25 Most Valuable Medical Device Companies in the US

Published on February 18, 2024 at 1:26 pm by Laiba Immad in Lists, News

In this article, we will be taking a look at the 25 most valuable medical device companies in the US. If you are not interested in learning about the emerging trend in medical device industry, head straight to the 5 Most Valuable Medical Device Companies In The US.

In the dynamic healthcare technology landscape, the United States boasts many medical device companies that play pivotal roles in advancing patient care and treatment outcomes. These companies stand as pillars of innovation, harnessing cutting-edge technology to develop life-saving devices and groundbreaking solutions. From giants in diagnostic imaging to pioneers in surgical robotics, the US’s most valuable medical device companies like Medtronic, Johnson & Johnson, and Abbott Laboratories, among others, exemplify excellence in research, development, and commercialization, driving progress in healthcare delivery across the nation and beyond.

Emerging Trends and Projections in the Medical Device Industry

The medical device industry in the United States and globally is experiencing significant and sustained growth. Projections indicate substantial expansion in the US market in the coming years. Fortune Business Insights forecasts robust growth, estimating that the US medical devices market will increase from $192.78 billion in 2023 to $291.04 billion by 2030, reflecting a compound annual growth rate (CAGR) of 6.1% during the forecast period.

The MedTech (Medical Technology) market size was valued at USD 574,002.45 million in 2022 and is expected to expand at a CAGR of 6.0%. The annual US healthcare spending on medical devices is projected to reach around $300 billion to $400 billion, 5-6% of the total US healthcare spending.

The U.S. Cluster Mapping Tool offers valuable insights into the states where the Medical Devices industry holds significant statistical importance within the US business economy. In 2020, the sector employed over 329,000 individuals and boasted an annual payroll of approximately $25.8 billion.

The medical technology sector is also undergoing dynamic changes on a global scale. The global medical technology report for 2023 by EY sheds light on various crucial aspects for medtech company leaders, including financing and supply chain management.

The report underscores the industry’s commitment to research and development, with R&D investment reaching a record US$24.7 billion. However, this represents a deviation from the three-year trend of increasing R&D spending growth, reverting to historical norms in 2022. Additionally, the report notes a significant decrease in mergers and acquisitions (M&A) expenditure, indicating a sharp decline in investment towards inorganic growth strategies.

The report states that the global medical device outsourcing market size is expected to reach $300.09 billion by 2032, growing at a CAGR of 11.14% from 2021 to 2028. The report cites cost-effectiveness, increased efficiency, and the need for specialized expertise as the key drivers of the outsourcing market’s growth.

Furthermore, a report published by Markets and Markets indicates that the global medical device connectivity market size was valued at $2.6 billion in 2023 and is projected to reach $7.4 billion by 2028, growing at a CAGR of 21.5% from 2021 to 2028. The report highlights the increasing demand for healthcare IT solutions, rising healthcare costs, and the growing need for remote patient monitoring drive the market’s growth.

Finally, a report by Fortune Business Insights states that the global surgical robotics market size was valued at $1.4 billion in 2018 and is expected to reach $6.8 billion by 2026, growing at a CAGR of 21.4% from 2019 to 2026. The report cites factors such as the increasing prevalence of chronic diseases, rising demand for minimally invasive surgeries, and advancements in robotic technologies as the key drivers of the market’s growth.

Advancements and Expansion in Non-Invasive Imaging Technologies

MRI and Ultrasound Machines are indispensable medical devices in healthcare, offering non-invasive imaging solutions for diagnosing various medical conditions. Both devices significantly enhance patient care and treatment outcomes across diverse medical specialties. The global MRI market is experiencing rapid growth, estimated at $5.2 billion in 2023 and projected to reach $6.6 billion by 2028, with a CAGR of 5.0% to 6.5%.

Factors driving this growth include increased disease prevalence, technological advancements, and a preference for non-invasive imaging methods. Leading companies such as Siemens Healthineers, GE Healthcare, and Koninklijke Philips N.V. drive innovation to meet healthcare demands. Market segmentation provides insights, with North America, particularly the US, holding a significant market share due to robust healthcare infrastructure.

