Conor Stewart
Research expert covering health & pharmaceuticals in the UK & Europe
Medtronic - statistics and facts
In 2022, Medtronic Inc was one of the biggest medical technology company in the world, with a revenue of over 31.2 billion U.S. dollars. The company has seen incredible growth in the last decade and a half. In 2006 revenue stood at 11.3 billion U.S. dollars, while in 2014 revenue was at 17 billion U.S. dollars. Medtronic is a medical technology and research company that works in a variety of specialties and sectors, including cardiovascular and diabetes, to name a couple. The company’s operational headquarters is in Minneapolis, Minnesota, currently generating the largest part of its revenues in the United States. However, Medtronic moved its legal base to Ireland for tax reasons in 2015 following its purchase of Covidien.
Areas of the business
The four main business units of Medtronic are the cardiovascular group, the medical surgical group, the neuroscience group, and the diabetes group. The cardiovascular group was the largest within the company with revenues of over 11.5 billion U.S. dollars in 2023. The main focus of this group is to make products such as pacemakers and defibrillators. While the medical surgical group produced a revenue of 8.4 billion U.S. dollars in the financial year 2023. The United States is the single geographical area where the company creates most of its sales, accounting for around 16.4 billion U.S. dollars’ worth in 2023. Although the importance of emerging markets such as Asia and Latin America has been increasing in recent years.Comparison to rivals
The other top medical technology companies in the world were Abbott Laboratories and Johnson & Johnson, respectively. Abbott Laboratories had a worldwide revenue in 2022 of just over 43 billion U.S. dollars, while Johnson & Johnson’s revenue was around 27 billion U.S. dollars. Abbott laboratories were particularly strong during the COVID-19 pandemic due to its strong diagnostics business segment. According to forecasts, Medtronic, Abbott, and Johnson & Johnson will stay the largest three medtech companies in 2028.
