Who Are The Competitors Of Medtronic In The Medical Industry? Find Out With Our List That Covers Companies Ranging From Johnson & Johnson To Abbott And More!
Source: Competitors Of Medtronic
Have you ever thought about which companies are behind the medical equipment you use in your daily lives or at the hospitals? There are various companies involved in the manufacturing and distribution of such medical devices. From a small syringe to complex medical devices, everything is made by some company out there contributing to creating a better world. You may have heard the name Medtronic when it comes to medical equipment manufacturing. It is a very old and well-established company leading the medical domain. This company has operations in many countries and generates billions of revenue each year. In this article, you will see a brief overview of Medtronic. Post which, I will cover the top 5 competitors of Medtronic in 2023.
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Brief Overview Of Medtronic
Medtronic is an American company primarily dealing in the manufacturing of medical and healthcare equipment and devices. They are currently operating in more than 150 countries with an employee base of around 95000. Medtronic acquired an Irish-based company Covidien in 2015. Hence, their legal operations are based out of Ireland since 2015. Medtronic operates under its four main business units: the Minimally Invasive Therapies Group, the Diabetes Group, the Restorative Therapies Group, and the Cardiac and Vascular Group. Earl Bakken founded Medtronic in 1949 in Minneapolis with his brother-in-law. The company’s initial idea was limited to a repair shop for medical equipment. Later, the company started developing its own medical equipment and devices. As of now, Medtronic manufactures devices to treat and help patients covering up to 30 chronic diseases. The primary chronic diseases for which Medtronic delivers their medical devices are heart failure, Parkinson’s disease, urinary incontinence, Down syndrome, obesity, chronic pain, spinal disorders, and diabetes.
WebSite: Medtronic
Competitors Of Medtronic
There are many businesses and companies that are competitors of Medtronic. However, most of them may not be close to Medtronic in terms of revenue and operations. Hence, I would cover the top 5 companies that are leading the market and are direct and strong competitors of Medtronic.
1. Abbott
Abbott goes by their official name of Abbott Laboratories. It was founded by Calvin Abbott in 1888 in Chicago. He was a physician by profession and owned a drug store. Abbott started off by preparing more consistent formulae for medicinal plants that were used in curing diseases at that time. Later, the development of nutritional products and medical devices was started too. Abbott lists and sells our multiple products as of 2023. It has products in nutrition, diagnostics, and medical devices.
Product List By Abbott
Nutrition
Pediatric nutrition products
Similac
Pedialyte
PediaSure
Adult nutrition products
Ensure
Glucerna (Ensure Diabetes Care in India)
Juven
ZonePerfect
Diagnostics
i-STAT
Alinity
Architect
BinaxNOW
Medical devices
FreeStyle Libre
Cardiovascular Devices
MitraClip
Confirm Rx
Amplatzer Piccolo Occluder
Heartmate
Xience
CARDIOMEMS
Gallant ICD
CentriMag
Neuromodulation Devices
BurstDR Technology
FlexBurst360 Technology
Proclaim DRG Neurostimulation System
Infinity Deep Brain Stimulation System
Proclaim XR Recharge-Free Spinal Cord Stimulator
NT2000IX Radiofrequency Generator
Proclaim Elite Recharge-Free SCS System
Prodigy MRI SCS System
Website: abbott.com
2. Johnson & Johnson
Johnson & Johnson (J&J) is a company that many of you may have heard of. Many of their products are quite known to be used in daily households. Unlike other companies in our list, they do have some medical offerings that you use in your daily lives. J&J is based out of America and has a credit rating of AAA. The only other company to have this credit rating is Microsoft. J&J was founded ni 1886 and has been into the manufacture of pharmaceuticals, medical devices, and consumer packaged goods. J&J primarily works in three business units. These units are pharmaceuticals, MedTech, and consumer health.
