Top 10 Medical Device Companies in Minnesota In 2023

Minnesota is known for its thriving medical device industry, with many top companies calling the state home. 

These companies are at the forefront of innovation and technology in the medical device field, from large multinational corporations to small startups. 

In this article, we will look at the top 10 medical device companies in Minnesota.

1. Medtronic

Medtronic is one of the largest medical device companies in the world headquartered in Minneapolis, Minnesota. Founded in 1949, the company has a long history of developing and manufacturing a wide range of medical devices for the treatment of chronic diseases such as diabetes, heart disease, and spinal conditions. 

It has been running under the CEO, Geoffrey S. Martha since 2020. Medtronic’s product portfolio includes devices for cardiac rhythm management, such as pacemakers and defibrillators, and products for spinal and neurosurgery, diabetes, and vascular diseases. 

It has a market cap of $104.72 billion as of 2023. It employs over 90,000 people across 150 countries.

2. 3M Healthcare

3M Healthcare is a division of 3M, a multinational corporation that operates in various industries including health care, industrial, and transportation and is run by its CEO, Mike Roman. 

It was established in 1992 and it is based out at Eden Prairie, Minnesota. The division offers a wide range of products including medical tapes, dressings, wound care products, infection prevention and control products, dental and orthodontic products, and consumer health care products. 3M is now a publicly traded company with a market cap of $66.68 billion housing 93,000 employees globally.

3. Coloplast

Coloplast is a Danish healthcare company run by its CEO Kristian Villumsen and is headquartered in Minneapolis, Minnesota. Since its establishment in 1957, the company specializes in products and services for people with intimate healthcare needs. 

The company’s product range includes products for wound care, continence care, and ostomy care, as well as products for urology and skin care. 

As of 2023, Coloplast’s market capitalization is around $169.29 billion. Currently, it provides 500 employment opportunities in Minnesota alone.

4. Smiths Medical

Smiths Medical was founded in the 1940s with its headquarters based in Minneapolis, Minnesota. The company’s product range includes products for infusion therapy, vascular access, anesthesia, respiratory care, and neonatal critical care, as well as products for patient monitoring and vital signs measurement. 

As of 2023, Smiths Medical’s market capitalization is around $7.46 billion. Smiths employs 7500 people across the UK, the US, Mexico, and Italy. 

The company had been acquired by ICU Medical Inc. in 2022 and is running under the executive supervision of its CEO, JehanZeb Noor.

5. Miromatrix Medical

Founded in 2009, Miromatrix Medical focuses on the development and commercialization of organs and tissues for transplantation using its proprietary perfusion decellularization technology. Their flagship product is a technology called “Perfusion-Decellularized Extracellular Matrix”. 

The company is headquartered in Eden Prairie, Minnesota ran by about 34 employees there. The market capitalization of the company is around $62.71 million with currently Jeff Ross serving as the CEO of the company.

6. CVRx

Since its establishment in 2000, CVRx, Inc. develops and commercializes implantable devices for the treatment of hypertension and heart failure with its headquarters in Minneapolis, Minnesota. 

The company’s flagship product is the Barostim neo system, an implantable device that uses neurostimulation to treat hypertension and heart failure by controlling the activity of the baroreceptors in the carotid sinus. 

The CEO of CVRx is Nadim Yared and the company has 121 employees at its corporate house. CVRx, as of 2023 is at a market cap of around $307.32 million.

7. Inspire Medical Systems

Inspire Medical Systems develops and manufactures implantable neurostimulator systems for the treatment of sleep apnea. 

The company’s device, called the Inspire Upper Airway Stimulation (UAS) therapy, works by delivering mild stimulation to the hypoglossal nerve, which controls the movement of the tongue and other airway muscles during sleep. 

The company was founded in 2007 and is headquartered in Minneapolis, Minnesota. The current CEO of Inspire Medical Systems is Tim Herbert. As of 2023, the company’s market capitalization is around $7.31 billion serving 485 people employment. 

8. HistoSonics

HistoSonics develops and commercializes technology for non-invasive tissue ablation. Their flagship product is the Vevo LAZR, which uses high-frequency ultrasound energy to destroy tissue, typically used for tumor ablation, treatment of benign prostate hyperplasia, and nephrostomy tract access. 

The company was founded in 2008 and is headquartered in Minneapolis, Minnesota. The current CEO of HistoSonics is Mike Blue.

As of 2023, the company’s market capitalization is not publicly available, as it is a privately held company. The company has 94 employees with an increase of a 19% since last year.

9. Monteris Medical

Monteris Medical manufactures minimally invasive laser therapy systems for the treatment of brain tumors and other neurological conditions. Their flagship product is the AutoLITT system, which uses a laser to ablate brain tumors while minimizing damage to healthy tissue. 

The company was founded in 2002 and is headquartered in Plymouth, Minnesota. The current CEO of Monteris Medical is Marty Emerson. 

As of 2022, the firm’s valuation is somewhere between $140 – $210 million with approximately 161 employees.

10. MIVI Neuroscience

Headquartered in Eden Prairie, Minnesota, MIVI is on a mission to deliver groundbreaking solutions for improving outcomes in challenging neuro-interventional procedures. MIVI develops technology with physicians to improve the safety and efficacy of interventional AIS therapy. 

The comprehensive technological platform of the company focuses on solutions that enable and enhance neurovascular access, revascularization, and protection during interventional neuroradiology (INR) procedures. 

The corporation was founded in 2013 and its current CEO is Bob Colloton. MIVI Neuroscience has only 25 employees and the company’s valuation is between $140-$210 million according to 2021 data.

Summary

The future of medical device companies in Minnesota is promising, due to a skilled workforce, robust R&D ecosystem, and ongoing investments. 

Advances in technology such as digital health and AI are expected to drive innovation, and Minnesota-based companies are well-positioned to take advantage of these trends.