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Medtech Insight’s MTI 100 comprises a set of industry league tables providing US dollar rankings of medtech companies according to their overall annual medical device and IVD revenues, where appropriate and product sector-specific revenues where possible

The 2022 MTI 100 list includes a new intake of rapidly growing companies, with the result that the threshold for inclusion has risen to over $400m. Many companies in the lower reaches of previous years’ rankings have fallen below the threshold.

The leading companies are those familiar faces that have long shaped the structure of the medtech industry and driven its growth. More than usual swapping of places is evident among the Top 12, as a result of past M&A, portfolio reshaping, strategic management interventions and the waning significance of COVID-associated revenues in 2022.

Figures shown are for the year ended 31 December 2022, except where noted, while most Japanese companies’ 31 March 2023 year-ends are reflected.

The 2024 MTI 100 includes:

The lists were compiled and edited by Medtech Insight and Meddevicetracker Reports.

Outlook 2024 and Review commentaries will include:

  • Shaping An Environment Where Technology Leads The Way: Compliance with greenhouse gas reduction targets is not optional for medtech businesses who, besides the bigger picture, have their own sustainability to think of. Environmental demands, the evolution of care models, new delivery technologies and AI tools are influencing how medtechs must approach innovation. In the EU, the MDR is also having an effect on innovation strategies.

  • Global Medtech Recovers Core Growth After A Year Like No Other: With many medtechs restructuring for core growth in the post-pandemic era, Abbott relied on organic growth in 2022 to move to the top of the global medtech ranking. The strength of the US dollar was not kind to companies reporting in local currencies on converting revenues to dollars.

  • Macro Challenges Make New Calls On Newly Resilient Medtechs: Global medtechs had a big enough challenge with COVID-19 and its aftermath before the full-scale regional conflict in Ukraine added more uncertainty to the question of when market normality would return.

  • Manufacturing Devices In The Rollercoaster UK Market: A scale-up strategy is the missing link in the UK devices industry. Contract and own brand medical manufacturer Pennine Healthcare and medical device CDMO Renfrew Group International give views on the environment for manufacturers and the opportunities for strengthening the UK industry base.

This page was updated on 20 December 2023. Unless noted, the tables show reported external medtech-specific sales values of publicly owned companies at manufacturer level and exclude service revenues unless noted. Average annual exchange US dollar exchange rates from 31 December 2022 are used for comparative purposes, regardless of the company’s financial year end (for the major currencies: $1.054 to the Euro; $0.0076 to the Yen; $1.048 to the Swiss Franc; $1.24 to the £)

Medtech 100

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