Healthcare:
Revenue: $19.9 billion
Headquarters: Chicago, Illinois, United States
GE Healthcare is a leading medical device company specialized in manufacturing and selling advanced medical devices such as imaging, ultrasound, and healthcare devices. Moreover, GE healthcare supplies pharmaceutical solutions and medical diagnostics services all around the world. GE Healthcare is a subsidiary of General Electric. In April 2021, GE Research has been awarded a 24-month NIH grant (U01AA029324) of the RADx-rad program to develop miniature sensors that can detect the presence of the COVID-19 virus nano-particles on an array of different surfaces.
Revenue: $19.5 billion
Headquarters: Charenton-le-Pont, France
Essilor is engaged in producing ophthalmic lenses. The company supplies its products worldwide. Two rival lens manufacturers merged together and formed Essilor. In March 2021, EssilorLuxottica has an agreement with U.S. based lab network Walman, which has been a foremost partner to vision care practices around the country for more than 100 years, and it will draw on EssilorLuxottica's focus on product and service innovation to create growth opportunities for the company.
8. Becton, Dickinson and Company
Revenue: $17.29 billion
Headquarters: New Jersey, United States
BD is the largest global medical technology company in the world. The company manufactures and distributes medical devices, instrument systems, and reagents. It is also provides consulting and analytics services in certain geographies. There are three segments of the BD, namely BD Medical, BD Life Sciences and BD Interventional. In September 2020, BD announced its rapid, point-of-care, SARS-CoV-2 antigen test for use on the BD Veritor Plus System has been CE marked to the IVD Directive (98/79/EC). The new test is a portable instrument that provides real-time results and enables decision-making while the patient is still onsite.
9. Siemens Healthineers:
Revenue: $16.2 billion
Headquarters: Erlangen, Germany
Siemens Healthineers is a subsidiary of the German electrics giant Siemens. Siemens Healthineers is engaged in developing and manufacturing medical healthcare devices. The company's product range includes medical imaging devices and diagnostic tools. To combat coronavirus, Siemens Healthineers developed CLINITEST Rapid COVID-19 antigen test. An easy-to-use visual reading test that does not require administration of laboratory instruments or specialized laboratory personnel and delivers results in 15 minutes.
Revenue: $14.9 billion
Headquarters: Michigan, United States
Stryker Corporation is one of the leading medical technology companies engaged in offering products and services in the medical and surgical, orthopedics, neurotechnology, and spine field. The company operates its business through three business segments, including Orthopedics, MedSurg, and Neurotechnology & Spine. Stryker distributes its products in over 75 countries through its company-owned subsidiaries and branches, along with the distributors and third-party dealers. In October 2018, Stryker acquired Invuity, Inc. Invuity is engaged in offering advanced photonics and single-use, lighted instruments which enhance visualization for a range of clinical applications, including general surgery, women's health procedures, and orthopedic and spine surgery, among others.
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