The 2023 MTI 100 list reflects a below-average level of M&A activity. The threshold for inclusion rose to half a billion US dollars for the first time. Several new names – many of them China-based IVD and other medical device manufacturers – have entered the lower reaches of the Top 100.
The table also reflects the winding out of COVID-based revenues, especially among IVD players – with the top ten companies Abbott and Roche the most visible examples of this.
Industry restructuring for faster growth and shareholder value creation predominate the thoughts of the leading players, and also many of those lower down the Top 100 ranking who are seeking rapidly to exploit the transformation of healthcare delivery, be it a place-based shift or by means of technology-driven innovations that are increasingly AI-enabled.
Figures shown are for the year ended 31 December 2023, except where noted, while most Japanese companies’ 31 March 2024 year-ends are reflected.
Unless noted, the Top 100 and key industry subsector tables show reported external medtech-specific sales values of publicly owned companies at manufacturer level and exclude service revenues unless noted. Average annual exchange US dollar exchange rates from 31 December 2023 are used for comparative purposes, regardless of the company’s financial year end.