On September 18, the medical device industry website Medical Design & Outsourcing published the 2025 Global Medical Device Company Top 100 Rankings (Medtech Big 100). Among the top ten positions, American companies continue to maintain absolute dominance: Medtronic PLC and Johnson & Johnson MedTech retained their first and second positions respectively; Medline Industries surpassed Siemens Healthineers to rise to third place; Boston Scientific climbed 2 positions to 9th place; BD Medical (Medical and Interventional business) advanced from 12th to 10th position.
Two Chinese companies made this year's rankings:
Mindray Medical Ranking: 25th (↑2) Revenue: $5.01 billion (fiscal year ending December 31, 2024) R&D Investment: $557 million
As China's leading medical device company, Mindray Medical delivered its first interim report showing both revenue and net profit declines since its A-share listing in 2018 for the first half of 2025: revenue of RMB 16.743 billion, down 18.45% year-over-year; attributable net profit of RMB 5.069 billion, down 32.96% year-over-year. Market sources indicate that Mindray is considering a secondary listing in Hong Kong, seeking to raise at least $1 billion, with HTSC and JPMorgan Chase already selected as underwriters.
MicroPort Medical Ranking: 70th (↑3) Revenue: $1.03 billion (fiscal year ending December 31, 2024) R&D Investment: $217 million
MicroPort Medical achieved a key turnaround in the first half of 2025: under non-Hong Kong Financial Reporting Standards, the company recorded an adjusted profit of $1.221 million, compared to a loss of $64.074 million in the same period last year; EBITDA reached $128 million, up 116.2% year-over-year; first-half losses narrowed to $46.6 million (compared to $96.83 million in the same period last year). On the day of the earnings announcement, the company's stock price surged 19.57% in the afternoon session. The performance improvement was primarily attributed to strong overseas market performance, with overseas revenue growing 85% year-over-year in 2024.