Top 10 Fastest Growing Medical Device Companies in 2023

Medical device companies continue to maintain a crucial role in enhancing patient care and diagnostic precision in 2023. Through the utilization of their state-of-the-art technology and substantial investments in research and development (R&D), these med tech/medical device companies persist in driving industry innovation beyond the pandemic, thereby laying the foundation for a more streamlined approach against diseases in the future. Let’s examine the list of the top ten fastest growing medical device companies in 2023, ranked by their compound annual growth rate (CAGR). These companies were identified through The Americas’ Fastest-Growing Companies 2023 list by the Financial Times.

Axonics is the fastest growing medical device company in 2023

1) Axonics

Based in California, Axonics is a renowned global medical technology firm dedicated to the development and commercialization of innovative solutions for adults grappling with bladder and bowel dysfunction. Notably, Axonics has achieved significant accolades, securing the second spot on the 2023 Financial Times list of the fastest growing companies in the Americas, as well as landing fourth place on the 2022 Deloitte Technology Fast 500 ranking.

In 2021, Axonics achieved an impressive revenue of $180.3 million, along with a remarkable compound annual growth rate (CAGR) of 543 percent. The company’s most recent financial results for the second quarter of 2023 demonstrated a robust total revenue of $358 million, marking a notable 31 percent increase when compared to the fiscal year 2022 figures.

At the heart of Axonics’ offerings are their sacral neuromodulation systems, a clinically effective therapy that offers enduring relief for adults dealing with overactive bladder and/or fecal incontinence. These systems are distinguished by their user-friendliness, safety and longevity. Furthermore, Axonics leads the field with its exceptional urethral bulking hydrogel, known as Bulkamid, which provides secure and enduring symptom alleviation for women facing stress urinary incontinence.

2) Outset Medical

Headquartered in California, Outset Medical is at the forefront of medical technology, leading the way in simple and cost-effective dialysis. Their groundbreaking Tablo Hemodialysis System, cleared by the US Food and Drug Administration (FDA) for use from hospital to home, signifies a monumental leap in technology, revolutionizing the dialysis experience for patients while streamlining operational aspects for providers. Tablo serves as a comprehensive solution applicable throughout the entire spectrum of care, enabling dialysis to be administered conveniently and proficiently, regardless of time, place, or provider.

The combination of water purification and on-demand dialysate production empowers Tablo to function as a mobile dialysis clinic. With bidirectional wireless data transmission and an exclusive data analytics platform, it ushers in a novel holistic approach to dialysis care.

Notably, the second quarter of 2023 brought a remarkable revenue of $36.0 million, marking a substantial 43.8 percent growth compared to the $25.1 million recorded in the same period of 2022. Outset Medical stands out as one of the rapidly expanding medical device companies, boasting an impressive 271 percent CAGR. This exponential growth can be attributed to robust demand from hospitals, driven by the substantial value derived from the incorporation of Tablo for insourcing dialysis.

3) Inari Medical

Headquartered in California, Inari Medical, Inc. stands as a thriving medical device company in the commercial stage, with a dedicated focus on creating transformative solutions for individuals grappling with venous diseases. Inari’s mission is to make an extraordinary impact on lives by addressing unmet and underrecognized healthcare needs through innovative products.

At the forefront of innovation, Inari Medical is pioneering specialized devices tailored to the intricacies of venous anatomy and clot morphology. With an emphasis on critical vessels involved in venous disease, Inari has engineered tools capable of treating both pulmonary embolism and deep vein thrombosis. Notably, the FlowTriever System has the distinction of being the first mechanical thrombectomy device to receive FDA approval for the treatment of pulmonary embolism.

Financially, Inari Medical has achieved impressive growth, with a second-quarter 2023 revenue of $119.0 million, a noteworthy surge from the $92.7 million reported in the same period of 2022, and a slight increase from the previous quarter’s $116.2 million. The company’s gross profit for the second quarter of 2023 reached $105.2 million, in contrast to the $82.4 million recorded during the corresponding period in 2022. Looking ahead to full year 2023, the company has revised its revenue projection to a range of $482 million to $492 million, reflecting its confidence in continued success and expansion. Its CAGR is 244 percent.

Avita Medical is on the list of the fastest growing medical device companies in 2023.