Similarly, the global ultrasound machine market is rapidly expanding, projected to reach $11.6 billion by 2028, with a 6.3% CAGR from 2023 to 2028. Dominated by the US, the market is fueled by rising chronic diseases, emphasis on non-invasive procedures, and technological advancements.

Key players like GE Healthcare, Koninklijke Philips N.V., and Siemens AG drive innovation. Market segmentation reveals hospitals and surgical centers as the largest segment, with a growing demand for portable ultrasound devices. Future growth is anticipated, highlighting the pivotal role of both MRI and Ultrasound Machines in modern healthcare.

A close-up view of medical devices, electrical stimulation electrodes, and batteries.

Our Methodology

For our methodology, we have ranked the most valuable medical device companies in the US based on their market cap as of the time of writing this piece. For the accuracy of the data we relied on Yahoo Finance.

Here is our list of the 25 most valuable medical device companies in the US.

25. NuVasive

Market Capitalization: $2.08B

NuVasive, based in San Diego, is a top medical device company focused on minimally invasive spine solutions. Their products include surgical instruments, implants, and software for surgical planning. In 2023, NuVasive was acquired by Globus Medical in a $3.1 billion all-stock deal. The merger is expected to create cross-selling opportunities, but NuVasive’s future performance will likely be influenced by the new ownership.

24. Haemonetics Corporation (NYSE:HAE)

Market Capitalization: $3.675B

Haemonetics Corporation (NYSE:HAE), based in Boston, specializes in hematology products. Founded in 1971, it operates in four segments: Plasma, Blood Center, Hospital, and Corporate. Offerings include automated plasma collection systems and donor management software. The company has about 3,034 employees. Haemonetics Corporation (NYSE:HAE) is poised for growth due to its focus on essential hematology products and solutions.

23. Masimo Corporation (NASDAQ:MASI)

Market Capitalization: $7.117B

Masimo Corporation (NASDAQ:MASI) is a leading US medical device company known for patient monitoring technologies. Masimo focuses on innovation, expanding into wearable health tracking and remote monitoring. Its technologies, like Masimo SET pulse oximetry, have shown superior performance in over 100 studies. Masimo Corporation (NASDAQ:MASI)’s products are utilized across hospitals, emergency services, home care, and veterinary settings.

22. Penumbra, Inc. (NYSE:PEN)

Market Capitalization: $10.443B

Penumbra, Inc. (NYSE:PEN), based in Alameda, California, is one the most valuable medical device companies in the US, founded in 2004. Specializing in neuro and vascular therapies, it operates globally across 100 markets. With innovative products like the Lightning Flash system, Penumbra, Inc. (NYSE:PEN) aims to improve patient care. With nearly 4,000 employees, the company focuses on research and development for future healthcare advancements. Penumbra’s financial growth, demonstrated in its Q3 2023 results, reflects its commitment to innovative technologies and global expansion efforts.

21. Teleflex Incorporated (NYSE:TFX)

Market Capitalization: $11.798B

Teleflex Incorporated (NYSE:TFX), founded in 1943 and headquartered in Wayne, Pennsylvania, is a leading medical device company in the US. Teleflex Incorporated (NYSE:TFX) is committed to improving health and quality of life and provides innovative and trusted medical devices. Their product range includes global single-use medical devices for critical care and surgical applications, covering vascular access, interventional, anesthesia, surgical, interventional urology, and respiratory products.

20. Insulet Corporation (NASDAQ:PODD)

Market Capitalization: $13.338B

Insulet Corporation (NASDAQ:PODD), a prominent US medical device company, specializes in insulin infusion systems for diabetes management. In 2023, the company reported revenue of $1.31 billion, with a growing net worth reaching $13.415 billion. With a resilient stock performance, it boasts a market cap of $13.338 billion. Insulet Corporation (NASDAQ:PODD)’s flagship product, the Omnipod Insulin Management System, is a critical innovation in continuous insulin delivery. Collaborations with pharmaceutical and biotech companies further customize solutions for specific needs. Led by President and CEO James R. Hollingshead, Insulet’s diverse board focuses on continuous innovation to meet the growing demand for diabetes management solutions.

