Medical technology (medtech) is a broad industry that develops and uses products, services, and solutions to improve or save lives in the healthcare system.
Medtech can be used at every stage of a patient's care, from prevention to treatment. Medtech products include drugs, medical devices, procedures, health programmes, diagnostic tests, and health information systems.
The following are the biggest medtech companies by market capitalisation.
10 Boston Scientific
Country: US
Market cap: $65 billion
Boston Scientific, headquartered in Massachusetts, develops and manufactures medical devices. Founded in 1979, its origins were in developing less invasive medical treatments. The company operates globally, serving patients in over 100 countries, and it employs around 41,000 people worldwide.
Its product portfolio includes stents, pacemakers, and endoscopy equipment. It continues to focus on innovations in cardiovascular, urology, and neuromodulation technologies.
09 Becton, Dickinson and Co
Country: US
Market cap: $70bn
Becton, Dickinson and Company (BD) is based in New Jersey, and was founded in 1897. Its founders vision was to improve medical care through innovative devices.
Today it operates in 50 countries, and produces a range of medical supplies, devices, and laboratory equipment, including syringes, insulin pens, and diagnostic systems. BD employs approximately 70,000 people worldwide.
08 Siemens Healthineers
Country: Germany
Market cap: $70bn
Siemens Healthineers originated as a division of Siemens AG, before becoming an independent entity in 2018. The firm operates in 70 countries, and provides imaging systems, laboratory diagnostics, and advanced therapies. Its product range includes MRI machines, CT scanners, and in-vitro diagnostic equipment.
Siemens Healthineers employs approximately 66,000 people globally. The company's roots can be traced back to Siemens' early medical innovations in the late 19th century, and it has continued its focus on healthcare technology advancement.
07 Intuitive Surgical
Country: US
Market cap: $110bn
Intuitive Surgical specialises in robotic-assisted surgical systems, expanding capabilities in this area to improve surgical outcomes. The firm's origins lie in research conducted at Stanford Research Institute, aiming to enhance surgical precision through robotics.
Founded in 1995, it operates globally, serving hospitals worldwide. Its flagship product is the da Vinci surgical system, used for minimally invasive procedures across various specialties. Intuitive employs approximately 8,000 people.
06 Medtronic
Country: US
Market cap: $110bn
Medtronic is a global healthcare technology company that was founded in 1949 in Minneapolis, and now operates in 150 countries. The firm produces a range of medical devices, including pacemakers, insulin pumps, and surgical tools. Medtronic employs approximately 95,000 people worldwide.
The company's first medical device was a wearable, battery-powered pacemaker. Medtronic continues to focus on innovations in cardiovascular, neuroscience, diabetes, and surgical technologies to address chronic diseases and conditions.
05 Danaher Corporation
Country: US
Market cap: $180bn
Washington, D.C-based Danaher Corporation is a global science and technology company. Founded in 1984, its life sciences and diagnostics segments produce laboratory equipment, molecular diagnostics tools, and water quality testing instruments. The company employs approximately 80,000 people worldwide.
Danaher began life as a real estate investment trust, from which its owners built a manufacturing conglomerate. The firm continues to focus on innovation and acquisition in the fields of life sciences, diagnostics, and environmental solutions.
04 Abbott Laboratories
Country: US
Market cap: $200bn
Abbott Laboratories, founded in 1888, produces medical devices, diagnostics, nutrition products, and branded generic pharmaceuticals. Its portfolio includes glucose monitoring systems, cardiovascular devices, and rapid Covid-19 tests. Its founders first endeavour was producing alkaloidal medicines. It employs approximately 115,000 people worldwide.
03 Thermo Fisher Scientific
Country: US
Market cap: $220bn
Thermo Fisher Scientific is a global provider of scientific instrumentation and laboratory equipment. Operating in 50 countries, it serves customers in research, healthcare and applied markets. Its product range includes analytical instruments, laboratory supplies, and diagnostic tools.
Thermo Fisher employs approximately 130,000 people worldwide, and its portfolio encompasses life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products.
02 UnitedHealth Group
Country: US
Market cap: 500bn
Minnesota-based UnitedHealth Group is a healthcare and insurance company that operates globally through its UnitedHealthcare and Optum divisions. Through Optum, it offers a range of healthcare technology solutions. These include data analytics platforms for population health management, electronic health record systems, and telemedicine services. The company also provides pharmacy benefit management technology and claims processing systems.
UnitedHealth's offerings also encompass artificial intelligence tools for healthcare decision support and predictive analytics for patient outcomes.
01 Johnson & Johnson
Country: US
Market cap: $450bn
Johnson & Johnson, headquartered in New Brunswick is a global healthcare company that employs 130,000 people worldwide.
The company produces a range of surgical instruments and devices, including those for minimally invasive procedures. Its orthopaedic portfolio encompasses joint reconstruction implants and trauma devices. In vision care, Johnson & Johnson offers contact lenses and surgical products for eye conditions.
The firm also develops cardiovascular and neurovascular devices, such as stents and embolisation coils. It also provides advanced wound care solutions and offers digital health technologies to support patient care and surgical procedures.