Navigating the vast landscape of medical device sales companies can seem daunting. With the U.S. accounting for over 40% of the global medtech market, opportunities are endless yet often overwhelming.
This comprehensive guide simplifies this journey by highlighting vital details about leading players in this industry, from their reputation to product portfolios and work culture.
Key Takeaways of Medical Devices Sales Companies
- Med device sales firms work as a link between tech makers and health providers.
- They sell many types of devices like trauma aids, orthopedic tools, diagnostic gear and more.
- Top companies in 2023 include Medtronic, GE Healthcare, Stryker, Johnson & Johnson and Abbott Laboratories.
- When picking a medical sales job look at the firm’s good name, products they sell and training they provide.
- Some best places to work are Medtronic, Boston Scientific Corporation and Johnson & Johnson.
- To get a top job in medical sales you need to network well and show related skills.
What is a Medical Sales Company?
A medical sales company plays a pivotal role in the healthcare field, operating as a bridge between innovative medical device producers and key stakeholders such as doctors, hospitals, clinics, and patients; they primarily focus on marketing and selling a wide array of devices ranging from simple tools like stethoscopes to complex machinery like MRI scanners.
Role in the healthcare industry
Medical sales companies play a big part in the healthcare industry. They work as a go-between for medical tech firms and health experts. These firms rely on skilled sales reps to sell their devices to doctors and health systems.
They check what clients need and suggest the right products or services to meet those needs. This role which links tech firms with health providers is very important.
Types of medical devices they sell
Medical sales companies sell a wide variety of devices. These can include:
- Trauma medical devices: These are used when a person gets hurt badly. The top device companies in trauma sell these.
- Orthopedic devices: These aid people with bone issues. Many medical sales companies specialize in this area.
- Spine medical devices: These help people with back problems. Some companies focus on spine health and offer a range of supportive devices.
- Surgical tools: These are used by doctors during surgery to treat patients.
- Diagnostic equipment: This type is used to find out what is wrong with the patient.
- Wound care products: These help wounds heal properly and quickly.
- Respiratory machines: People having trouble breathing use these.
- Homecare gear: Devices like wheelchairs and walkers come under this category.
Top 10 Medical Device Companies in the World (2023)
These top 10 Medical Device Companies of 2023, including industry leaders such as Medtronic, GE Healthcare, and Stryker among others, have carved their niches in the global market with breakthrough products and innovative technologies.
Medtronic
Medtronic tops the world’s medical device companies list in 2023. They are known for their advanced, cutting-edge health solutions. With a strong market presence, they made $31.68 billion in revenue in 2022 alone.
The company offers an extensive product portfolio across four solution areas to cover many health conditions. Their spot as a global leader shows their key role and large impact on the healthcare industry.
GE Healthcare
GE Healthcare holds a major spot in the world’s top medical device companies. In 2023, it landed in seventh place, just ahead of Stryker. Over 51,000 people work for this $18 billion company.
They are known for making top notch imaging devices and scanners used by doctors. As one of the leading healthcare technology companies, GE Healthcare is also a big name among diagnostic device manufacturers.
Back in 2021, they made it to the list of top 30 medical equipment suppliers based on sales. With their premium clinical scanning devices, they have a strong stand as key players in the global medical device market.
Stryker
Stryker shines bright in the global medical device market. It ranks as the 8th largest medical device company in 2023. This shows its strong presence and influence in the industry.
Stryker is not just a name, it’s one of the leading medical tech companies. The sales for this top-notch player were amazing in fiscal year 2021. It made it join the list of top global device makers..
Johnson & Johnson
Johnson & Johnson takes second place in the medical device industry. In 2022, they made sales worth $27.43 billion from their MedTech segment alone. They have enjoyed big success in both the pharmaceutical and medtech sectors.
Besides this, Johnson & Johnson are also known for being a great place to work at with plenty of job opportunities.
Abbott Laboratories
Abbott Laboratories stands high in the list of top medical device firms. In 2023, it will be a world leader. The firm grew more than it guessed in 2022. Its tests and tools sold very well.