19. Varian Medical Systems

Market Capitalization: $16.26B

Varian Medical Systems, one of the most valuable medical device companies in the US, specializes in advanced technologies for cancer treatment, such as radiotherapy, radiosurgery, proton therapy, and brachytherapy. Varian has a market capitalization of $16.26 billion as of the writing of this article. For over 70 years, the company has been a pioneer in cancer-fighting technology, emphasizing innovation and a diverse portfolio for future contributions to medical treatment.

18. Hologic, Inc. (NASDAQ:HOLX)

Market Capitalization: $17.321B

Hologic, Inc. (NASDAQ:HOLX), headquartered in Marlborough, Massachusetts, is a leading medical technology company specializing in women’s health. It offers medical imaging systems, diagnostic products, and surgical devices for early disease diagnosis and treatment. With around 6,944 employees in 2022, Hologic, Inc. (NASDAQ:HOLX) has shown solid revenue growth, profitability, and a strong balance sheet. Noteworthy contributions include FDA approval for its Genius Digital Diagnostics System for cervical cancer screening and active involvement in COVID-19 testing.

17. The Cooper Companies, Inc. (NASDAQ:COO)

Market Capitalization: $18.483B

The Cooper Companies, Inc. (NASDAQ:COO) is a global medical device company with two central units: CooperVision for contact lenses and CooperSurgical for fertility and women’s health. Recently, it acquired select Cook Medical assets for about $300 million, focusing on obstetrics, gynecology surgery, and Doppler monitoring. This acquisition is expected to boost earnings. The Cooper Companies, Inc. (NASDAQ:COO) also acquired Obp Medical for about $60 million. With a workforce of over 15,000 and products sold in 130 countries, Cooper Companies is dedicated to improving women’s, babies’, and families’ health.

16. Align technology, Inc. (NASDAQ:ALGN)

Market Capitalization: $23.648B

Align Technology, Inc. (NASDAQ:ALGN) stands fourteenth among the valuable medical device companies in the US, known for innovative orthodontic and restorative dentistry products. Align Technology emphasizes research and development, with a Research Award Program funding $3 million in research. In 2023, it achieved milestones like serving 17 million Invisalign patients and supplying 100 thousand iTero scanner units.

15. Zimmer Biomet Holdings, Inc. (NYSE:ZBH)

Market Capitalization: $26.062B

Zimmer Biomet Holdings, Inc. (NYSE:ZBH), based in Warsaw, Indiana, is a famous medical device company with over 90 years of innovation. Formed in 2015 through the acquisition of Biomet, it operates in 100+ countries, focusing on musculoskeletal technologies to restore mobility and improve patients’ lives. Zimmer Biomet Holdings, Inc. (NYSE:ZBH) is dedicated to advancing patient care through digital technology, supporting diversity, equity, inclusion initiatives, and STEM education and disaster relief efforts.

14. ResMed Inc. (NYSE:RMD)

Market Capitalization: $26.544B

ResMed Inc. (NYSE:RMD), based in San Diego, California, is a leading medical equipment company founded in 1989 by Peter C. Farrell. It specializes in cloud-connectable devices for sleep apnea, COPD, and respiratory conditions. Recent developments include active involvement in COVID-19 response and European expansion through acquisitions. With a focus on digital health technologies, ResMed Inc. (NYSE:RMD) is well-positioned to meet the increasing demand for remote patient monitoring and telemedicine amidst growing respiratory conditions globally.

