Kevin JohnsonMedtronic is a world-leading healthcare technology company based in Dublin, Ireland. Earl Bakken and Palmer Hermundslie founded the company in 1949 as a medical equipment repair shop in Minneapolis, Minnesota. In 1957, a power outage across Minnesota and Wisconsin highlighted the deficiencies of artificial pacemakers of the day. Earl Bakken partnered with Doctor and Heart Surgeon Walton Lillehei of Minnesota Medical School to create the first battery-powered external pacemaker.
In 1997, Medtronic opened a pacemaker production site in Switzerland. This facility makes one in five pacemakers implanted globally. In May 2023, Medtronic employed over 95,000 people across 150 countries. [1]
Medtronic’s technologies and therapies treat 70 health conditions. The company also offers medical equipment, including cardiac devices, surgical robotics and tools, insulin pumps, and patient monitoring systems. In October 2022, Medtronic spun off its patient monitoring and respiratory interventions business. The company will now focus on heart and diabetes devices to complement its portfolio.
In August 2023, the company raised its annual profit forecast to reflect increased demand for its medical equipment. However, Medtronic faces stiff competition from Abbott Laboratories, Stryker, and Boston Scientific. [2]
Here is an in-depth analysis of Medtronic’s top competitors and alternatives:
1. Abbott Laboratories
Year founded: 1888
Headquarter: Chicago, Illinois
Abbott is a global healthcare leader specializing in medical devices, diagnostics, nutritionals, and branded generic medicines. The company has 115,000 employees in over 160 countries. In May 2023, Abbott received FDA approval for its TactiFlex Ablation Catheter. The product is the world’s first ablation catheter with a flexible electrode tip and contact force sensor to treat patients with atrial fibrillation.
Abbott is renowned for its diagnostics and medical devices. Its FreeStyle Libre 2 was the first continuous glucose monitoring (CGM) system to receive national reimbursement in France in June 2023 to cover people with diabetes using insulin. In June 2023, the company received FDA approval for its AVEIR leadless pacemaker system. Abbott is the top Medtronic competitor and alternative. [3]
2. Stryker Corporation
Year founded: 1941
Headquarter: Kalamazoo, Michigan
Stryker is a world-leading medical technology company. Its products serve over 130 million patients annually. As of August 2023, Stryker has around 51,000 employees. [4]
Stryker provides innovative products and services in medical, surgical, neurotechnology, spine, and orthopedics. In May 2023, the company raised its full-year profit forecast after recording increased demand for its surgical devices. Stryker is one of the top competitors for Medtronic. [5]
3. Boston Scientific Corporation
Year founded: 1979
Headquarter: Marlborough, Massachusetts
Boston Scientific offers medical devices for specialty treatments. The company has over 41,000 employees. In Q2 2023, Boston Scientific received FDA 510(k) clearance for the OverStitch NXT System and EMBOLD Soft. The OverStitch NXT enables suture placement and soft tissue approximation during endoscopic procedures.
Boston Scientific operates through three segments: Rhythm Management, Cardiovascular, and MedSurg. It competes against Medtronic across all three departments. In Q2 2023, the company received FDA approval for the Vercise Neural Navigator 5 Software. It works with Vercise Genus brain stimulation systems to provide clinicians with actionable data for treating people living with Parkinson’s disease. Boston Scientific is a worthy alternative to Medtronic. [6]
4. Johnson and Johnson (J&J)
Year founded: 1886
Headquarter: New Brunswick, New Jersey
J&J is a global healthcare giant that offers pharmaceuticals, medical gadgets, and consumer products. In 1998, J&J acquired DePuy Synthes and integrated it into the Johnson & Johnson Medical Devices segment. DePuy Synthes offers orthopedic and neurosurgery devices, which compete against Medtronic’s offerings.
The main competitive advantage of J&J is its valuable brands and global network. The company has around 250 subsidiaries and operates in 60 countries. In June 2023, J&J’s DePuy Synthes partnered with GE HealthCare to deliver GE’s 3D Imaging System to more spine surgeons and patients across the US. J&J is a formidable competitor for Medtronic. [7]
5. Fresenius Medical Care
Year founded: 1996
Headquarter: Bad Homburg, Germany
Fresenius Medical Care is a German healthcare company. It provides kidney dialysis services through a global network of outpatient dialysis centers. In June 2023, Fresenius had 124,295 employees.
