The US remains the largest medical device industry in the world, with about 40% share of the global medtech market. Top 10 medical device companies in the US include global medtech powerhouses such as Medtronic, Johnson & Johnson, Abbott, Stryker, GE Healthcare, BD, Baxter, Cardinal Health, and Medline Industries.
The medical device industry in the US employs over 300,000 personnel. The states with most employment in the medical device sector remains Minnesota, followed by Massachusetts, Delaware, Utah, and California.
Medical device companies in the US generate an export value of $13.9 billion, which is expected to reach the value of $16.6 billion by 2027. Top importers of medical devices from the US include China, Netherlands, Japan, and Germany, while Mexico and Germany is the major supplier of medical devices to the US. The medical devices exports have always exceeded imports, generating a trade surplus of $1.1 billion in 2017.
List of Medical Device Companies in the US
The US states with the largest medical device industry include California, Minnesota, Massachusetts, Florida, Indiana, Pennsylvania, Texas, New York, New Jersey, Illinois, Michigan, Utah, and Ohio. The West region of the US has the presence of most medical device manufacturers due to large population and skilled labor.
List of Medical Device Companies in the US (All the States)
There are about 6,500 medical device companies in the US, with most of them small- and medium-sized enterprises.
The US medical device industry was valued at USD 180.22 billion in 2023. With an estimated CAGR of 6.6%, the industry is expected to grow from USD 188.68 billion in 2024 to USD 314.96 billion by 2032. Major segments in the sector include cardiovascular devices, diagnostics, orthopedic devices, neuroscience devices, surgical devices, dental equipment and supplies, cardiology devices, drug delivery devices, ophthalmic devices, and urology devices.
There is a growth in electromedical cardiovascular device manufacturing due to rise in cardiovascular diseases, as a result of high blood pressure, smoking, unhealthy diet and sedentary lifestyle.
In terms of revenue, the list of the top 10 global medtech companies is dominated by the US firms. Medtronic remains the largest medical device company with the revenue of $32.4 billion, followed closely by Johnson & Johnson MedTech, with annual revenue of $30.4 billion.
Siemens Healthineers ($23.4B), Medline Industries ($23.2B), Stryker ($20.5B), Philips ($19.6B), GE HealthCare ($19.6B), Abbott ($16.9B), Cardinal Health ($15.0B), and Baxter ($14.8B) make up the 10 ten list (MassDevice).
The top medical device companies in the US include:
GE Healthcare, with the headquarters in Chicago
Medtronic, with operational headquarters in Minneapolis, Minnesota
Boston Scientific Corporation, headquartered in Marlborough, Massachusetts
Integra LifeSciences, headquartered in Princeton, New Jersey
Abbott Laboratories, with headquarters in Green Oaks, Illinois, United States
Danaher Corporation, headquartered in Washington, D.C.
Johnson & Johnson, with its headquarters in New Brunswick, New Jersey
Fresenius Medical Care AG, with North American headquarters in Waltham, Massachusetts.
Medline Industries, headquartered in Northfield, Illinois.
Cardinal Health, with the headquarters in Dublin, Ohio.
Becton, Dickinson and Company, with its corporate headquarters in Franklin Lakes, New Jersey
Stryker Corporation, based in Kalamazoo, Michigan.
Intuitive Surgical, Inc., headquartered in Sunnyvale, California
Alcon, with operational headquarters in Fort Worth, Texas
Baxter International Inc., with its headquarters in Deerfield, Illinois.
ResMed Inc., based in San Diego, California
Zimmer Biomet Holdings, Inc., with headquarters in Warsaw, Indiana.
Edwards Lifesciences Corporation, headquartered in Irvine, California
Steris, with operational headquarters in Mentor, Ohio
Dentsply Sirona Inc., with the headquarters in Charlotte, North Carolina
Hologic, Inc., headquartered in Marlborough, Massachusetts
IDEXX Laboratories, Inc., headquartered in Westbrook, Maine
The Cooper Companies, Inc., based in San Ramon, California
Align Technology, Inc., with the headquarters in Tempe, Arizona.
DexCom, Inc., with headquarters in San Diego, California
Penumbra, with headquarters in Alameda, California
Globus Medical, headquartered in Audubon, Pennsylvania
Insulet, headquartered in Massachusetts
3M, based in Maplewood, a suburb of Saint Paul, Minnesota
Merit Medical Systems, headquartered in South Jordan, Utah
The US medical device industry is highly regulated, Before a manufacturer markets a product, FDA approval must be obtained. High risk devices, such as Class III devices, require Premarket Approval (PMA).
