The 10 largest medical device companies

Medtronic (NYSE: MDT) remains at the top of the list, but a focus on innovation is enabling companies such as Abbott (NYSE ABT) and Intuitive (Nasdaq: ISRG) to move up our list of largest medical device companies.

That’s but one of the insights we’ve gleaned from Medical Design & Outsourcing and MassDevice’s Medtech Big 100 — an annual report that we’ve produced for over a decade. Other insights included the 100 largest companies breaking the half-trillion-dollar combined revenue mark for the first time, and the increasing role of private equity in the OEM space.

For the Medtech Big 100, we collect thousands of data points to rank and analyze the largest public and private medical device companies in the world. These figures include annual revenue, R&D spending, headcount, CEOs and key leaders, headquarters locations, and more. We have made efforts to double-check facts with all of the companies on the list.

Visit MDO for a free download of the Medtech Big 100 Special Report to learn more about the world’s 100 largest medical device companies. (You can also watch an on-demand replay of our Medtech Big 100 Movers webinar with MDO’s editors.)

Here are the 10 largest medtech companies by revenue:

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

1. Medtronic

The world’s largest medical device company has gotten its mojo back. Medtronic reported year-over-year revenue growth of 9.9% in the fourth quarter of its most recent fiscal year — its best quarterly revenue growth in 10 years — with sales for the full year up 8.4%. Needham & Co. analysts said at the time that they see Medtronic in the early stages of a strong product cycle that will drive faster organic revenue growth. AFib-treating cardiac ablation has been a standout performer, with strong commercial demand for the Affera Sphere-9 pulsed-field ablation (PFA) catheter. PFA could become even more of a success for Medtronic as the nitinol-enabled Affera Sphere-360, an all-in-one mapping and single-shot PFA catheter, launches in the EU, with a U.S. pivotal trial enrolling swiftly. On top of PFA, Medtronic officials are also excited about the growth potential of the company’s Symplicity Spyral renal denervation system for uncontrolled hypertension. The company is seeking expanded U.S. indications for its Hugo robotic surgery system as it takes on Intuitive in the soft-tissue surgical robotics space, and there’s excitement around the Altaviva implantable tibial neuromodulation for urge urinary incontinence and the Stealth AXiS robotic spine surgery system. Medtronic has also resumed mergers and acquisitions this year, announcing a string of purchases including $650 million for SPR Therapeutics and its percutaneous peripheral nerve stimulation therapies for chronic pain management, $550 million for Scientia Vascular and its products for treating complex neurovascular conditions, and $585 million for CathWorks and its FFRangio system meant to obtain quick and reliable fractional flow reserve. Said CEO Geoff Martha: “We executed our focused portfolio strategy. In early March, we completed the Minimed [diabetes business] IPO, establishing it as a standalone, publicly traded [diabetes tech] company. We also advanced our M&A and venture initiatives, targeting higher growth segments to accelerate innovation in markets where we have a right to win.” 

More on MDO: 

Medtronic R&D VP James Coles offers a defib pipeline preview  

A Medtronic exec’s advice on building a successful medtech career  

The story behind Medtronic’s $585 million CathWorks deal  

Medtronic positions Hugo as ‘another choice’ for surgeons 

How Medtronic developed OmniaSecure, the world’s smallest defibrillation lead  

2. Johnson & Johnson MedTech 

Johnson & Johnson (NYSE:JNJ) is working toward splitting off its DePuy Synthes orthopedics business by mid-2027. The planned separation has J&J MedTech increasingly focused on its other businesses, especially Cardiovascular, which led the way with 8.3% revenue growth during the first six months of 2026. Cardiovascular business growth has been driven by major acquisitions in recent years, including the $13.1 billion purchase in 2024 of Shockwave Medical and its intravascular lithotripsy (IVL) technology and the $16.6 billion purchase in 2022 of Abiomed and its catheter-delivered Impella heart pumps to treat heart failure. Over the summer, J&J upped its game in AFib-treating ablation procedures with FDA approval of its dual-energy ThermoCool SmartTouch SF platform that enables doctors to switch between pulsed-field and radiofrequency ablation. There was also the launch earlier this year of Shockwave C2 Aero, the latest catheter system for the Shockwave IVL platform. Tim Schmid, the company’s worldwide chair of MedTech, said during our DeviceTalks West event in October 2025: “We made a distinctive decision to say we’re going to play a bigger role in the cardiovascular space. These are the sickest patients. … They’re also patients that create the greatest burden on health systems around the world.” Meanwhile, Johnson & Johnson MedTech’s Surgery business got a boost in July with the long-awaited FDA de novo authorization of Ottava, the first table-integrated soft-tissue robotics system to receive an FDA nod. Ottava represents J&J’s bid to compete against Intuitive, Medtronic and other companies in the dynamic soft tissue surgical robotics space. Meanwhile, J&J is investing $1 billion in its Florida-based U.S. Vision operations.