4) Avita Medical

Avita Medical stands as a pioneering regenerative medicine company, offering a technology platform that addresses unmet medical requirements in the realm of therapeutic skin restoration. Specifically, Avita Medical is revolutionizing the care standards for burn patients through its groundbreaking technology, the Recell System. This patented and proprietary collection and application technology harnesses the inherent regenerative properties of a patient’s own skin, providing ingenious treatment solutions.

At the core of this notable technology is the creation of Spray-On Skin Cells, an autologous suspension comprising the essential skin cells from the patient needed for regenerating a natural, healthy epidermis. This personalized suspension is then delicately sprayed onto the designated treatment areas, facilitating the healing process.

A noteworthy achievement for Avita Medical emerged in the second quarter of 2023, with an impressive revenue of $11.8 million. This figure represents a remarkable 41 percent surge when compared to the $8.3 million recorded during the corresponding period in 2022. Undoubtedly, Avita Medical distinguishes itself as a rapidly expanding medical device enterprise, boasting an impressive CAGR of 216 percent. This remarkable success can be attributed to the substantial investment in R&D, notably an increase of approximately $2.0 million.

5) ShockWave Medical

At the forefront of advancing cardiovascular care, Shockwave Medical holds a prominent position in the development and commercialization of groundbreaking products that are reshaping the landscape of cardiovascular disease treatment. Its pioneering Intravascular Lithotripsy (IVL) technology, a trailblazing innovation, has revolutionized the approach to atherosclerotic cardiovascular disease treatment. By harnessing sonic pressure waves, IVL safely disrupts challenging calcified plaque, yielding substantially enhanced patient outcomes.

Undeniably, the second quarter of 2023 witnessed a remarkable accomplishment for Shockwave Medical, as evidenced by an impressive revenue of $180.2 million. The company’s CAGR is 168 percent. This figure marks a striking 49 percent upsurge in comparison to the $120.7 million reported during the corresponding period in 2022. This growth is primarily attributed to heightened catheter purchase volume both domestically and internationally. Looking ahead, Shockwave Medical envisions a revenue projection for the entire year of 2023, ranging from $725 million to $730 million. This forecast reflects a robust 48 percent to 49 percent growth over the company’s prior year’s revenue, underscoring its steadfast commitment to advancing cardiovascular care and transforming patient outcomes.

6) Access Bio

Based in New Jersey, Access Bio is committed to advancing the prevention and early detection of infectious diseases through its unwavering focus on research, development and manufacturing of cutting-edge in vitro rapid diagnostic tests, biosensors and molecular diagnostic products.

Access Bio stands out as a rapidly growing medical device enterprise, boasting an impressive CAGR of 129 percent and a remarkable revenue of $441.4 million in 2021. This remarkable growth can largely be attributed to the company’s pivotal products, which encompass an array of essential offerings. These include COVID-19 detection kits, designed to identify the virus, rapid diagnostic tests tailored for preliminary diagnosis or emergency medical screening, particularly in medical facilities with limited resources, advanced analyzers enabling the measurement of various chemicals and other characteristics within diverse biological samples and molecular diagnostics facilitating the identification of biological markers within the genome and proteome.

A noteworthy facet of Access Bio’s approach is its extensive global collaboration. Partnerships span across esteemed organizations such as the Bill and Melinda Gates Foundation, the World Health Organization (WHO), UNICEF and numerous others. This collaborative spirit underscores Access Bio’s dedication to driving positive impact on a global scale and contributing significantly to the field of infectious disease prevention and early diagnosis.

7) Acutus Medical

Based in California, Acutus Medical operates as a pioneering force in the field of arrhythmia management, dedicated to revolutionizing the diagnosis and treatment of cardiac arrhythmias. By harnessing an innovative range of products and technologies, Acutus is propelling electrophysiology forward, empowering a greater number of medical practitioners to deliver enhanced and efficient care to a broader patient base.

In a remarkable display of financial performance, Acutus reported robust results for the second quarter of 2023, boasting a total revenue of $5.3 million. This achievement signifies a remarkable 30 percent surge in comparison to the fiscal year 2022 metrics. Notably, the company anticipates a full-year 2023 revenue within the range of $20.0 to $22.0 million. Its CAGR is 100 percent.