Fresenius and Medtronic provide medical devices and services, but Fresenius specializes in dialysis machines and dialyzers for people with renal diseases. As of June 2023, the company treated 344,086 patients in 4,050 dialysis clinics worldwide. Fresenius Medical Care is the best alternative to Medtronic for dialysis products and treatments. [8]
6. Philips Healthcare
Year founded: 1896
Headquarter: Amsterdam, Netherlands
Philips is a former industrial conglomerate. The company launched Philips Healthcare to offer medical technology. In Dec 2022, Philips had around 74,000 employees.
Philips is renowned for providing high-quality tech products. In June 2021, Philips recalled millions of respirators to treat sleep apnoea. The company has produced around 99% of respiratory devices and repair kits to replace defective Respironics. However, the litigation and investigation by the US Department of Justice is ongoing. This event undercuts Philips Healthcare’s competitive advantage over Medtronic. [9]
7. GE Healthcare
Year founded: 1994
Headquarter: Chicago, Illinois
GE HealthCare is a medical technology company, previously part of General Electric. In January 2023, General Electric spun off GE HealthCare and retained a 20% stake in the new entity. The company has around 50,000 employees.
GE HealthCare is a leader in medical tech, pharmaceutical diagnostics, and digital products. Hospitals and clinics rely on GE’s integrated solutions, services, and data analytics to boost efficiency and precision in therapies.
In June 2023, GE HealthCare signed a distribution deal with DePuy Synthes. DePuy Synthes will deliver GE’s OEC 3D Imaging System to more US surgeons and patients. GE HealthCare is one of the top competitors for Medtronic. [10]
8. Siemens Healthineers
Year founded: 1847
Headquarter: Erlangen, Germany
Siemens Healthineers is a German healthcare solutions and services provider. The company was spun off from Siemens in 2017. In Dec 2022, Siemens Healthineers had around 69,500 employees. [11]
Siemens Healthineers works with its regional companies to develop their product and service portfolio. They combine AI-supported applications and digital offerings to deliver the next-gen medical technology. Unlike Medtronic, Siemens Healthineers specializes in in-vitro and in-vivo diagnostics, image-guided therapy, and cancer care. Siemens Healthineers is a worthy alternative to Medtronic.
9. Cardinal Health, Inc.
Year founded: 1971
Headquarter: Dublin, Ohio
Cardinal Health is an American multinational healthcare services provider. The company distributes pharmaceuticals and medical products to over 30 countries globally. As of August 2023, Cardinal Health had around 46,500 employees.
Cardinal offers customized solutions for hospitals, healthcare systems, clinical laboratories, pharmacies, ambulatory surgery centers, and physician offices. In Q4 2023, Cardinal Health launched the new Navista Network to support community oncologists. The company also partnered with TrakCel to offer integrated cell and gene therapy software. Cardinal Health is one of the best alternatives to Medtronic. [12]
10. Becton Dickinson (BD)
Year founded: 1897
Headquarter: Franklin Lakes, New Jersey
Becton Dickinson (BD) is a multinational medical technology company. BD offers medical devices, instrument systems, reagents, analytics, and consulting services. In 2022, the company had over 70,000 employees.
Becton Dickinson created the Alaris infusion system. However, the company recalled some of the Alaris pumps in 2020 due to concerns they could lead to quicker or slower medicine delivery. In July 2023, BD received US FDA clearance for its drug infusion system. The company will begin shipping the devices in 2024. The return of the Alaris infusion system to the market increases Becton Dickinson’s competitive advantage over Medtronic. [13]
11. Baxter International
Year founded: 1931
Headquarter: Deerfield, Illinois
Baxter is an American multinational healthcare company. Millions of patients, caregivers, and healthcare providers use Baxter’s diagnostic, critical care, kidney care, nutrition, hospital, and surgical products. As of July 2023, Baxter provided products, digital health solutions, and therapies in over 100 countries.
Baxter is best known for its products to treat kidney diseases and other chronic medical conditions. However, Baxter seeks to spin off its kidney care global business to create Vantive, an independent and publicly traded company.
In Q2 2023, Baxter received the FDA premarket approval for its PERCLOT absorbable hemostatic powder. Baxter is one of the best alternatives to Medtronic. [14]
12. Edwards Lifesciences
Year founded: 1958
Headquarter: Irvine, California
Edwards Lifesciences is a medical technology company. It offers artificial heart valves and hemodynamic monitoring solutions. In 2022, the company had over 15,000 employees.
Edwards Lifesciences provides patient-focused innovations for structural heart disease and critical care monitoring. The company developed a transcatheter aortic valve replacement (TAVR) device.
