Which companies make the most from medical products?
On whole-company revenue, the biggest names in medical products are Thermo Fisher Scientific and Abbott, both with about $40 billion or more in 2023, followed by Medtronic and Johnson & Johnson’s MedTech business at about $31 billion each. The infographic by Reza Zahiri adds up more than $500 billion of 2023 revenue across 37 companies and an “other companies” share of about 5%. We checked the largest figures against the companies’ own results:
| Company | 2023 revenue on the infographic | Reported revenue | Main business |
|---|---|---|---|
| Thermo Fisher Scientific | $43bn | $42.86bn [2] | Lab instruments, life science tools, diagnostics |
| Abbott | $40bn | $40.11bn [3] | Devices, diagnostics, nutrition, medicines |
| Medtronic | $31bn | $31.23bn, year to April 2023 [4] | Medical devices |
| Johnson & Johnson MedTech | $31bn | $30.40bn [5] | Surgery, orthopaedics, heart, vision |
| EssilorLuxottica | $28bn | €25.40bn [6] | Spectacle lenses, frames, sunglasses |
| Danaher | $24bn | $23.89bn [7] | Life sciences, diagnostics |
| Siemens Healthineers | $24bn | $23.41bn, year to September 2023 [1] | Imaging, diagnostics |
| Fresenius Medical Care | $21bn | €19.45bn [8] | Kidney dialysis clinics and products |
| Stryker | $21bn | $20.50bn [9] | Orthopaedics, surgical equipment |
| Philips | $20bn | $19.62bn [1] | Imaging, monitoring, personal health |
| GE HealthCare | $20bn | $19.55bn [10] | Imaging, ultrasound, patient care |
The rounded figures on the infographic match the filings for all eleven, allowing for currency conversion on the two companies that report in euros. The rest of the 37 companies range from about $15 billion down to about $2 billion each, and include Boston Scientific, Baxter, BD, Alcon, Zimmer Biomet, Intuitive, Edwards, ResMed, Dexcom and Masimo.
Why company totals overstate medical device revenue
“Medical products” can mean several different things, and the infographic takes a broad view. For most companies it uses total revenue, which includes businesses that are not medical devices at all. Abbott is the clearest example. Its total revenue was $40.1 billion in 2023 [3], but only $16.9 billion of that came from its medical device segment; the rest came from diagnostics, nutrition and branded generic medicines [1].
The same applies elsewhere. Thermo Fisher and Danaher mostly sell laboratory instruments, reagents and services to drug makers, researchers and hospital labs. Fresenius Medical Care’s $21 billion is mostly from running dialysis clinics; its healthcare products business was about $4.4 billion [1]. IQVIA is a clinical research and health data company rather than a product maker, and Haleon sells consumer health brands such as toothpaste and painkillers. EssilorLuxottica’s revenue includes Ray-Ban sunglasses as well as prescription lenses.
Johnson & Johnson is shown the other way round, by division. Its MedTech business made $30.4 billion in 2023, out of $85.2 billion for the whole group, which also sells prescription medicines [5].
So a ranking like this is a fair guide to the scale of the big healthcare product companies, but it mixes different kinds of business. If you want medical devices only, use a list built from device revenue.
The largest medical device companies by revenue
Medical Design & Outsourcing’s Medtech Big 100 ranks companies on their medical device revenue only, using the medical segments of larger groups and the latest full financial year available in 2024 [1]. On that basis the top ten were:
- Medtronic, $32.4 billion (year to April 2024)
- Johnson & Johnson MedTech, $30.4 billion
- Siemens Healthineers, $23.4 billion
- Medline Industries, $23.2 billion
- Stryker, $20.5 billion
- Philips, $19.6 billion
- GE HealthCare, $19.6 billion
- Abbott (medical device segment), $16.9 billion
- Cardinal Health (medical segment), $15.0 billion
- Baxter, $14.8 billion
Thermo Fisher, Danaher, EssilorLuxottica and IQVIA are not in that top ten because most of their revenue is not from medical devices, and privately owned Medline, which is not on the infographic, comes in fourth [1].
How the leaders have grown since 2023
Most of the biggest companies have kept growing. Thermo Fisher’s revenue was flat in 2024 at $42.88 billion, then rose to $44.56 billion in 2025. Abbott grew to $41.95 billion and then $44.33 billion over the same two years [2][3]. Medtronic reached $36.36 billion in its financial year to April 2026 [4].
The fastest growers among the large device makers have been those with new products in heart and surgical care. Boston Scientific grew from $14.24 billion in 2023 to $20.07 billion in 2025, and Intuitive, which makes the da Vinci surgical robot, from $7.12 billion to $10.06 billion [11][12]. Stryker passed $25 billion in 2025 [9].
How to read a revenue infographic
A revenue infographic is a quick way to compare the size of companies in a sector, but they hide a few choices that change the picture. Before you rely on one, check:
- What counts as revenue. Whole-company revenue and the revenue of one division can differ by more than half, as Abbott shows.
- Which year. Companies such as Medtronic, BD and Siemens Healthineers do not use calendar years, so “2023” can cover different twelve-month periods [1][4].
- Currency. European and Japanese companies report in euros, Swiss francs or yen, so their dollar figures depend on the exchange rate used.
- Where the data comes from. This one cites MacroTrends, Google Finance and annual filings. Annual reports are the most reliable source.
Revenue also says nothing about profit. A distributor such as Cardinal Health has very large sales but thin margins, while a device maker with a fraction of the revenue can be worth more.
Questions about medical products revenue
What is the largest medical device company in the world?
Medtronic, with $32.4 billion of revenue in its financial year to April 2024, ahead of Johnson & Johnson MedTech at $30.4 billion [1]. If you count whole-company revenue instead, Thermo Fisher and Abbott are larger, but much of their revenue is not from devices.
How much revenue did Abbott make from medical devices?
$16.9 billion in 2023, out of total revenue of $40.1 billion [1][3].
What is J&J MedTech’s revenue?
$30.4 billion in 2023, about 36% of Johnson & Johnson’s total sales of $85.2 billion (our arithmetic) [5].
Is Thermo Fisher a medical device company?
Partly. Most of its revenue comes from laboratory instruments, consumables and services for drug makers and researchers, with diagnostics and some clinical products on top. It reported $42.86 billion of revenue in 2023 [2].
Who made the medical products revenue infographic?
Reza Zahiri, who shared it on LinkedIn with MacroTrends, Google Finance and annual filings as the sources [13].
Sources
- Medical Design & Outsourcing, Medtech Big 100: The world’s largest medical device companies, 2024 edition.
- Stock Analysis, Thermo Fisher Scientific revenue.
- Stock Analysis, Abbott Laboratories revenue.
- Stock Analysis, Medtronic revenue.
- Johnson & Johnson, Johnson & Johnson Reports Q4 and Full-Year 2023 Results, 23 January 2024.
- Stock Analysis, EssilorLuxottica revenue (in euros).
- Stock Analysis, Danaher revenue.
- Stock Analysis, Fresenius Medical Care revenue (in euros).
- Stock Analysis, Stryker revenue.
- Stock Analysis, GE HealthCare revenue.
- Stock Analysis, Boston Scientific revenue.
- Stock Analysis, Intuitive Surgical revenue.
- Reza Zahiri, LinkedIn profile (the creator of the infographic; sign in required).
Last reviewed 3 November 2026
