The top medical technology companies globally include big name companies such as General Electric, Philips and Medtronic. As of 2021, the leading medical technology company based on market share was Medtronic (U.S.). At that time Medtronic held 5.8 percent of the overall medical technology market. The company’s hold on medical technology is projected to increase slightly to 5.9 percent by 2024.

Medical technology industry

The global medical technology industry includes different types of technology that are broadly categorized as medical devices, in vitro diagnostics and digital health solutions. The total medical technology revenue has been increasing in recent years and is expected to increase dramatically by the year 2024. Research and development in the industry is also gaining ground and has experienced some of the largest growth in spending from 2015 to 2016, with significant growth expected in the future.

Company spotlight: Medtronic

Among the various medical technology companies, Medtronic is among the top in many measures. Medtronic produces medical products and devices for cardiac and vascular disease, minimally invasive therapies, restorative therapies and diabetes. In 2017, Medtronic was the top medical technology company among those that produce cardiac devices. The company beat out other competitors such as Abbott and Boston Scientific by a significant percentage of the market share. Medtronic’s total revenue worldwide has been increasing significantly in recent years and in the company’s fiscal year 2022 had reached an all time high.

In 2022, New Zealand had the highest median price for a magnetic resonance imaging (MRI) among selected countries. At that time, an MRI in NZ cost 904 U.S. dollars, while the median price for an MRI in the U.S. was 566 U.S. dollars. Meanwhile, Spain had the lowest cost for an MRI at that time at just 113 U.S. dollars. Magnetic resonance imaging Magnetic resonance imaging is a medical scan that uses radio waves combined with a large magnet to look inside the body. The United States has one of the highest densities of MRI scanners per person in the world. Diagnostic imaging devices such as the MRI is such an invaluable tool in diagnostic medicine that the total global market is expected to increase significantly. Medical technology industry The global medical technology industry involves many actors and companies. Medtronic currently holds the largest global market share among medical technology companies. However, some companies specialize in diagnostic imaging, specifically. Siemens generated the most revenue among all diagnostic imaging companies globally in recent years. Siemens is expected to continue dominating the market among all diagnostic imaging companies at least until 2024.