Conor Stewart
Research expert covering health & pharmaceuticals in the UK & Europe
Abbott Laboratories - statistics and facts
With a presence in over 160 countries and an annual revenue of over 40 billion U.S. dollars, Abbott Laboratories is one of the biggest medical technology companies in the world. The company, headquartered in Chicago, Illinois, manufactures devices mainly focused on diagnostics, cardiovascular, and diabetes care. In 2013, Abbott Laboratories split into two separate companies, with Abbott remaining focused on medical products, and AbbVie focused on their research-based pharmaceuticals.
The important numbers
The revenues of Abbott inevitably declined when the company was split in 2013 because it lost the considerable part which was to become AbbVie. However, revenue has again increased significantly in recent years. In 2022, the medical devices segment was the largest within the company and generated over 16 billion U.S. dollars in revenues. Furthermore, the diagnostics segment also generated a significant amount for the company, with 10 billion U.S. dollars in revenue during that year. In geographical terms, the U.S. was by far the most important market for Abbott, dwarfing the revenue made in almost every other country it is present in. The number of employees within the company has increased over the last several years, showing that the business is in a strong position.Position of Abbott’s in comparison to rivals
Abbott held a two percent share of the global medical devices market in 2022. This was comparable to other companies such as Boston Scientific and Zimmer Bionet, but below leaders Medtronic and Johnson & Johnson. Medtronic is an Irish-American company with a worldwide presence, and like Abbott, creates the largest part of its revenues in the United States. The main focus of Medtronic’s products are cardiovascular and neuroscience applications.Future outlook
The business of Abbott is in a strong position to remain one of the biggest companies in the future. By 2028, it is forecast that Abbott will be in the top three medical technology companies, alongside the aforementioned Medtronic and Johnson & Johnson.
