15 biggest medical device companies in the world

In this article, we will take a look at the 15 biggest medical device companies in the world. If you want to skip our introduction to the industry, then take a look at 5 biggest medical device companies in the World.

The medical device market comprises companies that manufacture equipment used in diagnosing, treating and surveillance medical disorders. The market for medical devices is changing dramatically. The complicated patient demands and the Covid-19 pandemic encouraged businesses to innovate and produce new creative solutions, and the medical devices industry continued to see exceptional growth in 2020. The global market for medical equipment was worth roughly $456.8 billion in 2020, with a CAGR (Compound annual growth rate) of 3.5% from 2015. This market is expanding due to the rise in demand for high-tech medical items. There was a fall in the number of diagnoses for various diseases including cancer and TB among others as a result of the Covid-19 epidemic. However, as the pandemic wanes off, the medical device industry is continuing to get back on its growth trajectory.

The frequency of chronic diseases will significantly affect the global medical device market beyond 2022. This encourages the employment of ever-improving technology tools for early disease detection and the creation of intelligent equipment like 3D printing, robots, and the internet of things. As a result, the market for medical device technology will expand at a CAGR of 4.9% from 2022 to 2027. Growth is predicted from $465.5 billion in 2022 to $591.3 billion in 2027.

Some of the major players in the medical device industry are Boston Scientific Corporation, Medtronic plc, and Abbott Laboratories.

Our methodology
The list includes firms that manufacture medical equipment to treat illnesses. Stocks are presented in order of market capitalization. To offer some different perspective, the analyst ratings of these companies and the most recent information about them are also reviewed. Finally, the number of hedge funds with positions in each company was determined using data from 920 elite hedge funds that Insider Monkey analyzed in the third quarter of 2022.

Biggest medical device companies in the world
15. Globus Medical, Inc.
Market Cap as of November 18: $6.84 B
Number of Hedge Fund Holders: 20
Globus Medical, Inc. sells healthcare products and services to hospitals, doctors’ offices, and surgical centers. Globus Medical, Inc. shares have offered investors more than 6.71% in returns over the past month as of November 18.

Globus Medical, Inc. is rated 15th among the world’s biggest medical device companies, with a market value of $6.84 billion. On October 17, Barclays analyst Matt Miksic initiated coverage of Globus Medical, Inc., assigning the stock an ‘Overweight’ rating and a $69 price target.

At the end of the third quarter, 20 hedge funds in Insider Monkey’s database of 920 funds held stakes in Globus Medical, Inc. compared to 21 funds in the second quarter. Like Boston Scientific Corporation, Medtronic plc, and Abbott Laboratories, Globus Medical, Inc. is one of the elite medical device stocks to monitor.

14. Penumbra, Inc.
Market Cap as of November 18: $7.34 B
Number of Hedge Fund Holders: 27
Penumbra, Inc. is a medical device company that manufactures products for the neurovascular and peripheral vascular industries. Penumbra, Inc. announced the launch of the latest REAL y-Series on November 15. Since it employs a whole body picture, it is the first hands-free, non-tethered virtual reality rehabilitation platform that can treat both the upper and lower extremities.

RBC Capital analyst Brandon Henry boosted his price objective on Penumbra, Inc. to $215 from $195 on November 14 and reiterated an ‘Outperform’ rating on the stock. According to the analyst, the Q3 results caused the stock to rise 13% in November.

Among the hedge funds tracked by Insider Monkey, 27 reported owning stakes worth $549.89 million in Penumbra, Inc. at the end of September 2022, compared to 21 funds in the prior quarter worth $224.66 million. Rock Springs Capital Management is the most notable stakeholder of the company, with nearly 476,000 shares worth $90.25 million.

13. ShockWave Medical, Inc.
Market Cap as of November 18: $8.96 B
Number of Hedge Fund Holders: 34
ShockWave Medical, Inc.is focused on designing and marketing products that will transform how calcified cardiovascular disease is treated. Calcified plaque is treated using the business’s intravascular lithotripsy method.

