Medtech industry revenue, research spending and employment declined in the first year of the COVID-19 pandemic, according to a Medical Design & Outsourcing analysis of financial data.
Total sales, R&D spending and employment for the world’s largest medical device companies declined in 2020 and early 2021, according to a Medical Design & Outsourcing analysis tallying the ongoing pandemic’s initial toll on the industry.
To compare performance before and during the pandemic, MDO used the financial data that we’ve historically gathered to rank our Big 100 companies in the last three years. The majority of these companies reported full-year results for 2020; others operate on a fiscal year and reported annual results in the first half of 2021.
Some companies are not in this year’s Big 100 but were included in the analysis because they were ranked in pre-pandemic years. The handful of companies that joined this year’s Big 100 list are excluded from this analysis because they were not previously ranked.
Aggregate revenue for approximately 100 of the largest companies in medtech dropped 1.2% in 2020 compared to 2019. Revenues for this group totaled nearly $415.3 billion in 2020. Medtech’s biggest companies made $420.3 billion and $374.4 billion in 2019 and 2018, respectively.
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