Best Remote Healthcare Companies To Work For – Named one of the top 10 remote patient monitoring solutions companies in 2022, providing easy-to-use solutions for the new digital health era.
Healthcare Tech Outlook, a print and digital platform focused on providing the healthcare industry with the latest information about programs and services available in the new digital healthcare era, recently named Arogya as one of the top 10 remote patient monitoring solutions companies in 2022.
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Chronic health conditions contribute to the exorbitant cost of healthcare in the United States. ’s all-in-one platform combines the benefits of behavioral design and artificial intelligence, making it easy for hospitals and providers to monitor patients, while providing them with guidance and support from a health coach.
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The medical devices market continued to experience stellar growth in 2020, with the complex needs of patients, the Covid-19 pandemic encouraging companies to develop and create new innovative solutions. In 2020, the global medical devices market was valued at around $456.9bn and is expected to reach an impressive US$612.7bn by 2025. Growth is driven by a combination of factors, including an increase in the number of healthcare facilities, rising healthcare costs, technological advances and an aging population.
Below, we’ve ranked the leading medical device companies based on their 2020 revenue, looking only at their medical device segment results. The list shows the top 10 largest medical device companies in the world in 2021:
American multinational medical technology specialists, Stryker, ranked tenth in 2020. With 43,000 employees worldwide, Stryker focuses on creating innovative solutions in orthopedics, medical and surgical solutions, neurotechnology and spine care that help improve patient conditions and hospital outcomes. Until 2020, Stryker had experienced 40 consecutive years of growth, but with a reduction in medical procedures due to the Covid-19 pandemic, the company’s sales declined by 3.6% in 2020. In late 2020, Stryker acquired Wright Medical Group, a medical The device company focuses on extremities and biologics. Going forward, the acquisition has greatly enhanced the company’s trauma and extremity position, providing significant opportunities to drive innovation and reach more patients.
With over 100 years of experience and 50,000 employees, Cardinal Health is widely known for providing pharmaceuticals, medical products and services that support healthcare providers. In fiscal 2021, Cardinal Health’s medical segment grew by a solid 8%, driven by the positive impact of PPE sales resulting from demand from the Covid-19 pandemic and higher volume sales for the lab business. Looking ahead, the company expects to see flat growth in 2022, assuming alternative processes return to pre-Covid levels. Outside of Covid-19, the company recently announced that it has completed the sale of its Cordis business and moving forward, the company is committed to focusing on their focused portfolio and investing in technology advancements to improve patient outcomes.
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Siemens Healthineers ranks eighth in the list of top medical device companies. Headquartered in Germany, Siemens Healthineers is the medical technology arm of automation and electronics conglomerate Siemens. The company’s revenue fell slightly, with sales falling 3% to $17.0bn (€14.5bn), driven by a decline for diagnostics, due to fewer regular testing appointments due to social restrictions put in place to manage the spread of Covid-19. . Imaging and advanced therapy segments saw slight growth on a comparable basis. Imaging, particularly computed tomography, has seen very strong growth as CT scans have become increasingly important for the treatment of Covid-19 positive patients. Going forward, the company continues to make progress with their digital transformation and is committed to supporting healthcare providers by empowering them on their journey towards expanding precision medicine, transforming care delivery and improving the patient experience.
Commonly referred to as BD, Becton Dickinson & Company is an American multinational medical technology company that manufactures and sells medical devices, instrument systems and reagents. BD revenues fell slightly (-1%) with sales of $17.1bn; This was as a result of the negative impact of the Covid-19 pandemic on healthcare services being significantly disrupted. The company also had to invest heavily to cover the cost of fixing its problematic Alaris infusion pump. However, the business returned to growth in Q4 due to BD Life Sciences’ significant success with its integrated diagnostic solutions division developing an innovative Covid-19 test. Going forward, BD drives growth by building a strong portfolio of innovations that address unmet clinical needs, develops solutions for both acute and non-acute settings, and brings to market products that meet the needs of patients at home, in the hospital or wherever.
Rounding out the top 10 is GE Healthcare, a leading global medical technology and life sciences company. With a broad portfolio of products, GE Healthcare is widely recognized for its imaging, ultrasound, software and life care solutions. In 2020, sales fell 10% due to the divestment of Biopharma, now known as Citiva, which manufactures medical devices to support the biotech industry. However, Life Care Solutions performed well by increasing the production capacity of quadruple Carescape R860 ventilators and other technologies used in the diagnosis and treatment of Covid-19. In an annual letter to his shareholders, CEO, H. Lawrence Culp Jr. commented, “Healthcare grew revenue organically in 2020 and delivered strong margin and cash operations. Through it all, we invested for the future, launching and acquiring over 40 new products. Prismatic Sensors, which specializes in photon-counting CT technology. Healthcare focuses on progressive imaging technologies with digital at the forefront.
Fresenius, a German-based international healthcare company, ranks fifth in the list of top medical device companies. With more than 300,000 employees in more than 100 countries, Fresenius Medical Care is the world’s largest provider of services and products for people with renal diseases. In 2020, Fresenius Medical Care sales increased by 2% and revenue reached $21.0bn (€17.9bn). Despite the challenges of the pandemic, Fresenius Medical Care was able to provide more dialysis treatment at home for patients. In 2020, the company presented its 2025 strategy, with plans to focus on three key areas: renal care continuum, critical care solutions, and complementary assets.
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With over a hundred years in business, Philips is a diversified technology company. Philips’ healthcare division accounts for 42% of their global revenue and is made up of three main areas: diagnostics and treatment, connected care and personal health. In 2020, Philips’ health products and solutions delivered 6% year-on-year growth, reaching sales of $22.6bn (€19.1bn), positively impacted by a more favorable currency exchange rate. This was as a result of a strong performance in the second half of the year after a challenging first half due to the impact of Covid-19. For diagnosis and treatment, sales declined slightly with weaker growth for diagnostic imaging and declines for image-guided therapies and ultrasounds. Connected care grew well, driven primarily by Covid-19-generated demand, with strong performances for monitoring and analytics and sleep and respiratory care. In a letter to shareholders, CEO Frans Van Houten commented that “the past year’s developments validate our strategy to innovate care provision along the health continuum – putting the patient at the center, improving diagnostic and treatment pathways, enabling integration. care in care settings, and increase care provider productivity. At the same time, we help clients live a healthy lifestyle and combat chronic disease. Increasingly, we are able to connect home and hospital care through telehealth platforms. This approach is resonating stronger than ever.”
American multinational, Abbott, secures its place in the top 3 medical device companies this year. Founded over 130 years ago, Abbott is headquartered in Illinois and delivers medical devices and healthcare solutions to more than 160 countries. With 107,000 employees worldwide, the company is known for making breakthrough products in diagnostics, medical devices, nutrition and branded generic pharmaceuticals. Abbott’s medical devices and diagnostics divisions grew well, up 13% year over year. Abbott played an integral role in developing diagnostic tests for the early stages of the Covid-19 pandemic.
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