The 10 largest medical device companies

With Medtronic planning to separate its $2.8-billion-a- year diabetes tech business, Johnson & Johnson MedTech appears set to surpass it as the world’s largest medical device company.

That’s one of the big takeaways from this year’s edition of Medical Design & Outsourcing and MassDevice‘s Medtech Big 100.

[We tried something different this year, creating a souped-up special report with additional data and insights. Go here to sign up for a free download of the PDF. ]

Other top findings include a troubling trend involving a slowdown in collective year-over-year R&D spending growth among the world’s largest medical device companies. Meanwhile, Boston Scientific and Intuitive are rapidly moving up the rankings among the top 20 medtechs as they each pursue strategies to disrupt and transform surgery for the better.

That’s just a sampling of the insights to be found in this year’s Medtech Big 100. The report includes annual revenue, R&D spending, headcount, CEOs and key leaders, headquarters locations and descriptions of each of the 100 largest medical device companies in the world. We collect data from regulatory disclosures filed with the SEC and annual reports from foreign and privately held firms. For many companies, we include data they share with us.

Read the full Medtech Big 100 report to find out more about the 100 largest medical device companies.

Here are the 10 largest medtech companies by revenue:

And here is more about the five largest medical device companies:

1. Medtronic

A decade after Medtronic acquired Covidien in a $50 billion deal that made Medtronic the world’s largest medical device company, leaders continue to whittle down operations for better focus. The latest plan is the separation of Medtronic Diabetes (which had revenue of $2.8 billion in fiscal 2025) into an independent company called MiniMed. The deal could result in Medtronic ceding its No. 1 spot to Johnson & Johnson MedTech by the time the 2026 version of the Medtech Big 100 publishes. (Check out Senior Editor Sean Whooley’s feature story in this report that further explores what the MiniMed move will mean for the diabetes tech space.) Overall, CEO Geoff Martha says the company is accelerating toward higher and more profitable growth. Growth drivers for the company include its AFib-treating Affera and PulseSelect pulsed-field ablation systems, BrainSense adaptive deep brain stimulation (aDBS), and a spine treatment tech business buoyed by Stryker’s decision to exit the market. Next up could be hypertension-treating Symplicity Spyral renal denervation, which company officials say is a multibillion-dollar opportunity. Medtronic could also soon compete against Intuitive in the U.S. soft tissue robotic surgery market with its Hugo surgical robot under FDA review for a urologic indication.

Changes could accelerate at Medtronic now that it has activist investor Elliott Investment Management as a major investor, with Elliott receiving seats on the board.

More on MDO:

Medtronic’s diabetes split could be a shot in the arm for both

With Medtronic’s next-gen RDN devices and procedures advancing, Project Galileo is next

This Medtronic innovation ‘could be the biggest thing we ever do’ 

Medtronic seeks to bring the next generation into medtech

A Medtronic engineer shares lessons from the adaptive deep brain stimulation project

2. Johnson & Johnson MedTech

Johnson & Johnson MedTech’s cardiovascular business was up 20% year-over-year during the first six months of 2025, driven by growth from major acquisitions in recent years. Those deals included the $13.1 billion purchase in 2024 of Shockwave Medical and its intravascular lithotripsy (IVL) technology that uses sonic waves to treat calcified arterial plaque. (Managing Editor Jim Hammerand reports on Shockwave Medical and its IVL in this report.) The Shockwave purchase followed J&J’s $400 million acquisition of left atrial appendage (LAA) device maker Laminar in 2023 and the $16.6 billion purchase of Abiomed and its catheter-delivered Impella heart pumps to treat heart failure in 2022. “We are seeing significant traction with our new product launches, and the integration of Shockwave and Abiomed is progressing well, contributing to our strong performance,” said Tim Schmid, EVP and worldwide chair of J&J MedTech, during the company’s Q2 earnings call in July. J&J’s efforts to compete in pulsed-field ablation hit a snag earlier this year when it paused sales of its Varipulse system to investigate neurovascular events, but the company later announced FDA approval of an update to Varipulse’s irrigation flow rate. In July, J&J Medtech also had an update on progress with its Ottava soft-tissue surgical robotics platform, saying it planned to submit the system for FDA clearance in 2026. J&J has already launched its Dualto energy system, which combines multiple energy modalities into an integrated platform for use across open and minimally invasive surgery. When it comes to artificial intelligence, J&J has joined with Nvidia and Amazon Web Services (AWS) to launch the Polyphonic AI Fund for Surgery.

