In this article, we will be taking a look at the top 20 largest publicly traded healthcare companies. You can also check out 20 Fastest-Growing Health-Tech Companies in the World.
Major Players Driving the U.S. Healthcare Industry’s Growth and Innovation
The global healthcare industry is a massive and rapidly growing sector, valued at around $7.975 trillion as of 2023. According to the World Health Organization (WHO), at least half of the world’s population lacks access to essential health services. The U.S. healthcare industry is one of the largest and most complex in the world, accounting for nearly 20% of the country’s GDP. In 2021, 65% of the revenue in the US health industry came from patient care. However, the COVID-19 pandemic caused a significant drop in revenue, with the U.S. healthcare system’s revenue declining by around 50% in 2020.
Several healthcare companies play an important role in the US health industry. These companies include CVS Pharmacy, Johnson & Johnson, and Pfizer, among others.
CVS Health is a leading healthcare company in the United States, with over 9,000 retail locations across the United States. CVS Health’s PBM business helps manage prescription drug costs for millions of Americans, making medications more affordable and accessible. Their total revenues increased 11.9% to $93.8 billion in Q4,2023 and the total revenues increased 10.9% to $357.8 billion for the full year.
Similarly, Johnson and Johnson also plays an important role in US healthcare It is one of the largest healthcare stocks in the US. The company developed the first single-dose COVID-19 vaccine (Janssen COVID-19 Vaccine) in 2020. A large priority R&D pipeline with 64 projects, including 19 late-stage candidates targeting priority diseases like HIV/AIDS, tuberculosis, and viral hepatitis. All 19 late-stage candidates have access plans in place for low- and middle-income countries (LMICs). Commitment to supporting the control of soil-transmitted helminthiasis through mebendazole (Vermox) donations until 2025 in 51 countries. Their Q1 2024 reported sales grew 2.3% to $21.4 billion, with operational growth of 3.9% and adjusted operational growth of 4.0%. In the U.S., sales surged 7.8% to $11.6 billion in the same period.
The Booming Telemedicine Market and Rising Healthcare Costs: Global and U.S. Perspectives
One of the innovations that is most revolutionizing the field of digital health is telemedicine. With a predicted CAGR of 17.2% between 2023 and 2030, the global telemedicine market, which was valued at $87.41 billion in 2022, is projected to grow to $286.22 billion by 2030. With China aiming to build 20,000 hospitals in the next ten years to improve access to healthcare, global healthcare spending outside the US is predicted to expand more quickly than within the US. Considerable investment opportunities arise from rising medical inflation in the private sector in Brazil, where 75% of the population is covered by universal health care.
The expense of healthcare has been rapidly rising in the US. Everything increased in price by almost 81% between June 2023 and 2000, while healthcare expenditures increased by 114%. The COVID-19 epidemic has exacerbated the situation. COVID is becoming more and more like the flu, but treating and preventing it still comes with a high price tag. According to estimates from McKinsey, the US will pay an additional $200 billion annually on healthcare linked to COVID-19.
A medical technician in a lab coat overseeing a complex piece of healthcare technology equipment.
Our Methodology
For our methodology, we have ranked the top largest publicly traded healthcare companies based on their current market caps.
Here is our list of the top 20 largest publicly traded healthcare companies.
20. Baxter
Market Cap: $17.84 Billion
Baxter, one of the largest healthcare companies, operates in two main business segments: BioScience and Medical Products. The company’s innovative technologies, such as the AMIA Automated Peritoneal Dialysis (APD) system and the Revaclear dialyzer, have significantly improved the quality of life for patients with end-stage renal disease. Their Q1 2024 revenue was $3.59 billion, up 2% year-over-year on a reported basis and up 4% on a constant currency basis, which surpassed analyst estimates of $3.553 billion. For full-year 2024, Baxter expects sales growth of approximately 2-3% on a constant currency basis and adjusted diluted EPS of $2.88 to $2.98.
