The medical device sector is a vital component to the overarching life sciences industry and can be used to diagnose and treat a number of diseases and conditions.
In terms of its market growth in the coming years, research from Technavio estimates the global medical device industry to grow by US$120 million between the forecast period 2017 to 2022, with 43 percent of that increase coming from the Americas.
Specific areas of growth within the market will be an increase in urology and opthamology devices as these diseases are expected to rise in widespread presence. In relation to opthamology devices, eye disorders are expected to drive that market growth while kidney-related disease will move the urology device industry growth.
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Including: 3+ stocks to watch as well as valuable market data Get My Free ReportClick here to download for freeOf course, none of the sector‘s growth would be possible without medical device companies in the space working on the development of devices for a variety of therapeutic areas, including chronic diseases. With that in mind, here the Investing News Network looks at the 5 top medical device companies developing innovative technology and medical equipment to treat these ailments, listed in order of market cap size, according to Investing.com’s stock screener. The list was compiled on May 15, 2019.
1. Abbott Laboratories (NYSE:ABT)
Abbott Laboratories creates a wide range of products—from diagnostics, medical devices and branded generic pharmaceuticals—making its reach in the life sciences sector extensive.
In terms of the organisation’s medical device equipment, Abbott Laboratories develops treatment options for vascular disease, such as coronary and carotid stents, catheters and vessel closure devices. Abbott Laboratories also manufactures medical devices for the diabetes market, which includes blood glucose meters that provide accurate results and makes the testing process easier.
The company’s other areas of focus for medical devices range from vision care and developing technologies for myopia, hyperopia, astigmatism, contact lens care and corneal health.
2. Medtronic (NYSE:MDT)
Naturally this list would not be complete without the inclusion of Medtronic, which is one of the largest global medical device manufacturing companies.
With its headquarters in Dublin, Ireland, Medtronic’s devices provide solutions for relieving pain, restoring health and working to extend the lives of millions of people globally. Its primary areas of focus include: cardiac and vascular, minimally invasive therapies, restorative therapies and diabetes.
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Including: 3+ stocks to watch as well as valuable market data Get My Free ReportClick here to download for free3. Stryker (NYSE:SYK)
Much like Medtronic, Stryker is another world leader in innovation in the medical device space.
The company’s products range from medical and surgical to neurotechnology and spine products.
Stryker’s portfolio includes: joint replacement products for the hip and knee; trauma and extremity implants for treatment of bone fractures, conditions of the upper and lower limbs and pelvis; surgical solutions; neurotechnology, in particular for the spine and cranial applications; robotics and navigation; and solutions for sports medicine.
4. Becton Dickinson (NYSE:BDX)
Becton Dickinson is another global medical technology company that is focused on medical discovery, diagnostics and delivery of care.
The company’s technology works to advance clinical therapy for patients and, in turn, the clinical process for healthcare professionals. In terms of its product line, Becton Dickinson’s portfolio ranges from: blood and urine collection, cell analysis systems, diabetes care, diagnostics systems, drug delivery systems, genomics, medical surgical systems and sharps disposal solutions.
5. Intuitive Surgical (NASDAQ:ISRG)
Rounding out the list of medical device manufacturers is Intuitive Surgical, which developed the da Vinci surgical system—the first minimally invasive surgical system that received clearance from the US Food and Drug Administration (FDA).
Intuitive Surgical’s goal is providing assistance to doctors and hospitals with its robotic-assisted platforms, including the da Vinci system. Roughly five million da Vinci procedures have been done, while the system is used by surgeons across 50 US states and 66 countries around the world.
This is an updated version of an article originally published by the Investing News Network in 2016.
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Securities Disclosure: I, Jocelyn Aspa, hold no investment interest in any of the companies mentioned.
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