More on MDO: 

First Look: J&J unveils its Ottava surgical robotics system 

The new J&J Shockwave C2 Aero IVL device is faster and more flexible 

Sensors on surgeons helped J&J’s DePuy Synthes sell a new tool 

Tim Schmid shares Johnson & Johnson MedTech’s growth playbook

3. Medline Industries 

Medline completed an upsized initial public offering (IPO) worth more than $8 billion in December. The Financial Times labeled it the largest private-equity-backed IPO of all time, providing a meaningful return for Blackstone, Carlyle and Hellman & Friedman after they made a multibillion-dollar investment in Medline in 2021. The company is a major provider of medical-surgical products and supply chain services, operating in more than 100 countries. It continues to enjoy strong growth, too, with full-year sales up 11.5% to $28.4 billion in 2025. For the first half of 2026, sales were up 11.1% year-over-year to $15 billion. Medline delivered the results even as it grappled with tariff-related costs and a fire at its Tracy, California distribution center. CEO Jim Boyle said, “We are effectively managing a dynamic external environment while investing in strategic initiatives to strengthen our market position and support long-term shareholder value creation.”

4. Siemens Healthineers

More than two years after Siemens Healthineers cut back on the Corindus surgical robotics business that it had acquired for $1.1 billion, the German medtech giant decided to give the space another shot. In September 2025, it announced a strategic partnership with Stryker in the field of neurovascular robotics. Siemens Healthineers brings its expertise in robotics and image-guided therapy, while Stryker adds leadership in neurovascular technologies. By May of this year, AiM Medical Robotics was announcing a collaboration with Siemens Healthineers to combine robotic and MRI technologies. The surgical robotics play comes as Siemens Healthineers faces headwinds from changes in the Chinese diagnostics market and higher than expected inflation. “While the environment remains tough, our synergetic core of Imaging and Precision Therapy is on track with good momentum,” CEO Bernd Montag said during the company’s Q2 earnings announcement in May. Early next year, Siemens Healthineers is set to become even more independent. European tech giant Siemens, which owns a majority stake in the medtech company, is scheduled to have shareholders vote in February 2027 to deconsolidate its remaining stake in Siemens Healthineers through a direct spin-off. 

5. Stryker

This year will be an end of an era for Orthopedic and surgical devices giant Stryker (NYSE: SYK), with Kevin Lobo stepping down as CEO at year-end. He’s ending a more than 14-year tenure that saw him guide the orthopedic and surgical device giant through dozens of acquisitions that helped the company triple its revenue. Spencer Stiles, who has been president and COO since the start of the year, will become CEO. Meanwhile, Stryker has made a play in the fast-growing intravascular lithotripsy (IVL) space, announcing in May that it had closed on its purchase of Amplitude Vascular and its IVL system to treat calcified peripheral arterial disease. Lobo described the deal as a “significant milestone in expanding our peripheral vascular portfolio and enhancing our ability to address challenging arterial disease.” Stryker is also seeking more business in ambulatory surgery centers  (ASCs) . Its Mako RPS (robotic power system), now fully launched in the U.S., is a handheld version of its Mako surgical robotics technology that Stryker officials think will prove attractive in ASCs. Overall, Mako remains a major growth driver for Stryker on the heels of the launch of the next-gen Mako 4 platform in early 2025, with indications continuing to expand for the system. Stryker, though, has also not been immune from challenges. An Iran-backed hacktivist group hit it with a major cyberattack earlier this year. – CN 

More on MDO and MassDevice: 

What the Stryker cyberattack could mean for medtech and healthcare   

Stryker aims for ASCs and reluctant surgeons with its new Mako RPS robotic system 

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.