In July 2023, Edwards Lifesciences raised its sales and profit forecasts, but slower-than-expected TAVR revenue growth dragged its shares down. Edwards Lifesciences is one of the best alternatives to Medtronic for artificial heart valves. [15]
13. Roche Group
Year founded: 1896
Headquarter: Basel, Switzerland
Roche is a Swiss pharmaceutical group. The company offers medical devices and instruments under the Roche Diagnostics segment, which competes against Medtronic’s products. In 2022, Roche had around 100,000 employees.
Roche was one of the pioneers of targeted treatments and antiretroviral drugs. The company is the world’s leading supplier of cancer medicines. In July 2023, Roche partnered with US biopharmaceutical firm Alnylam to co-commercialize Zilebesiran for treating hypertension. As a Roche division, Roche Diagnostics has enough resources to compete and poach some customers from Medtronic. [16]
14. Danaher Corporation
Year founded: 1984
Headquarter: Washington, DC
Danaher is a globally diversified conglomerate established by brothers Stephen and Mitchell Rales. The corporation has over 20 operating companies, including Beckman Coulter, Implant Direct, and Leica Biosystems. As of July 2023, Danaher Corp had around 81,000 employees. [17]
Danaher and Medtronic offer medical devices, but Danaher designs, manufactures, and markets industrial and commercial products. The company is a science and technology innovator with a family of world-class brands. Danaher is a worthy competitor for Medtronic.
15. B. Braun Group
Year founded: 1839
Headquarter: Melsungen, Germany
B. Braun is a medical and pharmaceutical device company. The group operates in over 64 countries through regional entities. As of June 2023, B. Braun employed over 64,000 people.
B. Braun offers medical and pharmacy products to help healthcare providers improve patient satisfaction and treatment outcomes. In June 2023, Rockwell Medical, Inc. signed a three-year co-promotion agreement with B. Braun. This deal increases B. Braun’s competitive advantage over Medtronic. [18]
References & more information
- Medtronic plc (2023, May 25). Medtronic reports full year and fourth quarter fiscal 2023 financial results; announces dividend increase. PRNewswire
- Satija, B. (2023, Aug 22). Medtronic raises profit forecast as surgeries return to pre-pandemic levels. Reuters
- Abbott (2023, Jul 20). Abbott Reports Second-Quarter 2023 Results. PRNewswire
- Stryker Corporation (2023, Aug 3). Stryker reports second quarter 2023 operating results. Globe Newswire
- Reuters Staff (2023, May 1). Stryker lifts profit forecast on robust demand for devices. Reuters
- Boston Scientific Corporation (2023, Jul 27). Boston Scientific announces results for the Second Quarter 2023. PRNewswire
- Newmarker, C. (2023, Jun 21). GE Healthcare and DePuy Synthes are partnering in spine surgery. Mass Device
- Fresenius Medical Care Holdings, Inc. (2023, Aug 2). Fresenius Medical Care successfully executes a strategic plan and narrows the guidance range. PRNewswire
- Reuters Staff (2023, Jul 24). Philips slightly raised its 2023 outlook after the second-quarter core profit beat. CNBC
- GE Healthcare (2023, Jun 21). GE Healthcare Announces Collaboration with DePuy Synthes to Bring Advanced 3D Precision Imaging to Spine Practices in the US. Business Wire
- SH Staff (2023, May 10). Siemens Healthineers is on track after a successful second quarter. SiemensHealthineers.com
- Cardinal Health (2023, Aug 15). Cardinal Health Reports Fourth Quarter and Full Year Results for Fiscal Year 2023. PRNewswire
- Reuters Staff (2023, Jul 25). Becton Dickinson shares hit record high after US FDA clears return of drug infusion system. Reuters
- Baxter International Inc. (2023, Jul 27). Baxter Reports Second-Quarter 2023 Results. Baxter.com
- Reuters Staff (2023, Jul 27). Edwards Lifesciences shares fall as slow heart-valve growth dulls forecast raise. Reuters
- Reuters Staff (2023, Jul 24). Roche enters a partnership with Alnylam for hypertension therapy. Reuters
- Danaher Corporation (2023, Jul 25). Danaher Reports Second Quarter 2023 Results. PRNewswire
- Rockwell Medical, Inc. (2023, Jul 29). Rockwell Medical Announces 3-Year Co-Promotional Collaboration with B. Braun Medical. Business Wire
- Featured Image by Robina Weermeijer
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