More on MDO:

J&J MedTech is growing Shockwave’s R&D budget by double digits

How Johnson & Johnson MedTech’s ThermoCool SmartTouch cardiac ablation catheters use nitinol for contact-force sensing

J&J MedTech arms its Monarch robot for futuristic lung cancer therapies

J&J MedTech’s global head of digital wants to fund your AI project

3. Medline Industries

Medline revenue grew nearly 10% in 2024 after 9% growth in 2023, boosting it to the No. 3 spot on the Medtech Big 100. The privately-held medical supply manufacturer, distributor and services provider has a portfolio of 335,000 products. They include 190,000 Medline brand offerings, a third of which Medline makes itself in 27 global manufacturing facilities. The company is the largest kitting manufacturer in the U.S., producing more than 200 million kits annually. Medline operates 68 global distribution centers, with more than 26 million square feet of U.S. warehouse space. Late last year, Medline announced it was taking steps toward a potential IPO, with Reuters announcing at the time that Medline sought to raise $5 billion from going public. As of early August, Medline hadn’t had any updates on am IPO since that December 2024 announcement.

4. Siemens Healthineers

During Siemens Healthineers’ second-quarter earnings call in July, CEO Bernd Montag said the German medtech giant is focused on mastering and combining three capabilities that he saw enabling better patient outcomes and healthcare efficiencies:

• Patient twinning, creating a dynamic digital representation of an individual patient to support personalized and precise medicine;
• Precision therapy, such as what the company’s Varian business achieves with customized cancer therapy;
• And digital, data and artificial intelligence.

Montag was also excited about what Siemens Healthineers was accomplishing through the more than 200 Value Partnerships it has already signed with healthcare organizations. “We enter into long-term collaborative relationships with the customer that entail not only product and service business, but also improve the customers’ delivery of healthcare in a joint endeavor,” he said. “These Value Partnerships transform our revenue streams from classical transactional product business into recurring revenue streams, thanks to their long-term nature.”

Just yesterday, Siemens Healthineers announced a new foray into surgical robotics through a neurovascular robotics partnership with Stryker.

5. Stryker

Stryker seeks to expand the reach of its Mako orthopedic surgery robotic system even more with this year’s launch of next-gen Mako 4 systems for knee, hip, and spine applications. (Mako shoulder applications remain in a limited market release this year.) The orthopedic and surgery tech giant has been on offense with M&A to diversify and expand its portfolio, completing a $4.9 billion acquisition of Inari Medical and its venous thromboembolism clot removal tech in February. It also now has a neurovascular robotics partnership with Siemens Healthineers. Meanwhile, Stryker sold its spinal implants business to Viscogliosi Brothers and their new VS Spine business, which will have access to Mako Spine and Copilot as a Stryker strategic partner. Overall, Stryker spine implants brought in $707 million in sales in 2024, according to the company’s most recent annual report. Stryker CEO Kevin Lobo said in April: “The sale of our spinal implants business enhances our strategic focus, positioning us to meet evolving customer needs and invest where we see the greatest opportunity for innovation and long-term growth.”

Download the full Medtech Big 100 report about the world’s largest medical device companies.

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Here is our 10 largest medical device companies list from last year.

And here’s the 2024 report.

And here’s the 2023 report.

And here’s the 2022 report.

And here’s the 2021 report. 

This story originally ran on Thursday, Sept. 18, 2025.