Abbott’s worker count is over 115,000 people all around the globe. With $31.27 billion dollars coming in, Abbott holds second place for money made by selling medical items. Their smart move, they took over St Jude Medical. This put them up there with the biggest names in their field.
Boston Scientific
Boston Scientific is a big name in the world of medical devices. This company stands tall at number 13 among all other medical device firms globally in 2023. They sell a wide range of devices like surgical tools, biomedical devices and implantable tech.
The company values caring for others and thinking up new ideas. They believe in working hard together to win. But not all has been smooth for this firm. It had money problems and court cases tied to one product called transvaginal mesh. So they’ve seen some very tough times along with their success.
Amgen
Amgen is a big name in the world of medicine. The company began its work on April 8, 1980, in Thousand Oaks, California. Now it has become a global leader in biotechnology. With science and innovation at its core, Amgen keeps pushing new boundaries.
The company is known for turning ideas into helpful medications. Over 115,000 employees across the globe work for this goal every day. These hard-working people make Amgen one of the top medical device companies around the world in 2023.
Fresenius Medical Care
Fresenius Medical Care stands tall among the top 10 medical device companies in 2023. This company sells catheters and vascular care items all over the world. Many people know them as a big name in making and selling such devices.
They follow set rules to make safe products. The FDA has given a thumbs-up to what they make, showing their good work. They do great things for folks who have renal diseases, which affects their kidneys.
Their special tools and help are made just for these patients. All this makes Fresenius Medical Care shine brightly in the market of medical devices.
BD
BD is a huge name in the world of medical devices. In 2023, this company will be the 6th largest on Earth. With a big revenue of $18.87 billion, BD leads in sales over GE Healthcare, which ranks one spot lower at number seven.
It stands strong with global leaders like Abbott, Medtronic and Johnson & Johnson around it on the list.
Genentech
Genentech has a long history in the biotech world. For over 40 years, it’s been making big steps in finding and making new medicines. It’s hard work shows its great power in the medical device field.
Being one of the top 10 companies worldwide says a lot about Genentech’s size and role. With over 115,000 workers across the globe, it plays a big part on quite a large scale.
What to Look for in a Medical Sales Company Job
Choosing the right medical sales company job goes beyond just salary; it’s vital to examine factors like a firm’s reputation, its product portfolio, available training and development prospects, plus compensation and benefits package.
Company reputation
A good name matters a lot for medical sales firms. The top ones are known for treating their workers well. They make sure the work culture is great and benefits are high. But not all have such a good image.
Some might have reports of low worker happiness or poor workplace settings. So, be smart when picking where to work in medical device sales.
Product portfolio
A good product portfolio is key in a medical sales job. Companies want to sell items that are in high demand. Selling these products lets the company stand out. As a sales rep, you will work with these items daily.
So, it’s good if they are easy to use and help the world of healthcare greatly.
Training and development opportunities
Good training helps reps sell more medical devices. High-end firms use e-learning platforms for their sales teams. E-learning allows people to learn while they work and cuts down on class time.
It also gets the reps ready to follow rules that govern how medical devices are sold. the Medical Device Sales All-In Course, many programs give complete training for people wanting to move into medical device sales.
They show all parts of the job, so new hires know what to do right away.
Compensation and benefits
In a medical sales company job, take note of the pay and extras. These can be salary, bonuses or commissions. For example, the average money for a medical sales rep is $155,358 per year.
But those who are really good at their jobs can get over $400,000 each year!
There’s more than just base salary to think about though. Look at other parts of what they offer you as well things like incentives and benefits. In 2016, people selling in the medical device industry made an average base wage of $73,000 but also got extra earnings on top based on how well they sold items or hit targets.
Top Companies to Work for in Medical Device Sales
If you want to work in medical device sales, aim for the top. Here are the ones to watch out for:
- Medtronic: It’s not just a big name. It is the biggest in the world! In 2022, they made more than $30 billion. They sell lots of different medical devices.
- Boston Scientific Corporation: This company is one of the best places to work. They care about their workers and make great products.
- Johnson & Johnson: Known all over the world, this company is also big in medical devices. One of their brands, Acclarent, makes tools for doctors who help people with ear, nose and throat problems.
