Medical Device Stocks: 5 Biggest Companies in 2023

Market cap: US$2109.54 billion

Thermo Fisher Scientific is one of the world’s most respected brands in healthcare, scientific research, safety and education. The medical device company’s family of global products and services represents a broad range of high-end analytical instruments, chemistry and consumable supplies, laboratory equipment and software designed primarily for medical researchers, clinicians and scientists. It has products in a variety of areas, including cellular analysis, synthetic biology and molecular biology.

Last year, Thermo Fisher Scientific launched its scalable CE-IVD-marked molecular Applied Biosystems TaqPath Respiratory Viral Select Panel, which can return results in as little as three hours. Using polymerase chain reaction technology, the assay panel is designed to detect five common respiratory viruses associated with bronchiolitis, influenza, the common cold and pneumonia.

Market cap: US$192.20 billion

Abbott Laboratories creates a wide range of products, from diagnostics to medical devices to branded generic pharmaceuticals. It is one of the largest medical device companies in the life science sector.

In terms of the organization’s medical device equipment, Abbott Laboratories develops treatment options for vascular diseases; the options include coronary and carotid stents, plus catheters and vessel closure devices. This medical device manufacturer also makes medical devices for the diabetes market, including blood glucose meters that provide accurate results and make the testing process easier.

The medical device company’s other areas of focus range from vision care to developing technologies for myopia, hyperopia, astigmatism, contact lens care and corneal healthcare.

Market cap: US$188.28 billion

Globally diversified conglomerate Danaher has a number of brands under its corporate umbrella grouped in three distinct divisions: healthcare, diagnostics and environmental and applied end markets. Through its brands, Danaher designs, manufactures and sells a number of medical device products and services.

One of those brands is global life science analytical technologies company SCIEX, which has been a leader in the field of mass spectrometry for half a century. SCIEX is also a pioneer in capillary electrophoresis. In 2022, the company launched two important analytical technologies: the SCIEX OS software v3.0 and the RNA 9000 Purity & Integrity kit. The latter is for the BioPhase 8800 system and PA 800 Plus system.

Market cap: US$116.65 billion

Naturally this list of big names in the medical device industry would not be complete without the inclusion of Medtronic, which is one of the largest global medical device manufacturing companies.

With its headquarters in Dublin, Ireland, Medtronic’s devices provide solutions for relieving pain, restoring health and working to extend the lives of millions of people globally. Its primary areas of focus include cardiac and vascular care, minimally invasive therapies, restorative therapies and diabetes.

Market cap: US$113.82 billion

Medical device manufacturer Intuitive Surgical developed the da Vinci surgical system — the first minimally invasive surgical system to receive clearance from the US Food and Drug Administration.

Intuitive Surgical’s goal is to provide assistance to doctors and hospitals with its robotics-assisted platforms, including the da Vinci system. The system is used by surgeons across 50 US states and 66 countries around the world, and roughly 5 million da Vinci procedures have been done.