Medical device companies are plentiful and diverse.
It might be hard to keep up with who’s who in the industry as these companies continue to compete for market share in an incredibly competitive and innovative space.
Are you feeling out the loop?
Well, we’re here to save you time because we’ve reviewed the top medical device companies to watch in this simple guide.
Snapshot of the medical device market
The medical device market is part of an ever-changing landscape.
If you are a health professional, you’re quite familiar with the kinds of smart devices, wearables, data management and other solutions out there.
These devices are changing how healthcare providers work and are fundamentally changing how we connect with patients, how we measure (and protect) data, and how technology and healthcare services intersect.
But, behind the flashy technology and buzzwords, there are major innovations occurring in some of the world’s largest and oldest medical device companies as they make bold moves to keep their top positions.
According to a recent Medical Device Market Research report, “The medical device market is expected to reach an estimated $432.6 billion by 2025, and it is forecast to grow at a CAGR of 4.1% from 2020 to 2025”
For the European marketing, Medtech Europe estimates that “there are almost 27,000 medical technology companies in Europe. Most of them are based in Germany, followed by the UK, Italy, Switzerland, Spain and France.”
Trends in the medical device industry
Top trends emerging from the medical device market are usually grouped into the in the following categories:
- Wearable medical devices (such as smartwatches)
- Robotics (such as surgical robots and prosthetics)
- Smart Devices and IoMT (Internet of Medical Things)
- Data & Analytics (devices which collect and analyse patient data and integrate with hospital systems and records)
From fitbits and smartwatches to wearable ECG monitors and blood pressure monitors, the wearable medical device industry is showing no signs of slowing down.
To give you an idea of just how prominent wearable and smart medical devices have become, in 2019 a French tech company took home the top spot for best wearable at CES (Consumer Electronics Show) for their Move ECG. The Move ECG from Withings is essentially a smartwatch that tracks and measures ECGs and send this data to your healthcare provider. It even detects irregular heartbeats.
“Today’s internet-connected devices are being designed to improve efficiencies, lower care costs and drive better outcomes in healthcare. As computing power and wireless capabilities improve, organizations are leveraging the potential of Internet of Medical Things technologies.”~ Healthtech Magazine
So, which medical device companies should we be watching this year?
Top 10 medical device companies to watch in 2020
Medtronic is one of the oldest medical technology companies in the world, they’ve been around for 60 years and now operate in over 160 countries.
The company started out as a humble medical equipment repair shop and over the years they’ve introduced some of the world’s first medical devices including the first battery-operated external pacemaker.
The company now specialises in numerous healthcare products and therapies and is currently ranked No.1 in the world.
In a move to grow their robotics-assisted systems, they recently acquired Digital Surgery, a medical device company which develops AI-powered healthcare software as well as a high-tech surgical simulator for used for training.
- Year founded: 1949
- Founder/s: Earl Bakken and Palmer Hermundslie
- Headquarters: Minnesota, United States.
- EHR software integration: Medtronic uses the Paceart Optima system to integrate with hospital’s electronic health record systems.
- Interfaces: HL7 supported
DePuy Synthes has a large portfolio of orthopaedic and neurosurgery companies and is a subsidiary of the Johnson & Johnson group.
This medical device company has a rich history of innovation and is famous for being the very first orthopaedic manufacturing business in the world.
DePuy Synthes was the first to introduce a mobile bearing knee system in the United States and has since made some big moves which led to their acquisition by one of the world’s largest healthcare companies: Johnson & Johnson.
They now employ over 18,000 people in 60 countries and is considered a global leader in joint replacement and knee solutions.
- Year founded: 1895
- Founder: Revra DePuy
- Headquarters: Indiana, United States.
- EHR software integration: Johnson & Johnson Medical Device Companies has been exploring integration with EHR data through the VELYS Digital Surgery platform.
Thermo Fisher Scientific is a leading provider of analytical instruments, supply chain programs, lab equipment and speciality diagnostics aimed at healthcare research workers.
Formed after the merger of two companies Fisher Scientific in the US and Thermo Electron in the UK, their combined offering of scientific instruments and lab equipment formed an extremely powerful and innovative company that is a pioneer in medical research today.
The company now operates in more than 50 countries and employs over 75,000 people. Their next move has been an entrance into the gene therapy manufacturing segment.
- Founded: 2006
- Founder/s: George Hatsopoulos, Peter Nomikos, Chester Fisher.
- Headquarters: Massachusetts, United States.
- EHR software integration: The company uses Thermo Fisher Nautilus LIMS Software for data management and workflow solutions.
- Interfaces: HL7 supported
Philips Healthcare is part of the multinational Philips conglomerate and has been steadily growing over the years while the parent company has shed most of its other subsidiaries in order to shift its focus to medical devices.
The company specialises in medical imaging and diagnostic technologies and has used its most recent medical device company acquisitions to strengthen their offering in this field.
Philips traces its roots back to 1891, and their medical device history dates back to 1915 when they began to diversify and introduced a medical X-ray tube.
2006 saw them launch one of their most innovative medical technologies, the first commercial launch of a 3D scanner which provides extremely high image quality for CT scans.
Another large part of the business is their refurbishment of medical imaging equipment which provides affordable equipment to healthcare service providers.
- Founded: 1891
- Founder/s: Frederik Philips
- Headquarters: Eindhoven, Netherlands.
- EHR software integration: Philips Intellibridge Enterprise interoperability solution provides standards-based HL7 data exchange and interfacing capabilities.
5. GE Healthcare Systems
GE Healthcare Systems specialises in medical imaging, diagnostic equipment and digital solutions and is part of General Electric, a US multi-national conglomerate – for now as they plan to form a separate entity in the coming years.