- Stryker: This company does well in many areas. One of them is selling tools for doctors who help people with ear, nose and throat problems.
- Olympus Corporation: A big name in cameras and lenses, they are also big in medical devices. Their focus is on tools for doctors who work on ear, nose and throat issues.
- Smith & Nephew: This firm has been around for over 160 years! They make a range of devices that help people feel better.
- Integra Lifesciences: Not as well-known as some others here but still a top player. Respect earned through hard work and top-notch products they make.
How to Land a Job with a Top Medical Sales Company
To secure a role with a leading medical sales company, it’s essential to build valuable connections in the industry, showcase relevant experience and skills, and take an active approach in your job hunt.
Network and make connections
To land a job at a top medical sales company, you need to network. Build strong relationships with people in the industry. Get to know who they are and what they do. Go to events where you can meet these people.
Networking is key for job success in medical sales. It can open doors for new jobs that you want. Also, try one-on-one chats with professionals from good companies on how their hiring works and what they look for in hires.
Relevant experience and skills
Having the right skills and experience is key to landing a job in medical sales. First, you need strong knowledge of medical products. This helps in explaining how each device works to doctors or hospitals.
Good past work can also come from internships at medical sales firms or volunteer time at a hospital.
Also, having a bachelor’s degree will open more doors for jobs in this line of work. It shows that you are ready to take on the role. Lastly, being good with people is very important.
You will speak with customers daily so top-notch customer service skills are needed too. In short, aim to know lots about your field and be great at talking with others about it!
Be proactive in your job search
Keep an active role in your job hunt. Don’t sit and wait for jobs to find you. Look at lots of places for medical sales jobs. You can use the web or a hiring office that finds people for the healthcare sales area.
Build links with folks who already work in this field, they could help you land a job faster. Show them what skills you bring to their firm from past jobs or schoolwork. Biotech sales jobs are hard to get but worthwhile because they pay well.
Advancements in Medical Device Technology
Leading-edge advancements such as digital healthcare, nanotechnology, artificial intelligence, robotics, and personalized medicine are revolutionizing the medical device technology landscape.
These developments promise to enhance patient care and provide unprecedented precision in diagnosis and treatment while offering considerable potential for growth and innovation within medical devices sales companies.
Digital healthcare
Digital healthcare is changing how we all live. It uses things like telemedicine, wearable devices, data analytics and more. These tech tools help to make health care better. For example, people can use personal health apps on their phones to keep track of how they are doing.
Doctors can look at electronic health records (EHR) anywhere they need to see them.
Companies that sell medical equipment have great new ways to do their job too. Digital changes make the work less hard and more fast-paced. The use of AI, big data, and robotics helps spark new ideas for connected medical devices.
People don’t mind giving their personal info to these companies if it will help them stay healthy or get better faster. We see a big shift towards digital in the MedTech industry now with the start-up of DSNs and digital gear for doctors.
Nanotechnology
Nanotechnology has changed the way we see medical devices. It is a new field that uses tiny particles to do big jobs. This tech can help make drugs work better and boost the powers of diagnostic tools.
Many are using nanotech to heal wounds faster than ever before. Doctors now have bioengineered skin made with this technology. Nanotech also adds power to nanomedicine, making drug delivery more targeted.
This wave of change reaches far beyond healthcare. In fact, every industry around the world feels its impact. The market value for nanotech in medical devices hit USD 8199.21 million in 2022! Experts predict it will grow even more at a rate of 8.36%.
Artificial intelligence
Artificial intelligence (AI) is making a big splash in the medical device field. This tech uses machine learning and data analysis to make devices smarter. It can help with tasks like reading test results or spotting issues in scans faster than a human could.
AI also helps power tools that doctors use for planning treatments or doing surgery. However, using AI in health care isn’t always easy. The FDA sets rules for how it can be used safely with patients.
But even with these hurdles, AI is set to be a game changer in medical device sales with an expected market worth of $93 billion dollars by 2023.
Robotics
Robots are changing how we treat people in health care. They make surgery safer and more exact. Medical robots can do things that people can’t. For example, they don’t shake like a human hand might during a delicate operation.
