Next in Line: Four Medtech Companies Eyeing the Top 30

Breaking into MPO’s Top 30 Medical Device Companies isn’t easy. Just outside this year’s rankings are four companies that continue to gain momentum through new technologies, expanding global footprints, and strong commercial performance. Here’s a closer look at the firms that came closest to making the list.

Hologic

The Marlborough, Mass.-based women’s health, diagnostics, and medical imaging company just missed the top 30 with relatively flat (+1.7%) fiscal year 2025 product and service revenues sitting slightly atop $4.1 billion. An increase in Diagnostics, GYN Surgical, and Skeletal sales marginally overpowered flagging Breast Health revenues. 

The success of Hologic’s Molecular Diagnostics business rested mainly on higher BV/CV assay sales, with support from a slower-growing Cytology business. GYN Surgical celebrated a $22.4 million rise thanks to the company’s early 2025 acquisition of Gynesonics and reported healthy gains in Fluent, MyoSure, and NovaSure sales. Skeletal Health’s success relied on more Horizon DXA sales, offset by Insight FD system sales losses.

The company said Breast Health proceeds were stifled by weaker sales of its 3D Dimensions, Trident HD, and Affirm Prone systems. The $54.9 million of product revenue from its Endomag acquisition and a slight increase in Brevera needle sales were not enough to make up for the loss.

Unfortunately, 2025 is likely the last year in the foreseeable future to potentially reinstate Hologic into the Top 30, because in April 2026 the company went private in an $18.3 merger deal with Blackstone and TPG. The deal’s closing prompted the retirement of 12+ year chief executive Steve MacMillan.

Notable FY25 products

• Gynesonics and Endomagnetics portfolios
• Aptima SARS-CoV-2 assay
• Affirm Contrast biopsy software

Align Technology

The Tempe, Ariz.-based digital orthodontics and restorative dentistry company reported a comparably flat (+0.7% over FY24) $4.03 billion in sales last year. Align attributed the $36 million revenue hike to growth in the sales volume of its Clear Aligners and stronger scanner wand sales. This was tempered somewhat by a decrease of the company’s average selling price.

Clear Aligner sales advanced $15 million because of higher sales volume but were curtailed by a lower average selling price driven by a product mix shift to lower-priced products and higher discounts. Systems and Services proceeds rose $21 million thanks to more scanner wands sold, despite lower scanner systems sales.

In August 2025, Align sued Angelalign alleging its products and related software infringe on Align innovations like multilayer aligner materials, cutting-edge treatment planning, and advanced aligner features.

Notable FY25 products

• Invisalign with mandibular advancement
• Invisalign palatal expander
• iTero intraoral scanner software tools

Getinge

The Gothenburg, Sweden-based company, which manufactures equipment for ICUs, operating rooms, and pharma production, secured SEK 35 billion ($3.81 billion) of revenue in its latest fiscal year, flattening at about 0.6% growth.

The company’s Acute Therapies franchise led the charge with a 4.9% increase. Life Sciences and Surgical workflows grew more slowly, the former rising 4.1% and the latter elevating 2.1%.

Getinge began a partnership with Zimmer Biomet last year. Zimmer Biomet will include Getinge Surgical Workflows into its solutions for U.S. orthopedic ambulatory surgery centers.

Notable FY25 products

• Aquadis 44 washer-disinfector
• Automatiq conveyor automation tool
• Servo-c ventilator
• Neural Pressure Support (NPS)
• Integrated anesthesia workstation
• KidneyVault

Canon Medical

The diagnostic imaging and medical IT business of Tokyo-based Canon recorded ¥580.6 billion ($3.72 billion) of revenue in its most recent fiscal year, which was up 2.1% year-on-year.

The company said that although European and Japanese sales were sluggish, newly contracted distributors in the U.S. “began in earnest” in the second half of the year. Its emerging Middle East and South America markets also welcomed higher revenues.

Canon invested $34 million to open a new headquarters in Cleveland, Ohio, in February 2025. The price includes acquiring a building next to the Cleveland Clinic’s main campus, where the company will launch a comprehensive imaging resource center.

Notable FY25 products

• Adora DRFi hybrid imaging system
• AI enhancements to Aquilion ONE/INSIGHT
• Alphenix 4D CT, Alphenix/Evolve Edition
• Aplio i-series Software Version 9.0