13. West Pharmaceutical Services, Inc. (NYSE:WST)

Market Capitalization: $26.788B

West Pharmaceutical Services, Inc. (NYSE:WST) is a global manufacturer of advanced containment and delivery systems for injectable medicines. They serve pharmaceutical and biotech companies, offering contract manufacturing services and solutions for various markets. With expertise in robotic integration, foil applications, and value-added solutions, West Pharmaceutical Services, Inc. (NYSE:WST) provides drug delivery systems and specialized packaging to enhance efficiency and safety in the pharmaceutical supply chain.

12. DexCom, Inc. (NASDAQ:DXCM)

Market Capitalization: $45.125B

DexCom, Inc. (NASDAQ:DXCM) is a top medical device company acclaimed for its continuous glucose monitoring (CGM) systems, revolutionizing diabetes management with real-time glucose readings. With a strong market presence and valued technological advancements, DexCom, Inc. (NASDAQ:DXCM) ranks among the US’s most valuable medical device firms. Future trends include continued innovation in CGM technology and global market expansion. Demonstrating impressive revenue growth and robust financial performance, DexCom’s CGM systems have profoundly impacted diabetes care, offering enhanced monitoring and management solutions through dedicated research and development efforts.

11. IDEXX Laboratories, Inc. (NASDAQ:IDXX)

Market Capitalization: $46.139B

IDEXX Laboratories, Inc. (NASDAQ:IDXX), headquartered in Westbrook, Maine, is a prominent American multinational corporation founded in 1983 by David Evans Shaw. IDEXX’s innovations enhance pet, human, and livestock health, ensuring milk and water safety globally. The company reported a revenue of US$2.707 billion in 2021 and employed approximately 10,300 people. With a commitment to corporate responsibility and a focus on innovation and customer-centricity, IDEXX Laboratories, Inc. (NASDAQ:IDXX) is poised for continued growth and success in the future.

10. Edwards Lifesciences Corporation (NYSE:EW)

Market Capitalization: $51.772B

Edwards Lifesciences Corporation (NYSE:EW), a top medical device company, reported 11% sales growth to $1.53 billion in Q2 2023. Edwards Lifesciences Corporation (NYSE:EW) focuses on doubling the market opportunity to nearly $20 billion by 2028, particularly in Transcatheter Aortic Valve Replacement (TAVR) technology, with investments in trials and R&D for strong organic growth.

9. Becton, Dickinson and Company (NYSE:BDX)

Market Capitalization: $69.556B

Becton, Dickinson, and Company (NYSE:BDX), headquartered in Franklin Lakes, New Jersey, is a leading global medical technology company committed to advancing health through innovation and quality. In Q1 fiscal 2024, BD reported revenue of $4.7 billion, showing growth in various aspects of its business. The company prioritizes nurturing diverse STEM talent and upholding solid ethics and compliance standards. Becton, Dickinson, and company (NYSE:BDX) envisions its solutions advancing healthcare and improving patient and worker safety, with a focus on medical research, diagnostics, and healthcare delivery.

8. Boston Scientific Corporation (NYSE:BSX)

Market Capitalization: $96.425B

Boston Scientific Corporation (NYSE:BSX), another leading US medical device company, prioritizes values like innovation, global collaboration, and diversity. With 45,000 employees worldwide and a commercial presence in 130 countries, it impacts 33 million patients annually with over 16,000 products. Operating in three segments, including Cardiovascular and MedSurg, Boston Scientific Corporation (NYSE:BSX) focuses on global expansion and a differentiated product pipeline. Recent developments include the acquisition of Acotec and a significant investment in R&D.

7. Medtronic plc (NYSE:MDT)

Market Capitalization: $112.249B

Medtronic plc (NYSE:MDT), one of the biggest medical device companies, based in Dublin, Ireland, operates in four segments and reported net sales of $31.2 billion in fiscal year 2023. In Q2 fiscal 2024, it reported worldwide revenue of $7.984 billion, marking a 5.3% increase. The Cardiovascular segment, generating $11.6 billion in revenues, is notable for its cardiac devices like pacemakers and defibrillators. Medtronic plc (NYSE:MDT)’s future trends include

expanding its portfolio with new therapies,
focusing on innovation and product approvals, and
promoting STEM education initiatives.

