“2023: 5 of the Largest Medical Device Stocks to Invest In!

The medical device industry is projected to skyrocket over the coming years, with the global market estimated to reach $550.9 billion by 2023. The rise of the industry is aided by an aging population and advances in medical technology, with many life-saving treatments now relying on medical devices. The 5 biggest companies in the medical device sector in 2023 are projected to be Medtronic, Johnson & Johnson, Abbott Laboratories, Stryker, and Becton Dickinson & Company. These five largest companies currently account for approximately 35 percent of the global medical device market and specialize in a broad range of medical equipment. Medtronic is a Minnesota-based, publicly traded medical technology company, and one of the largest device manufacturers in the world. Medtronic is best known for its cardiac and diabetes medical products, such as pacemakers, insulin pumps, and heart valves. Medtronic also manufactures products for orthopedic, neurology, and ear, nose, and throat medical treatments. Johnson & Johnson is an American multinational healthcare company specializing in pharmaceuticals, medical devices, and consumer products. As of late, the company has shifted its focus toward the medical device sector and is now heavily investing in life-saving medical devices such as diagnostic imaging and surgical tools and health management systems. Abbott Laboratories is an American global healthcare company that operates in more than 150 countries. The company is well-known for its range of diagnostic products, including glucose testing systems, medical imaging equipment, medical tools, and diabetes management devices. Furthermore, Abbott Laboratories also produces health and wellness products such as nutritional drinks and infant formula. Stryker is an American multinational medical technology company that manufactures medical equipment for a variety of specialties including orthopedics, neurosurgery, and cardiovascular. In 2020, Stryker acquired OrthoSpace, a manufacturer of innovative shoulder joint implants. Becton Dickinson & Company, more commonly referred to as ‘BD’, is a medical technology corporation founded in 1897. The company has since gone on to become a major supplier of medical products for the healthcare industry, producing needles, syringes, blood collection systems, and surgical instruments. The medical device industry is at the forefront of technological advances, with companies such as Medtronic, Johnson & Johnson, Abbott Laboratories, Stryker, and Becton Dickinson & Company developing life-saving implantable and wearable devices. As this market increases in size, these five companies will remain at the top of the industry and will continue to shape the future of medical technology.