Doctors use them to operate on hard-to-reach places in the body with less risk than traditional methods. Robots also help with patient care as nurses and assistants for treatment tasks or movement support.
This exciting growth is due to recent leaps forward in technology, such as AI and robotics. With stricter rules from the FDA, making sure these devices are safe is very important too.
Personalized medicine
Personalized medicine is a big step ahead in health care. It uses things like your genes to tailor treatment just for you. This can help prevent disease and provide more exact care.
Personalized medicine also leads to updates in medical tools. These new tools offer better ways to find and treat health problems. As we keep learning, personalized medicine will get even better.
Advice for a Successful Career in Medical Device Sales
To ensure success in a medical device sales career, individual must continually upgrade their skills and knowledge about the latest advancements and trends in the industry. Embracing adaptability and openness to change is critical given the dynamic nature of healthcare technology.
Strong sales acumen and communication abilities are vital for influencing customers’ purchasing decisions. Lastly, maintaining a professional image helps build trust with clients, setting up long-term business relationships.
Constantly update skills and knowledge
In the medical device sales field, learning never stops. The key to success is keeping your skills and know-how fresh. Stay on top of industry changes with steady research and training for new products or therapies.
Improve product expertise, customer service, and conversation abilities. Be good at fixing problems and really hearing what customers say. This commitment to growth can create more trust from buyers leading to increased sales outcomes.
Be adaptable and open to change
In the field of medical device sales, change is constant. New tools and methods show up all the time. It’s important to go with these changes. To do this, stay ready to learn new things.
Always look for more knowledge about new products on the market. Being open helps you see where needs are changing and can guide choices in what devices to sell next. Staying flexible lets you adjust when plans don’t play out as thought, which can happen often in a fast-moving field like medical device sales.
Building strong ties with healthcare pros also helps adapt quickly by giving access to their firsthand know-how of growing trends and user needs within the health sector.
Develop strong sales and communication skills
Sales jobs need good talking and selling skills. Good talkers best sell medical devices. They explain the working of the device well to others. A strong sales rep knows his product very well.
He can solve problems that may come up. This helps make a sale move smoothly. They also have empathy and listen to what customers want or need most.
Maintain a professional image
Looking good and acting right are key steps to a great career in medical device sales. This means dressing well, speaking clearly, and showing respect at all times. Medical sales representatives should show up before doctors to make a strong mark.
Lunch breaks are not the time to rest. Use this time smartly for making friends with new people. It may help you learn about new healthcare devices or even get more business. Always stay updated on the newest tools in healthcare too!
Challenges Facing Medical Device Sales Companies
Navigating the medical device sales industry comes with a unique set of challenges, including stricter regulations, market saturation, fierce competition among companies, and constant pricing pressures.
Stricter regulations
New rules make selling medical devices harder. The FDA and other groups push for safer and better products. This means more checks to make sure things are done right. Keeping up with these rules takes time and money.
But, if companies don’t follow them, they could get in trouble or even lose sales because of unsafe products. It’s a big task but making sure that patient safety is top concern is always the key goal.
Saturation of the market
Too many new players are joining the market. This leads to a high number of products being for sale. This is called market saturation and is a big problem for medical device sellers.
More choice makes it harder for companies to sell their devices. It also forces them to drop their prices to stay competitive. At the same time, these devices are costly to make. So, this can lead to lower profits or even losses.
Also, with COVID-19 around, fewer sales visits are taking place in person. This means fewer chances of getting new business and selling more products.
For firms looking to stand out from the crowd, marketing becomes a key tool. it’s how they show customers why their product is worth buying over others’. Having a trusted brand helps too people like buying from names they know and trust.
Fierce competition
Many firms sell health tools. This makes the medical device field very tough. More new brands enter this market often. They come with fresh products that can shake things up.
The European market is known for its intense rivalry in the health tool industry. Success here is not easy. Legal and environmental factors also change how sales are made. Yet, it’s hard to grow earnings with these challenges around.
Pricing pressures
Prices for medical items cause stress. Many times, companies hand over the extra costs to buyers by raising prices. Selling costly devices can be tough for sales people. Buyers want lower prices, but large operations cost a lot for medtech firms.
