Biggest medical device companies: the top 21 by medtech revenue, from their filings

This list is for suppliers, service firms, sellers and job seekers who need to know which medical device companies are biggest and how they're organized to buy. It ranks companies by revenue from medical technology (devices, equipment and diagnostics) in their latest annual report filed or published by 30 October 2026, and adds two federal datasets: FDA 510(k) clearances and Census Bureau establishment counts.

The 21 largest medical device companies

Revenue is as each company's 10-K, 20-F, annual report or results release states it. Euros are converted at $1.1306 and yen at 149.5686 per dollar, the Federal Reserve's 2025 averages (G.5A, 5 January 2026); Olympus's and Siemens Healthineers' fiscal years don't match the calendar year, so their conversions are approximate. Headquarters are the principal executive office in each filing. Employee counts are as each filing words them.

Notes on the rows that need one:

• Johnson & Johnson reported $94.2 billion in total, but $33.8 billion came from MedTech (surgery, orthopaedics, cardiovascular and vision). The rest is pharmaceuticals.
• Abbott's total was $44.3 billion; nutrition and established pharmaceuticals are left out.
• BD's year includes its Biosciences and Diagnostic Solutions business, which it spun off and combined with Waters on February 9, 2026, so its next annual figure will be smaller.
• Philips reported group sales of €17.8 billion; we left out its €3.7 billion Personal Health segment (shavers, grooming, Sonicare oral care and similar consumer products).
• Medline reported $28.4 billion of net sales, but $14.7 billion came from Supply Chain Solutions, which distributes products from more than 1,300 third-party suppliers. We count its Medline Brand segment.
• Fresenius Medical Care isn't ranked. It reported €19.6 billion of revenue for 2025, mostly from dialysis care; its products segment, Care Enablement, had €5.5 billion before sales to its own clinics.

Which device makers launch the most products

The FDA's 510(k) database shows how many new or changed devices each company cleared for the US market. In 2025 the FDA issued 3,198 clearances to 2,013 applicant names. We grouped applicants by parent (for example, Covidien under Medtronic and C.R. Bard under BD):

Our count of "substantially equivalent" decisions dated in 2025 in the FDA's 510(k) download of 26 October 2026. Higher-risk devices go through premarket approval (PMA) instead, so a count of 510(k)s understates companies that make mostly implants such as heart valves.

The bigger finding is the long tail: the 21 companies in the ranking accounted for about 380 of the 3,198 clearances. Most new devices come from smaller companies, and 535 clearances went to applicants in China against 1,526 in the US.

How many medical device companies are in the US

The Census Bureau's County Business Patterns for 2023 counts establishments with paid employees in the three core device manufacturing codes:

CBP counts establishments (single locations), not companies, on a NAICS 2017 basis, and leaves out firms with no paid employees. 339113 also includes personal industrial safety devices.

Of the 4,006 establishments, 1,376 have fewer than 5 employees and 48 have 1,000 or more. Our guide to medical device companies in Minnesota shows how this looks in one of the main clusters.

How we built the list

1. Who counts. Companies whose main business is medical technology, plus the medtech segments of diversified groups (J&J, Abbott, Philips). Lab instrument makers, drug delivery packaging and distributors' resale revenue are left out.
2. What's counted. Revenue as each company reports it for its latest fiscal year, using the segment figures the filing gives where we exclude other businesses.
3. Currency. Federal Reserve 2025 annual averages for every converted figure.
4. Checking. Every row was matched to the income statement or segment note in the filing. Some top results get basic facts wrong: one widely shared list gives Medtronic's revenue as "$30 million", and another ranks companies by market value, which moves daily. Lists by Medical Design & Outsourcing and MassDevice use their own definitions and dates.
5. What's missing. Private companies that don't publish results, and Terumo, whose investor pages refused our automated request.

What the list is good for if you sell B2B

Know which part of the company buys. General guidance, not drawn from the filings. Device makers buy in four places: operations and procurement (components, resins, contract manufacturing, sterilization, logistics), R&D and engineering (design tools, testing, clinical research), quality and regulatory (quality management systems, complaint handling, FDA submissions) and commercial (CRM, field sales tools, training for reps who work in hospitals). Each has its own budget, and quality and regulatory buyers ask for validation evidence before anything else.

Treat the large ones as groups of businesses. Medtronic reports four segments (Cardiovascular, Neuroscience, Medical Surgical and, until this year, Diabetes), each larger than most companies on this list. Stryker splits into MedSurg and Neurotechnology ($15.6 billion) and Orthopaedics ($9.5 billion). Sell to a division, then expand.

Use the 510(k) database as a trigger list. A clearance means a product is about to launch, which brings demand for manufacturing capacity, labeling, training and sales enablement. Our guide to buying signals covers how to act on events like this.

Worked example

Illustrative example. Sterilio (sterilio.example) offers contract sterilization and validation testing at an illustrative average of $150,000 a year per customer. Its seller builds a list from the FDA data instead of the top 21:

• Start: 3,198 clearances in 2025 from 2,013 applicant names.
• Filter: keep US applicants outside the 21 largest groups, and assume an illustrative 25% make single-use sterile devices. The seller estimates about 300 companies.
• Market: 300 x $150,000 = $45 million a year if every one bought, and a realistic first-year goal of 10 new customers, or $1.5 million.

The seller targets the head of operations or quality at each company within 90 days of its clearance, when it must lock in its sterilization supplier. Researching each company's product and who runs quality is the slow part; Bebop does it for every account in a list like this.

Next step: if you also sell to the hospitals that buy these devices, read our guide to selling to hospitals.