On November 8, Wells Fargo analyst Larry Biegelsen raised his price target on ShockWave Medical, Inc. from $255 to $300 and reiterated an ‘Overweight’ rating on the stock in light of the company’s improved 2022 projection and Q3 outperformance.

According to Insider Monkey’s data, 34 hedge funds were long ShockWave Medical, Inc. at the end of the third quarter of 2022, compared to 27 funds in the prior quarter. Jim Simons’ Renaissance Technologies held the biggest stake in the company, with approximately 322,700 shares valued at $89.73 million.

12. Bruker Corporation
Market Cap as of November 18: $9.74 B
Number of Hedge Fund Holders: 28
Bruker Corporationmanufactures scientific equipment and diagnostic tests for the life sciences, pharmaceutical, and biotechnology sectors. The company’s four operational sectors are Bruker BioSpin Group, Bruker Calid Group, Bruker Scientific Instruments Nano, and Bruker Energy & Supercon Technologies. On October 21, UBS analyst John Sourbeer initiated coverage of Bruker Corporation, rating the stock as ‘Buy’ and a price objective of $70.

On November 14, Bruker Corporation announced the execution of a formal agreement to acquire all of Neurescence Inc.’s shares for concurrent multi-region, optical functional neuroimaging. The biotechnology company Neurescence Inc. is a creative manufacturer of portable fiber-bundle multi-scope.

At the end of the third quarter, 28 hedge funds in Insider Monkey’s database held stakes in Bruker Corporation, compared to 25 funds in the second quarter. Millennium Management, with 1.44 million shares, is the most significant stakeholder in the company.

11. Smith & Nephew plc
Market Cap as of November 18: $11.01 B
Number of Hedge Fund Holders: 12
Smith & Nephew plcdevelops, produces, and sells orthopedic devices, arthroscopic and sports medicine technology, and wound-care products. The ROCE for Smith & Nephew plc stands at 9.0%. Although it’s a poor return in absolute terms, it’s close to the 9.9% industry average for medical equipment.

Robert Davies, an analyst at Morgan Stanley, initiated coverage of Smith & Nephew plc on October 18, rating the stock as an ‘Equal Weight’ and a 1,229 GBp price objective.

According to the third quarter database of Insider Monkey, 12 hedge funds were bullish on Smith & Nephew plc. The stakes of these funds are valued at $92.13 million. Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital is the most prominent position holder in the company, with approximately 1.74 million shares worth $40.31 million.

10. Bio-Rad Laboratories, Inc.
Market Cap as of November 18: $11.75 B
Number of Hedge Fund Holders: 45
Bio-Rad Laboratories, Inc. currently has an $11.75 billion market capitalization and is placed tenth on the list of the 15 biggest medical device companies in the world. The company is located in Hercules, California, and it develops, produces, and markets clinical diagnostics and life sciences products and solutions.

On August 24, Credit Suisse analyst Dan Leonard initiated coverage of Bio-Rad Laboratories, Inc., assigning the stock an ‘Outperform’ rating and a $715 price target. The analyst had positive opinions on both the digital PCR, or dPCR, product cycle and the company’s forecasts for margin growth.

By the end of the third quarter, Insider Monkey found Bio-Rad Laboratories, Inc. to be a part of 45 hedge fund portfolios, compared to 43 positions in the previous quarter. Israel Englander’s Millennium Management is the company’s largest stakeholder, with 458,645 shares worth over $191.32 million.

9. Align Technology, Inc.
Market Cap as of November 18: $15.23 B
Number of Hedge Fund Holders: 38
Align Technology, Inc. is the maker of transparent dental aligners. In addition, the firm makes intraoral scanners (iTero), which are utilized in orthodontic therapy and restorative dental operations. According to the third quarter database of Insider Monkey, 38 hedge funds were long Align Technology, Inc., compared to 33 funds in the prior quarter.

