The 2024 MTI Top 100 Ranking reflects a drive among the leading medtechs to refocus on revenue growth within fast-expanding segments, coupled with a readiness to separate or spin low-growth industry activities.
Among the leading companies, the fastest growing were Boston Scientific, which re-entered the top ten after continuing with tuck-in M&A; and Stryker, whose high-end medsurg, neurotech and orthopedics businesses were boosted by the purchases of Serf, Vertos, Molli and Artelon. The company continued this strategy in 2025, adding the $4.9bn purchase of mechanical thrombectomy device maker Inari, while exiting spinal implants.
More China-based companies, predominantly in IVDs and imaging, entered the MTI Top 100 Ranking in 2024, pointing to a sustainable new dynamic in global medtech.
IVD companies returned to core business growth, given that the exceptional COVID-19 test sales business was largely over, which was witnessed most visibly at Abbott, Siemens Healthineers and Roche.
Figures shown are for the year ended Dec. 31, 2024, except where noted, while most Japanese companies reported on March 31, 2025.
Unless noted, the MTI Top 100 Ranking and industry subsector tables show reported external medtech-specific sales values of publicly-owned companies at manufacturer level and exclude service revenues. Average annual exchange US dollar exchange rates from 31 December 2024 are used for comparative purposes, regardless of the company’s financial year end.