6. Stryker Corporation (NYSE:SYK)

Market Capitalization: $132.826B

Stryker Corporation (NYSE:SYK), one of the biggest medical device companies, stands sixth among the most valuables medical device companies in the US and operates in the orthopedic market with three segments: Orthopaedics, MedSurg, and Neurotechnology & Spine. Positioned to benefit from growing demand driven by aging populations and healthcare advancements, Stryker Corporation (NYSE:SYK)’s focus on innovation and R&D is expected to drive future growth, impacting over 130 million patients annually in more than 75 countries.

Click to see and continue reading the 5 Most Valuable Medical Device Companies In The US.

AI Fire Sale: Insider Monkey’s #1 AI Stock Pick Is On A Steep Discount

Published on December 13, 2024 at by Inan Dogan, PhD

Artificial intelligence is the greatest investment opportunity of our lifetime. The time to invest in groundbreaking AI is now, and this stock is a steal!

The whispers are turning into roars.

Artificial intelligence isn’t science fiction anymore.

It’s the revolution reshaping every industry on the planet.

From driverless cars to medical breakthroughs, AI is on the cusp of a global explosion, and savvy investors stand to reap the rewards.

Here’s why this is the prime moment to jump on the AI bandwagon:

Exponential Growth on the Horizon: Forget linear growth – AI is poised for a hockey stick trajectory.

Imagine every sector, from healthcare to finance, infused with superhuman intelligence.

We’re talking disease prediction, hyper-personalized marketing, and automated logistics that streamline everything.

This isn’t a maybe – it’s an inevitability.

Early investors will be the ones positioned to ride the wave of this technological tsunami.

Ground Floor Opportunity: Remember the early days of the internet?

Those who saw the potential of tech giants back then are sitting pretty today.

AI is at a similar inflection point.

We’re not talking about established players – we’re talking about nimble startups with groundbreaking ideas and the potential to become the next Google or Amazon.

This is your chance to get in before the rockets take off!

Disruption is the New Name of the Game: Let’s face it, complacency breeds stagnation.

AI is the ultimate disruptor, and it’s shaking the foundations of traditional industries.

The companies that embrace AI will thrive, while the dinosaurs clinging to outdated methods will be left in the dust.

As an investor, you want to be on the side of the winners, and AI is the winning ticket.

The Talent Pool is Overflowing: The world’s brightest minds are flocking to AI.

From computer scientists to mathematicians, the next generation of innovators is pouring its energy into this field.

This influx of talent guarantees a constant stream of groundbreaking ideas and rapid advancements.

By investing in AI, you’re essentially backing the future.

The future is powered by artificial intelligence, and the time to invest is NOW.

Don’t be a spectator in this technological revolution.

Dive into the AI gold rush and watch your portfolio soar alongside the brightest minds of our generation.

This isn’t just about making money – it’s about being part of the future.

So, buckle up and get ready for the ride of your investment life!

Act Now and Unlock a Potential 10,000% Return: This AI Stock is a Diamond in the Rough (But Our Help is Key!)

The AI revolution is upon us, and savvy investors stand to make a fortune.

But with so many choices, how do you find the hidden gem – the company poised for explosive growth?

That’s where our expertise comes in.

We’ve got the answer, but there’s a twist…

Imagine an AI company so groundbreaking, so far ahead of the curve, that even if its stock price quadrupled today, it would still be considered ridiculously cheap.

That’s the potential you’re looking at. This isn’t just about a decent return – we’re talking about a 10,000% gain over the next decade!

Our research team has identified a hidden gem – an AI company with cutting-edge technology, massive potential, and a current stock price that screams opportunity.

This company boasts the most advanced technology in the AI sector, putting them leagues ahead of competitors.

It’s like having a race car on a go-kart track.

They have a strong possibility of cornering entire markets, becoming the undisputed leader in their field.

