Conor Stewart
Research expert covering health & pharmaceuticals in the UK & Europe
Medtronic - statistics and facts
After undergoing incredible growth in the last decade, Medtronic now stands as one of the biggest medical technology companies in the world. The revenue of Medtronic was over 32.3 billion U.S. dollars in 2024, up from 17 billion U.S. dollars ten years previously. Medtronic is a medical technology and research company that works in a variety of specialties and sectors, including cardiovascular and diabetes, to name a couple. The company’s operational headquarters is in Minneapolis, Minnesota, currently generating the largest part of its revenues in the United States. However, Medtronic moved its legal base to Ireland for tax reasons in 2015 following its purchase of Covidien.
Areas of the business
The four main business units of Medtronic are the cardiovascular group, the medical surgical group, the neuroscience group, and the diabetes group. The cardiovascular group was the largest within the company with revenues of over 11.8 billion U.S. dollars in 2024. The main focus of this group is to make products such as pacemakers and defibrillators. While the neuroscience group produced a revenue of 9.4 billion U.S. dollars in the financial year 2024. The United States is the single geographical area where the company creates most of its sales, accounting for around 16.6 billion U.S. dollars’ worth in 2043. Although the importance of emerging markets such as Asia and Latin America has been increasing in recent years.Comparison to rivals
The other top medical technology companies in the world were Johnson & Johnson and Abbott Laboratories, respectively. Johnson & Johnson had a medtech revenue of 30.4 billion U.S. dollars in 2023, with Abbott reporting a revenue of 26.9 billion U.S. dollars. Abbott were particularly strong during the COVID-19 pandemic due to its strong diagnostics business segment. According to forecasts, Medtronic, Abbott, and Johnson & Johnson will stay the largest three medtech companies in 2028.
