Dealing with healthcare products, in one way or another, is usually an unthankful job that requires both time and money to optimize the quality. With billions of dollars at stake, corporations have to put in a continuous effort to keep the business going. Additionally, one also has to be on edge considering the pace of the latest advancements in this domain intended to fulfill the patient’s ever-evolving needs. However, like any other business, the constant competition among healthcare corporations has been fueling the motivation which has, in turn, resulted in elevation of the product standards. In this article, a compilation of the top 10 best medical equipment brands which enjoy the bigger chunks of market share has been presented.
Research being conducted in the R&D
Medtronic is, without a doubt, the biggest healthcare corporation due to the mammoth scale contributions it has made over the years. Surgical robotics, patient monitoring solutions, spinal technologies, and gastric therapies have been the fields of interest for Medtronic. Additionally, the company has expertise in neuroscience. Due to huge sales and magnificent brand loyalty as a result of great customer satisfaction, the revenues of Medtronic hit US$31.23 billion rendering it at the top of the list as one of the best medical equipment brands among healthcare companies worldwide.
Abbott Laboratories is one of the giants in the healthcare industry with employees nearing 115,000. The company, although headquartered in Chicago, USA, has plants in over 160 countries. One of the credits of Abbott is the production of the first rapid test kit for COVID-19.
Johnson & Johnson
Whosoever has ever bought a healthcare product is well-versed in the quality and reliability of the products manufactured by Johnson & Johnson. These characteristics have rendered J&J one of the biggest multinational healthcare corporations. Along with the existing items, the company is determined to create optimized plastic products which give maximum benefit with minimum environmental damage. Keeping in mind the latest trends in the world, Johnson & Johnson has a vision to produce effective artificial joints via 3D printing technology. In the year 2022 alone, Johnson & Johnson earned a revenue of US$94.94 billion.
Revenue analysis of multimillion-dollar companies
Stryker, an American multinational corporation, is one of the biggest names in recent times when it comes to healthcare products. With sales nearing US$1.7 billion, Stryker possesses a bigger share in the market owing to its diverse range of products which include orthopedics, surgical and medical items, and spinal care products. Moreover, the company is also focused to design the latest neuro care technology due to its rising demand. Founded in 1941, the Stryker Corporation has manufacturing plants all over the world with an approximate association of 50,000 employees.
Philips is a well-known name in multiple domains including healthcare. With a previous shining history of marketing manufacturing and electronics, the company has now shifted its focus towards health technology. The latest investment made by Philips is in the manufacturing of mobile surgical units which will be an add-on to the wide range of existing products. The company has been committed to going carbon neutral and is thus working in an efficient way to reduce pollution. Founded in 1891, Philips has recently crossed €17.83 billion in revenues.
Cardinal Health is one of the corporations which are directly engaged in the conduction of clinical trials of different drugs. Starting as a food wholesaler, this multimillion-dollar corporation has transformed itself into a well-known name when it comes to choosing healthcare products. Actinium-225, a potential treatment for prostate, breast, and colon cancer, is being manufactured and marketed by Cardinal Health under the clauses of an agreement with TerraPower. Moreover, the popularity and trustworthiness of Cardinal Health can also be estimated by the fact that its products are being employed to work in nearly 75% of the hospitals in the USA.
GE Healthcare specializes in the manufacturing of diagnostic imaging agents which are to be injected prior to the conduction of body scans. The company implements data analytics and thus predicts the best outcomes when it comes to choosing a product.
An MRI scanner
Becton, Dickinson & Company
Becton, Dickinson & Company, famously known as BD, is, once again, a US-based healthcare corporation that focuses on the manufacturing of medical devices. Its products, however, are not only restricted to medical supplies rather extend to diagnostics as well. Different assays, laboratory reagents, and integrated diagnostic solutions are notable items. Furthermore, falcon tubes made by BD are one of its most runny products.
Siemens Healthineers AG, formerly Siemens Healthcare, is a subsidiary of a German multinational corporation named Siemens AG. The company has a notable reputation for manufacturing imaging machines such as magnetic resonance imaging (MRI) scanners among other items. Moreover, blood analyzers are also manufactured by Siemens Healthineers. With €21.7 billion in revenue, Siemens Healthineers has secured its place in the healthcare business for the future.
Baxter International Inc. is a multinational healthcare company headquartered in Illinois. Under this one name, two distinct businesses are being run by the name of Baxter’s Bioscience and Baxter Medical Products. With products particularly focused on the management and treatment of kidney disorders, Baxter is famous for its peritoneal as well as hemodialyzers. However, many regenerative medications as well as vaccines are also credited to its name. In 2021, the company generated US$12.78 billion in revenue surpassing its own previous records.
Over the past few decades, the best medical equipment brands have been working tirelessly to produce efficient medical devices which provide healthcare services with quality. On one side, where a corporation is focused on creating effective products, it also has to keep generating revenues to subsequently keep the system running. All of the healthcare companies mentioned in this article put a huge chunk of their profits back into the company’s research and development with an aim to constantly achieve better products. This way, the market is exposed to the latest developments.