On October 27, Baird analyst Jeff Johnson maintained an ‘Outperform’ rating on Align Technology, Inc. and reduced his price objective to $260 from $310. The analyst attributed the company’s issues to this year’s economic turbulence and last year’s unfavorable stimulus-spending comparison.

Brian Bares’ Bares Capital Management is the most prominent position holder in Align Technology, Inc., with approximately 913,324 shares worth $189.16 million.

8. Abiomed, Inc.
Market Cap as of November 18: $16.99 B
Number of Hedge Fund Holders: 34
Abiomed, Inc. is a company that conducts research, develops, and sells medical devices that help or take the place of a failing heart’s pumping action. The company offers the Impella CP, a tool used by cardiac surgeons and interventional cardiologists to help patients in cath labs, and the Impella 2.5, a percutaneous micro heart pump with an inbuilt motor and sensors.

Following the declaration that Johnson & Johnson has acquired all the outstanding shares of Abiomed, Inc., Morgan Stanley analyst Cecilia Furlong upgraded the stock of Abiomed (ABMD) to ‘Equal Weight’ on November 2 from ‘Underweight’ with a $380 price target, up from $235.

Hedge fund interest in Abiomed, Inc. increased in September 2022. 34 hedge funds in our database reported owning stakes in the company at the end of the third quarter, compared to 30 in the previous quarter.

7. Insulet Corporation
Market Cap as of November 18: $20.66 B
Number of Hedge Fund Holders: 39
Insulet Corporation manufactures insulin delivery devices for people with diabetes. It provides a wireless companion, portable personal diabetes management, and the Omnipod System. This self-adhesive disposable tubeless Omnipod gadget is worn on the body and is sustainable for up to three days at a time.

Following Insulet Corporation’s Q3 earnings beat and revised FY22 projection, BTIG analyst Marie Thibault increased his price objective on the stock to $320 from $285 on November 11 and retained a ‘Buy’ rating. In addition, as of the end of the third quarter, 39 hedge funds tracked by Insider Monkey had owned stakes in Insulet Corporation, compared to just 34 funds in the previous quarter.

6. Zimmer Biomet Holdings, Inc.
Market Cap as of November 18: $23.53 B
Number of Hedge Fund Holders: 37
Zimmer Biomet Holdings, Inc. develops, produces, and sells orthopedic reconstructive implants, orthopedic supplies and surgical equipment. The majority of the reconstructive market in the US, Europe, and Japan is presently owned by Zimmer as a result of the acquisitions of Centerpulse in 2003 and Biomet in 2015.

On November 3, Citi analyst Joanne Wuensch retained a ‘Neutral’ rating on the shares of Zimmer Biomet Holdings, Inc. and cut her price objective from $119 to $116. Wuensch claimed that the orthopedic industry was among the most hit by the pandemic since elective procedures were put off and recovery was challenging.

At the end of the third quarter of this year, 37 hedge funds tracked by Insider Monkey had stakes in Zimmer Biomet Holdings, Inc, compared to 41 funds in the previous quarter. Boston Scientific Corporation, Medtronic plc and Abbott Laboratories are met by Zimmer Biomet Holdings, Inc. in our list of biggest medical devices stocks.

5. Edwards Lifesciences Corporation
Market Cap as of November 18: $45.58 B
Number of Hedge Fund Holders: 57
Edwards Lifesciences Corporation places a high premium on patient-centered medical advancements for heart disease and critical care monitoring. The company’s products are divided into three categories: Transcatheter Heart Valves, Surgical Structural Heart, and Critical Care.

On October 28, Cowen analyst Joshua Jennings maintained an ‘Outperform’ rating and trimmed his price objective on Edwards Lifesciences Corporation to $100 from $125. According to the analyst, ongoing issues with the company’s employees, a spike in Covid in Japan, and a higher yen caused the company’s TAVR for the third quarter to fall short of forecasts.