19. Cardinal Health
Market Cap: $23.98 Billion
Cardinal Health is a leading healthcare services and products company, operating as a vital link in the healthcare supply chain. In response to the COVID-19 pandemic, Cardinal Health provided support to nonprofit partners, including United Way Worldwide, the Red Cross Society of China, and local organizations in Central Ohio. Cardinal Health is also committed to reducing its environmental impact. In 2022, the company signed the Health Sector Climate Pledge, setting a goal to reduce its Scope 1 and 2 greenhouse gas emissions and committing to set a Science-Based Target for Scope 1, 2, and 3 emissions.
18. Centene
Market Cap: $41.83 Billion
Centene is a Fortune 25 company headquartered in St. Louis, Missouri which serves as a major insurer of Medicaid, Medicare, and the Affordable Care Act exchange markets. The company successfully won 18 Medicaid procurements between October 2021 and December 2023, including contracts in two new states and seven new programs, expanding its reach to serve more members. In Q1,2024, they saw total revenues of $40.4 billion, with premium and service revenues of $36.3 billion, up 4% year-over-year. They also secured new Medicaid contracts in Oklahoma and Florida with continued services in Michigan during the same period.
17. Humana
Market Cap: $42.85 Billion
Humana is the second-largest provider of Medicare Advantage plans, serving over 5 million beneficiaries with high-quality coverage, and stands among the top healthcare companies in the world. Humana has been at the forefront of value-based care models, with close to 70% of its individual members enrolled in value-based primary care arrangements. Humana’s philanthropic arm, the Humana Foundation, has provided substantial grants to support mental health and nutrition programs for seniors and school-aged children. In 2023, the foundation awarded $4.9 million to Big Brothers Big Sisters of America to initiate and elevate mental health programs across multiple states.
16. CVS Health
Market Cap: $72.05 Billion
CVS Health is one of the largest healthcare companies in the US and it’s Caremark division is one of the largest pharmacy benefit managers (PBMs) in the country. It manages prescription drug plans for employers, health plans, and government programs, serving over 100 million plan members. In 2018, CVS Health acquired Aetna, a leading health insurance provider, for $69 billion. Their Total revenues increased to $357.8 billion, in 2023, up 10.9% compared to the prior year.
15. Gilead Sciences
Market Cap: $84.59 Billion
Gilead Sciences is one of the largest biopharmaceutical companies. Gilead’s antiretroviral drugs, such as Truvada and Genvoya, have revolutionized HIV treatment. The company’s breakthrough drug Sovaldi, in combination with other medications, has achieved remarkable cure rates for chronic hepatitis C, a previously difficult-to-treat condition. During the COVID-19 pandemic, Gilead’s antiviral drug remdesivir received emergency use authorization as a treatment option for hospitalized patients with severe COVID-19 infections. In Q1,2024 total revenue increased 5% year-over-year to $6.7 billion, driven by higher sales of HIV, oncology, and liver disease products.
14. HCA Healthcare
Market Cap: $85.12 Billion
HCA Healthcare and its affiliated HCA Healthcare Foundation have made substantial contributions to various community organizations and initiatives. In 2022, they donated over $44 million to organizations focused on disaster relief, health equity, access to healthcare careers, and community needs. This includes a $15 million collaboration with the American Heart Association to address health disparities and improve stroke care. HCA Healthcare has invested approximately $6.8 million towards its $10 million commitment to supporting Historically Black Colleges and Universities (HBCUs).
13. Bristol Myers Squibb
Market Cap: $87.89 Billion
Bristol Myers Squibb, one of the top largest publicly traded healthcare companies, has been at the forefront of developing groundbreaking treatments for various diseases which include cancer as well. The company Developed the first protease inhibitor for HIV/AIDS treatment. In Q1, 2024, their total revenues were $11.9 billion, an increase of 5% year-over-year.
12. Cigna
Market Cap: $95.55 Billion
Cigna has been at the forefront of efforts to make healthcare more affordable and accessible. Through its Evernorth Health Services segment, the company has saved patients and plans nearly $45 billion by improving pharmacy and medical spending for clients. In 2023, the company’s healthcare division invested $1 million in community-based organizations to provide over 3 million meals and improve access to fresh produce for seniors facing food insecurity.
