6. Philips

Philips building
(Philips)

Philips
Headquarters: Amsterdam, The Netherlands
2024 projected sales: $18.7 billion
2024 projected R&D spend: $2.2 billion
2017 sales: $13.6 billion
2017 R&D spend: $1.72 billion

Philips may be knocked out of the 2024 top five by BD and its blockbuster acquisition of C.R. Bard, but the imaging leader will be close behind—short only about a half billion dollars in global sales, as projected by Evaluate.

Philips is expected to post $18.7 billion in 2024 sales, growing by 4.7% annually to add just over $5 billion to its $13.6 billion haul from 2017. At the same time, its global share of the medtech market is predicted to shrink slightly, from 3.3% to 3.1%.

In diagnostic imaging sales, Philips is set to stay in third behind Siemens and General Electric—with all three together accounting for about two-thirds of worldwide sales in the segment. Philips’ $7.8 billion in 2017 sales is expected to swell to $10.8 billion in 2024, with its own market share increasing from 19.7% to 21.2%.

Evaluate expects diagnostic imaging to be one of the slowest-growing device businesses over the coming years, with annual growth of only 3.7%. To help branch out, Philips has signed several deals and partnerships this year focused on expanding its healthcare informatics and digital pathology services, as well as its offerings in image-guided therapies and interventions.

RELATED: Philips gets FDA nod for 2-in-1 imaging device

This summer, Philips signed yearslong consulting and equipment agreements with two German hospital groups, worth about $164 million, to supply new CT scan hardware and revamp their radiology workflows, some literally from the ground up.

“These partnerships underline Philips’ transition to becoming an integrated solutions provider that takes a holistic approach to meeting its customers’ needs,” Peter Vullinghs, CEO of Philips in Germany, Austria and Switzerland, said in a statement at the time. The Amsterdam-based company will help design departments’ clinical processes, tangibly and not, by assisting in the construction of a new building for a clinic in Cologne.

Philips also acquired Remote Diagnostic Technologies, which focuses on patient resuscitation and emergency care, for an undisclosed price. Philips hopes to use the deal to expand into the pre-hospital market with connected, data-driven solutions and devices for ambulances and responders.

RELATED: Philips launches integrated breast ultrasound solution with 4 screening tools

Meanwhile, Philips signed a creative, 11-year deal with Jackson Health System in Miami, which will pay the company a per-patient fee for futureproof patient monitoring services at its hospital.

The structure follows software-as-a-service models that have become popular in IT and enterprise software sectors, with lower upfront costs and access to ongoing support and updates. Philips will retain ownership of all the hardware, software and networking tech used during the deal, introducing new biosensors as they become available and allowing Jackson to stay on the cutting edge.

6. Philips
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