At the end of Q3, Fisher Asset Management was the leading shareholder of Edwards Lifesciences Corporation, holding over 7.54 million shares. Overall, 57 hedge funds in Insider Monkey’s database were bullish on Edwards Lifesciences Corporation in Q3, up from 39 in the previous quarter.

4. Boston Scientific Corporation
Market Cap as of November 18: $60.44 B
Number of Hedge Fund Holders: 53
Boston Scientific Corporation creates, produces, and sells medical equipment. The company’s business divisions include Cardiovascular, Rhythm and Neuro, and MedSurg. With a market cap of $60.44 billion, Boston Scientific Corporation stands fourth on the list of 15 biggest medical device companies in the world.

Canaccord analyst William Plovanic retained a ‘Buy’ rating on Boston Scientific Corporation shares on October 27 and raised his price target from $45 to $48. The analyst thought the conditions for 2023 were favorable given that organic growth was solid.

According to Insider Monkey’s data, Boston Scientific Corporation was part of 53 hedge fund portfolios at the end of Q3 2022, compared to 56 funds in the second quarter.

Artisan Partners mentioned Boston Scientific Corporation in its Q2 2022 investor letter. Here is what the firm has to say:

3. Stryker Corporation
Market Cap as of November 18: $82.87 B
Number of Hedge Fund Holders: 34
Stryker Corporation is a global medical technology corporation based in the United States. Stryker Corporation’s shares rallied 1.89% last month, resulting in an $82.87 billion market capitalization.

Due to inflation and currency challenges, Stryker Corporation’s third-quarter results fell short of expectations. As a result, on November 1, analyst Shagun Singh from RBC Capital decreased his price objective on Stryker Corporation from $255 to $240 while maintaining a ‘Sector Perform’ rating on the stock.

Among the hedge funds tracked by Insider Monkey, 34 were long Stryker Corporation at the end of Q3 2022, compared to 46 funds in the last quarter. Terry Smith’s Fundsmith LLP is the leading stakeholder of Stryker Corporation, with 5.63 million shares worth $1.14 billion.

2. Medtronic plc
Market Cap as of November 18: $106.25 B
Number of Hedge Fund Holders: 55
Medtronic plc is a global company that develops, produces, and distributes device-based medical therapies to healthcare systems. On November 15, Medtronic plc unveiled the Medtronic Extended infusion set in the United States, the first and only infusion set with a label allowing for up to seven-day wear.

Pito Chickering, an analyst at Deutsche Bank, downgraded Medtronic plc from ‘Buy’ to ‘Hold’ on November 16 with a price objective of $85, down from $121. According to Chickering, the firm had a challenging year due to several product difficulties in Q4 of 2021 and economic headwinds that influenced earnings growth in fiscal 2023.

By the end of the third quarter of 2022, Insider Monkey identified 55 hedge funds that had stakes in Medtronic plc. The total value of these stakes was over $2.65 billion. As of September 30, Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital is the lead stakeholder in Medtronic plc. The fund owns more than 7.16 million shares of stock, which are worth $578.31 million.

1. Abbott Laboratories
Market Cap as of November 18: $178.82 B
Number of Hedge Fund Holders: 62
Abbott Laboratories tops the list of the 15 biggest medical device companies in the world. It is involved in researching, developing, producing, and marketing a vast and varied range of medical goods. Currently, Abbott Laboratories sells branded generic drugs, food nutritional items, medical devices, equipment, and diagnostics.

Mizuho analyst Anthony Petrone commenced coverage of Abbott Laboratories on October 26, rating it as ‘Neutral’ with a price objective of $105. Among the hedge funds tracked by Insider Monkey, Ken Fisher’s Fisher Asset Management is the leading position holder in Abbott Laboratories, with 9.13 million shares worth about $883.29 million. Overall, 62 hedge funds were long Abbott Laboratories at the end of September 2022, down from 61 funds in the earlier quarter. Insider Monkey