It is hard to set and keep standard prices in place too. Pricing is key when you are selling medical devices.
Leading Players in the Global Medical Device Industry
The worldwide medical device industry is powered forward by pioneering giants like Medtronic, GE Healthcare, Johnson & Johnson, and Abbott. These titans shape healthcare through revolutionary innovations spanning surgical tools, implants, diagnostics, and beyond.
Medtronic
As the largest global medical device company, Medtronic generated over $31 billion in 2022 across product categories including cardiovascular, neuroscience, medical surgical, and diabetes. Its extensive portfolio empowers improved outcomes for millions.
GE Healthcare
A top 10 medtech firm, GE Healthcare enables precision health through intelligent devices, data analytics, and imaging solutions like MRIs and CT scanners. Its innovations benefit over 1 billion patients annually.
Johnson & Johnson
With over $27 billion in medical device sales in 2022, Johnson & Johnson is both a pharmaceutical and medtech leader. Its offerings range from orthopedics and surgery to vision care, showcasing its diversity.
Abbott
As a pioneer in life-changing technologies, Abbott reported over $43 billion in total 2022 sales. Its medical device arm provides breakthrough innovations in diabetes care, heart health, neuromodulation, and diagnostics.
Siemens Healthineers
Siemens Healthineers is a pioneer in medical imaging and lab diagnostics, generating €21 billion in 2022 revenue. Its mission to drive progress through technology improves patient experiences and healthcare outcomes worldwide.
Frequently Asked Questions about Medical Devices Sales Companies
1. What do Medical Device Sales Companies Do?
Medical device sales companies sell health and medical equipment to hospitals, clinics, and other healthcare facilities.
2. Do you Need a Special Degree to Work in Medical Device Sales?
Typically, a bachelor’s degree is required for entry-level jobs in medical device sales, although some positions may require specialized knowledge or previous experience.
3. How Much Can I Earn Working in a Medical Devices Sales Company?
The pay varies greatly depending on factors like your role, location, level of experience and the specific company you work for.
4. Can Anyone Buy from a Medical Device Sales Company?
No, generally only authorized healthcare providers such as hospitals or clinics can purchase from most medical device firms due to regulatory laws.
5. Where are these Companies Usually Located?
Many large-scale medical device selling businesses operate globally but have headquarters in the United States or Europe where they were first started.
Conclusion and Summary of Definitive Guide to Medical Devices Sales Companies
The global medical device landscape is led by visionary companies like Medtronic, GE Healthcare, Johnson & Johnson, Abbott, and Siemens Healthineers. As pioneers within their respective specialties, these giants continue pushing the boundaries of healthcare innovation.
Leveraging vast R&D resources and unmatched manufacturing capabilities, they bring revolutionary technologies like MRI scanners, insulin pumps, and surgical robots to market. Their substantial portfolios deliver transformative solutions enabling more precise diagnoses, less invasive treatments, and improved patient experiences.
However, myriad dynamic startups and mid-size players also make valuable contributions across medical niches. Together with public health agencies and governing bodies, this expansive medtech ecosystem collaborates to enhance quality of life for people worldwide.
Driven by the shared mission of saving and improving lives, leading medical device companies will continue shaping the future of healthcare through bold research, technological innovation, and global accessibility of cutting-edge medical solutions.
Image Credit: Narongritsr / 123RF.com (Licensed). Photo Illustration by: Doctor Marketing, MD.
Doctor Marketing, MD™ is a leading content creation, distribution and marketing agency. The firm works with Top Doctors and Surgeons, Healthcare Companies, Medical Professionals, Private Practices, Medical Groups and Clinics, Hospitals, Executives, and Leaders in the Healthcare Industry and specialty Medical sectors. Doctor Marketing, MD™ has built a world-class content writing team of award-winning writers, SEOs, copywriters, wordsmiths, and ghostwriters. They’ve perfected a proprietary content assembly line process, and further specialize in large-scale content production through well-crafted blog posts, articles, and medical content pieces that attract new patients.
- Healthcare Social Media Marketing - October 3, 2024
- Healthcare Digital Marketing - October 2, 2024
- Healthcare Content Marketing - October 1, 2024
