The COVID-19 pandemic struck the medical device industry harder than most in fiscal year 2021.
Orthopedic device companies struggled when the COVID-19 pandemic forced hospitals and health systems to postpone elective surgeries, though makers of diagnostic tests and some other kinds of medical equipment came out ahead.
Seven of the top 15 medical device companies by revenue posted losses in fiscal year 2020, but eight managed gains, according to Medical Product Outsourcing's 2021 report.
The biggest gain among the top 15 was Abbott Labs, with a 13.2 percent revenue increase. The biggest loss, at negative 11.6 percent, was Johnson & Johnson, which nonetheless retained its No. 2 overall position from 2020.
Here are the top 15 medical device companies by revenue, along with their prior year revenue and percentage revenue change:
1. Medtronic: $30.12B
2020 revenue: $28.93B
Percentage change: +4%
2. Johnson & Johnson: $22.95B
2020 revenue: $25.96 Billion
Percentage change: -11.6%
3. Abbott: $22.59B
2020 revenue: $19.95 Billion
Percentage change: +13.2%
4. Philips: $19.32B
2020 revenue: $17.10 Billion
Percentage change: +13%
5. GE Healthcare: $18.01B
2020 revenue: $19.9 Billion
Percentage change: -10%
6. BD: $17.11B
2020 revenue: $17.29 Billion
Percentage change: -1%
7. Siemens Healthineers: $16.93B
2020 revenue: $16.99 billion
Percentage change: -.01%
8. Cardinal Health: $15.44B
2020 revenue: $15.63 Billion
Percentage change: -1.2%
9. Stryker: $14.35B
2020 revenue: $14.88 billion
Percentage change: -3.6%
10. Baxter: $11.67B
2020 revenue: $11.40 billion
Percentage change: +3%
11. Boston Scientific: $9.91B
2020 revenue: $10.73 billion
Percentage change: -7.6%
12. B. Braun: $9.12B
2020 revenue: $8.39 billion
Percentage change: +8.7%
13. 3M Health Care: $8.34B
2020 revenue: $7.43 billion
Percentage change: +12.3%
14. EssilorLuxottica: $8.25B
2020 revenue: $8.84 billion
Percentage change: +6.7%
15. Danaher: $7.40B
2020 revenue: $6.56 Billion
Percentage change: +12.8%