Here’s the catch (it’s a good one): To uncover this sleeping giant, you’ll need our exclusive intel.

We want to make sure none of our valued readers miss out on this groundbreaking opportunity!

That’s why we’re slashing the price of our Premium Readership Newsletter by a whopping 70%.

For a ridiculously low price of just $29, you can unlock a year’s worth of in-depth investment research and exclusive insights – that’s less than a single restaurant meal!

Here’s why this is a deal you can’t afford to pass up:

• Access to our Detailed Report on this Game-Changing AI Stock: Our in-depth report dives deep into our #1 AI stock’s groundbreaking technology and massive growth potential.

• 11 New Issues of Our Premium Readership Newsletter: You will also receive 11 new issues and at least one new stock pick per month from our monthly newsletter’s portfolio over the next 12 months. These stocks are handpicked by our research director, Dr. Inan Dogan.

• One free upcoming issue of our 70+ page Quarterly Newsletter: A value of $149

• Bonus Reports: Premium access to members-only fund manager video interviews

• Ad-Free Browsing: Enjoy a year of investment research free from distracting banner and pop-up ads, allowing you to focus on uncovering the next big opportunity.

• 30-Day Money-Back Guarantee: If you’re not absolutely satisfied with our service, we’ll provide a full refund within 30 days, no questions asked.

Space is Limited! Only 1000 spots are available for this exclusive offer. Don’t let this chance slip away – subscribe to our Premium Readership Newsletter today and unlock the potential for a life-changing investment.

Here’s what to do next:

1. Head over to our website and subscribe to our Premium Readership Newsletter for just $29.

2. Enjoy a year of ad-free browsing, exclusive access to our in-depth report on the revolutionary AI company, and the upcoming issues of our Premium Readership Newsletter over the next 12 months.

3. Sit back, relax, and know that you’re backed by our ironclad 30-day money-back guarantee.

Don’t miss out on this incredible opportunity! Subscribe now and take control of your AI investment future!

Subscribe Now!

No worries about auto-renewals! Our 30-Day Money-Back Guarantee applies whether you’re joining us for the first time or renewing your subscription a year later!

This is the #1 Gold Stock for your 2025 watch list

Published on December 16, 2024 at by Insider Monkey Staff

Brace yourself.

There’s no question that thanks to Washington’s disastrous policies – and out-of-control spending – the outlook for the U.S. economy now appears dire.

And with the U.S. national debt now rising by a staggering $1 trillion every 100 days…there are no easy solutions to help get the nation back on track.

While Jay Powell and the Biden-Harris White House sweat out a federal debt that has reached $35.5 trillion – and climbing – many investors have raced to the sidelines with their cash.

But the truly savvy investors laugh while Jay Powell frets, because they understand that this ridiculous spending has also triggered a nearly unprecedented bull market for gold.

Just look at this chart for the yellow metal.

After testing the $2,000/ounce mark in August 2020 and February 2022, gold traded down to near $1,600/ounce in October 2022.

Since then, gold prices have been on an absolute tear and currently sit above $2,600/ounce, a $1,000/oz increase in just two short years.

But the surge in gold prices that we’ve seen over the past few years could pale in comparison to what’s on the horizon. As shocking as it may sound, with no end in sight for the Fed’s money printing, we could see the price of gold increase by many multiples in the years ahead.

With soaring inflation, the dollar stands to lose more and more of its value, which means you’ll need a lot more dollars to buy gold.

According to legendary investor Peter Schiff, today’s seemingly-high gold price of $2,600/oz. “could soar to $26,000/oz. — or even $100,000/oz. There’s no limit because gold isn’t changing — it’s the value of the dollar that’s decreasing.”[i]

Meanwhile, as profitable as gold has been, select gold mining stocks have really kicked into high gear, handing investors even bigger profits.

Click to continue reading…

Insider Monkey Ads

Markets

Insider Trading

Hedge Funds

Retirement

Opinion

Log In

Sign Up