Acutus has fostered its global presence through internal product innovation, strategic acquisitions and collaborative international affiliations. This has culminated in the establishment of a comprehensive sales network, through which the company delivers an extensive array of distinct electrophysiology products. This portfolio stands as a comprehensive solution for catheter-based cardiac arrhythmia treatment, affording healthcare professionals the tools they need to address these conditions.

8) Sight Sciences

Sight Sciences stands as a pioneering force in eyecare technology, committed to the advancement and commercialization of innovative solutions that have the potential to revolutionize patient care and enhance their quality of life. Sight Sciences has unveiled robust figures for the second quarter of 2023, showcasing a total revenue of $23.5 million. This remarkable achievement underscores a noteworthy 36 percent surge in contrast to the metrics of the fiscal year 2022. Its CAGR is 87 percent. Importantly, the company has set its sights on a projected full-year 2023 revenue, expecting it to fall within the range of $89.0 to $94.0 million.

This remarkable growth trajectory finds its roots in a dual-pronged increase: a rise in the number of ordering facilities and an augmentation in utilization per ordering facility. Dry Eye revenue contributed significantly, clocking in at $2.1 million, a remarkable 56 percent increase compared to the corresponding period in the prior year. This remarkable upswing can be attributed primarily to amplified sales of TearCare SmartLids and SmartHubs, extending their reach to both new and established customers.

Central to this success is the company’s TearCare System technology, which has received FDA 510(k) clearance. It empowers physicians to administer localized heat therapy to adult patients grappling with evaporative dry eye disease due to meibomian gland dysfunction (MGD). This innovative approach, when coupled with manual expression of the meibomian glands, effectively addresses the root cause of dry eye disease by removing gland obstructions. As such, Sight Sciences is at the forefront of combating the leading cause of dry eye disease, making a tangible impact on patient well-being.

9) Retractable Technologies

Headquartered in Texas, Retractable Technologies stands as a trailblazer in the realm of innovation, education and the advancement of secure and dependable medical devices, dedicated to curbing the transmission of infectious diseases. The company’s distinguished product line encompasses VanishPoint syringes, Patient Safe syringes, and EasyPoint retractable needles. These groundbreaking offerings are meticulously designed to mitigate the risks of bloodstream infections, needlestick injuries and product reuse.

Retractable’s trajectory has been notably shaped by a significant surge between late 2020 and early 2022, attributed to substantial material orders from the US government for supplying syringes crucial for COVID-19 vaccination campaigns. This period witnessed an impressive 78 percent CAGR. In the first quarter of 2023, the company’s net sales experienced a modest decline, amounting to $11.0 million. This shift in fortunes can be primarily ascribed to the lack of syringe sales to the US government for COVID-19 vaccination efforts.

electroCore is #10 on the list of the top ten fastest growing medical device companies in 2023.

10) electroCore

Headquartered in New Jersey, electroCore, Inc. stands as a commercial-stage leader in bioelectronic medicine and wellness. Fueled by a commitment to enhancing well-being through its non-invasive vagus nerve stimulation (nVNS) technology platform, the company focuses on both medical device commercialization for specific conditions and consumer products aimed at promoting general wellness and human performance, both in the US and select international markets.

In its financial performance for the second quarter of 2023, the company achieved a significant milestone by recording a revenue of $3.6 million. This impressive figure reflects a remarkable increase of approximately 65 percent compared to the second quarter of 2022. The notable growth owes itself to heightened sales of prescription gammaCore products across all channels, alongside revenue generated from the nonprescription performance TAC-STIM and Truvaga wellness products. Its CAGR is 76 percent.

Underscoring its trajectory, the company reaffirms its revenue projection of $14.0 million to $15.0 million for the entirety of calendar year 2023. This year holds great significance for electroCore as it remains steadfast in its commitment to product expansion, encompassing a diverse spectrum of medical conditions. Of particular note, the inclusion of TAC-STIM Non-Invasive Vagal Nerve Stimulation in the Air Force Research Laboratories (AFRL) Real-Time Assessing and Augmenting Cognitive Performance in Extreme Environments Project (A2PEX) underscores the company’s pivotal role in advancing cutting-edge solutions.

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