Conor Stewart
Research expert covering health & pharmaceuticals in the UK & Europe
Get in touch with us nowPhilips made its name in the lighting industry, making carbon-filament lamps, and the company established itself as one of the most trusted lighting brands in the world. Developments in lighting technology helped speed the company’s growth. However, Philips broke with tradition in 2016 and decided to split into two separate companies. The lighting business was listed on the Amsterdam stock exchange as Philips Lighting but changed its name to Signify in 2018. The move signaled a significant shift for Philips, transforming into a health technology company, with a focus on medical and wellness innovations.
Today, Koninklijke Philips N.V. – as the company is officially listed – provides personal and professional healthcare solutions, and it is among the top ten medical technology companies in the world. Philips generated around 17.2 billion euros in revenues in 2021 and invested about ten percent of this in research and development. The company had a three percent share of the global medtech market in 2021, but this share is forecast to drop slightly by 2028.
Most of the company’s revenue is generated through its diagnosis and treatment business segment; sales of diagnostic imaging products accounted for 42 percent of all revenues from this segment in 2021. Computed tomography (CT) has become a valuable medical tool, and Philips launched its new Incisive CT scanner in 2019, which not only helps detect and diagnose conditions but is more economical to operate.