General Electric has a long history which began with an x-ray business which really took off after its acquisition of Victor Electric to form General Electric X-Ray Corporation in the late 1920s. Fast forward through their various name changes and acquisitions over the years and we now have GE Healthcare as we know it: a $19 billion healthcare business.
The company employs of 50,000 people in over 160 countries and some of their biggest innovations include the world’s first handeld pocket-sized ultrasound and the 1st commercial CT scanner.
- Founded: 1892
- Founders: Thomas Edison, J. P. Morgan, Elihu Thomson, Edwin J. Houston, Charles A. Coffin
- Headquarters: Chicago, United States.
- EHR Software integration: Centricity Electronic Medical Record (EMR) is GE Healthcare’s system for managing patient records.
- Interfaces: HL7 and DICOM supported
Dräger is a medical device company that produces anaesthesia workstations, ventilators, patient monitoring equipment, incubators, as well as protective gear and safety technology.
The company’s rich history began with Johann Heinrich Dräger who developed the “Pulmotor”: an emergency respiration device designed to provide mechanical respiration. He then went on to help develop a new anaesthetic apparatus and a ground-breaking invention called the Lubeca valve.
Dräger has grown into a major medical device company of more than 14,500 people in 190 countries, and is still a family-run business!
- Founded: 1889
- Founders: J. Heinrich Dräger and Carl Adolf Gerling
- Headquarters: Lubeck, Germany
- EHR Software integration: Infinity Gateway Suite integrates data from Dräger devices with medical records and hospital systems.
- Interfaces: HL7 supported
Fresenius is one of the major health care companies in Germany. The company is comprised of four divisions: Fresenius Medical Care, Fresenius Helios, Fresenius Kabi, and Fresenius Vamed.
The company divisions focus on kidney dialysis services and products, medical devices, and the supply of essential drugs.
Fresenius was founded in 1912, but it really came into its own between 1946 and 1966 when it was restructured, sold and then began to sell dialysis machines. The company grew even further with numerous acquisitions around the world as well as the acquisition of entire hospitals in Germany and Spain.
By 2019, their latest acquisition of NxStage allowed them to expand into the in-home dialysis device market.
- Founded: 1912
- Founder: Eduard Fresenius
- Headquarters: Bad Homburg, Germany
- EHR Software integration: Therapy Data Management System (TDMS) and Therapy Support Suite are used for the seamless data exchange from the devices to the hospital system.
- Interfaces: HL7 supported
Cardinal Health is a multinational healthcare company which supplies nearly 90% of American hospitals with products and services.
Cardinal Health actually started out as a food wholesaler called Cardinal Foods and then began its journey into the pharmaceutical sector where it became one of the largest drug wholesalers in the US. Its medical device business took off in 2009 with CareFusion and the company now also provides services to other developers of medical devices and combination products.
The company has over 50,000 employees in 60 countries and serves more than 3 million people with home healthcare products.
- Founded: 1971
- Founder: Robert D. Waltr
- Headquarters: Ohio, United States
- EHR Software integration: Cardinal Health uses the Nuctrac system with an add-on module (Beginning to Bedside Patient Safety Solution) for EHR integration.
- Interfaces: HL7 supported
Siemens Healthineers (formally known as Siemens Healthcare) is one of the leading groups of medical device companies in Germany with broad range of healthcare products for medical imaging, diagnostics, and advanced therapies.
The company has long history in healthcare which began with the launch of the first industrially manufactured medical x-ray unit way back in 1896.
Some of their other world firsts include the Vidoson: the first real-time ultrasound scanner, Biograph mMr: the first integrated, simultaneous whole-body MRI, and more recently the Acuson Freestyle: the first wireless ultrasound system.
In 2000, Time Magazine recognised the Siemens Biograph as one of the top inventions of the year.
- Founded: 2017 (rebranded in 2016)
- Founder: Werner von Siemens
- Headquarters: Erlangen, Germany
- EHR software integration: Siemens Healthineers uses a modular IHE-compliant platform that integrates with hospital systems using various adapters.
- Interfaces: HL7 and DICOM supported.
This medical device company was founded by an orthopaedic surgeon who decided to invent new products such as the Turning Frame mobile hospital bed to better suit his patients . What started out of a pure need for better products grew into a fully-fledged company in 1941.
Stryker now supplies innovative orthopaedic instruments and neurovascular solutions as well as medical and surgical equipment to healthcare professionals around the world.
One of their more recent innovations includes the Mako Robotic-Arm Assisted Surgery for patients suffering from chronic knee pain.
- Founded: 1941
- Founder: Homer Stryker
- Headquarters: Michigan, United States
- EHR software integration: Stryker users iSuite EHR connectivity platform to integration with hospital information systems.
- Interfaces: DICOM supported.
Medical device companies are experiencing unprecedented growth as well as intense competition. Established companies are still holding strong due to their investment in R&D, willingness to adapt to the changing healthcare landscape and by their strategic acquisitions.
We’re particularly interested in the use of smart devices, wearables and standardised health data that’s been integrated in a wide variety of devices.
Keep an eye out for consumer goods companies such as Apple who have been experimenting with ECG monitoring software, as it looks like they’re slowing inching towards a share of this market.
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Medical devices in 2030 – KPMG: https://assets.kpmg/content/dam/kpmg/cn/pdf/en/2018/04/medical-devices-2030.pdf
Five Trends to Watch in the Medical Device Industry: https://mercercapital.com/article/five-trends-to-watch-in-the-medical-device-industry/
Top 10 Trends in the Medical Device and Equipment Industry:
Top Medical Device Companies:
Top 10 Medical Device Manufacturing Companies in APAC:
The best wearable we saw at CES 2019: https://www.businessinsider.com/ces-2019-best-wearable-withings-move-ecg-2018-12?IR=T