11. Elevance Health
Market Cap: $126.81 Billion
In 2022, Elevance Health became the first managed care organization in the nation to earn the full three-year health equity accreditation from the National Committee for Quality Assurance (NCQA) for all of its owned Medicaid health plans, covering over 90% of its Medicaid membership. Elevance Health actively supports local communities through various initiatives, including over $84 million in active grants and sponsorships focused on maternal-child health, food as medicine, substance use disorder, and emergency relief. In Q1,2024, The company reported operating revenue of $42.3 billion, up 0.9% from Q1 2023.
10. Pfizer
Market Cap: $161.83 Billion
Pfizer, one of the best healthcare companies, invests heavily in research and development to bring new drugs and vaccines to market. In 2022, the company spent $11.42 billion on R&D. Pfizer developed the COVID-19 vaccine in partnership with BioNTech, which has been provided to more than 90 countries worldwide. In Q1 2024, their revenues totaled $14.9 billion, a 20% decrease year-over-year which could be due to lower sales of Comirnaty and Paxlovid. Excluding these COVID products, revenues grew 11% operationally.
9. Amgen
Market Cap: $168.89 Billion
Amgen stands ninth among the top largest publicly traded healthcare companies and has successfully brought to market several groundbreaking drugs, such as EPOGEN (epoetin alfa) for the treatment of anemia and NEUPOGEN (filgrastim) for the prevention of infections in cancer patients undergoing chemotherapy. Amgen reported total revenue of $7.45 billion in Q1 2024, a 22% increase from Q1 2023 and in line with analyst estimates. Their product sales grew 21.7% to $7.12 billion and Amgen’s rare disease portfolio, boosted by the Horizon Therapeutics acquisition, contributed nearly $1 billion in sales, up 14% year-over-year during the same period.
8. Abbott Laboratories
Market Cap: $179.54 Billion
Abbott Laboratories stands among the world’s largest healthcare companies. Abbott’s pharmaceutical division focuses on developing treatments for immunology, chronic kidney disease, and cardiovascular diseases. Some of their notable drugs include Humira, Creon, and Synthroid. Their notable devices include the FreeStyle Libre continuous glucose monitoring system and the MitraClip heart valve repair device. Abbott reported net earnings of $1.22 billion in Q1 2024, a 7% decrease from $1.31 billion in Q1 2023. Their revenue for Q1 2024 was $9.96 billion, up 2.2% from $9.74 billion in the same period last year.
7. Novartis
Market Cap: $209.83 Billion
Novartis has a strong presence in the US, with 14,890 full-time equivalent employees, including 5,250 employed at its US-based R&D sites. In 2021, the company invested USD 3.17 billion in R&D in the US, representing 33% of its global R&D spend of USD 9.54 billion. In 2021, Novartis received 8 FDA approvals, including new indications The company’s medicines reached over 750 million people globally, and in the US, 445,000 patients received free medication valued at over USD 13.5 billion through the Novartis Patient Assistance Foundation over the past five years
6. AstraZeneca
Market Cap: $245.49 Billion
AstraZeneca is a leading global biopharmaceutical company. One of AstraZeneca’s most prominent contributions is its commitment to advancing health equity in the US. Through its ACT on Health Equity initiative, the company has awarded over $3.3 million in financial contributions to 46 nonprofit organizations in 2024. In 2023, the company contributed $12 million in financial and non-financial donations through disaster relief and public health responses. In Q1 2024, their total Revenue increased 19% to $12,679 million, driven by an 18% rise in Product Sales and continued growth in Alliance Revenue from partnered medicines.
5. Abbvie
Market Cap: $290.59 Billion
AbbVie stands fifth among the top largest publicly traded healthcare companies and has a diverse pipeline of medicines targeting various diseases, including HIV/AIDS, oncology, mental health conditions, hepatitis C, endometriosis, and migraine. The company has 19 medicines in scope, with 14 on patent and two contraceptive methods. 37% of AbbVie’s medicines are on the WHO Essential Medicines List (EML). AbbVie reported Q1 2024 revenue of $12.31 billion, up 0.7% over Q1 2023. During the same period, AbbVie’s ex-Humira growth platform delivered a strong performance, with Skyrizi and Rinvoq revenues increasing 45.4% and 61.5% in the U.S., respectively