An Overview Of J&J’s Business Sectors
Pharmaceuticals
Immunology
Cardiovascular & Metabolic Disease
Pulmonary Hypertension
Infectious Diseases & Vaccines
Neuroscience
Oncology
MedTech
Interventional Solutions
Orthopaedics
Surgery (General & Advanced)
Vision
Consumer Health
Baby Care
Oral Care
Over the Counter Medicines
Skin Health
Women’s Health
Wound Care
J&J also has a division dedicated to research and investments. It is named Johnson & Johnson Innovation LLC (JJI). The main purpose of JJI is to provide early-stage research and help startups with funding and resources. They research and aim to develop technological innovations for the medical domain.
Website: Johnson & Johnson
3. Becton, Dickinson & Company
This company was founded by Maxwell Becton and Fairleigh S. Dickinson in 1897. Hence, the name! However, the company is often referred to as BD in a short form. BD is a medical technology company that provides three main services: manufacturing medical devices, instrument systems, and reagents. Adding to this, the company also provides consulting services in certain locations. BD operates in three business units: BD Medical, BD Life Sciences, and BD Interventional.
BD Medical
It provides consulting services to hospitals, healthcare providers, and healthcare systems.
BD Life Sciences
Preanaltyics for health sample management.
Research on immunology
Lab automation
Microbiology and more
BD Interventional
Critical Care
Urology
Surgical Solutions
Infection Prevention
Biosuergery
Website: Becton, Dickinson & Company
4. Siemens Healthineers
All the companies till now on our list have been from America. However, this company is based out of Erlangen, Germany. It was founded in 1847 in Berlin by Werner von Siemens. The company’s current name was adopted in 2008. Before that, the company had a few other names. As of 2023, Siemens Healthineers is 75% owned by Siemens. The rest is publicly owned in the form of shares and stocks. Apart from Siemens Healthineers, Siemens has acquired around 30+ companies also a few mergers.
Here is the list of products offered by Siemens Healthineers
Angiography and Interventional X-ray Systems
Computed Tomography
Radiation Oncology
Laboratory Diagnostics
Molecular Diagnostics
Molecular Imaging
Magnetic Resonance Imaging
Point-of-Care Diagnostics
Refurbished Systems
Services
Syngo Imaging Software
Ultrasound
X-ray Products
Website: Siemens Healthineers
5. Fresenius Medical Care
The last one on the list is completely amazing. All the companies have been either American or German (only one)! This company is American-German. This company primarily deals in dialysis of patients. Fresenius has established around 4000+ dialysis centers that are serving more than 300,000+ patients on a regular basis. As the company primarily focuses on dialysis, it holds around 40% market share in the United States alone. To be more specific, the company treats end-stage renal disease (ESRD). It is a form of dialysis in which the patients need to undergo dialysis 3 times per week. As of 2023, 32% company is owned by Fresenius. The rest is managed through shares and stocks. Fresenius has also been involved in some acquisitions to expand their business. It acquired Shiel Medical Laboratory and expanded services to New York City. Fresenius also acquired NxStage which is a U.S.-based maker of in-home dialysis devices, for $2 billion.
Website: Fresenius Medical Care
A Brief Comparison Of All Competitors Of Medtronic
You have seen the top 5 competitors of Medtronic in detail. To summarize, here are some pointers that summarize the competitors of Medtronic in brief.
In terms of revenue and equity each company holds, Johnson and Johnson holds the leading position. The primary reason is its involvement in multiple sub-categories of the medical domain.
The other competitors are in this order: Abbott, Becton, Dickinson & Company, Fresenius Medical Care, and Siemens Healthineers.
One amazing point to observe is the revenue generation of Fresenius Medical Care. Where other companies are providing multiple healthcare devices and services, Fresenius has been in the top 5 by only dialysis services for patients.
All companies except Siemens Healthineers have American history. This has been a stronghold and a positive aspect of the US healthcare system.
Only two companies are not 100% owned by the original founders. These are Fresenius Medical Care and Siemens Healthineers. The rest are 100% owned by their founders.
All companies have been regularly involved in mergers and acquisitions to increase their business. Acquiring other similar competitors is an old-school strategy that is used by all the companies on our list.
All the companies in our list of competitors are Public companies. They have been established a long time ago and paved their way. Moreover, every company can be seen employing a huge workforce in all their business units.