Conor Stewart
Research expert covering health & pharmaceuticals in the UK & Europe
General Electric Healthcare - statistics & facts
Spun off from General Electric officially in 2023, GE Healthcare operates today as one of the largest medical technology companies in the world. The Chicago-based company had a revenue of almost 20 billion U.S. dollars in 2023. In the past 15 years, GE Healthcare has not had an annual income of less than 16 billion U.S. dollars, maintaining a strong performance during the COVID-19 pandemic. The company's main focus is imaging solutions such as CTs, MRIs, and X-rays, with the other main segments being ultrasound, patient care solutions, and pharmaceutical diagnostics. In 2022, GE Healthcare held a fifth of the total diagnostic imaging market worldwide.
GE Healthcare has worldwide presence
Alongside its headquarters located in the United States, the North American region generates the highest amount of revenue for the company. This translates into GE Healthcare holding almost a third of the diagnostic imaging devices market in the United States. The second-most important market is Europe, the Middle East, and Africa. Employees for GE Healthcare are based all over the world, with thousands working in EMEA, Asia, and the rest of the world. The business has a prominent market position in all continents. For instance, GE Healthcare is the third-largest establishment in the European imaging market, only behind German-based Siemens Healthineers and the Dutch company Philips.Comparison to rivals
Siemens Healthineers was ranked as the biggest diagnostic imaging company not just in Europe, but worldwide. It is producing a global revenue upwards of 21 million euros in 2023. The medical technology segment – Healthineers – was the most profitable in the wider Siemens AG conglomerate. It is estimated that the life cycle for many medical devices is around 18 to 24 months before a new and improved product is released. Therefore, in order to stay in line with these innovations, medical technology companies need to invest a lot in research and development departments. In 2023, GE Healthcare recorded R&D expenses of over 1.2 billion U.S. dollars, an increase of 400 million U.S. dollars in the preceding two years. With these investments, GE Healthcare will feel confident it will remain one of the biggest MedTech companies in the future.
