Medical Devices industry map
Who earns the money in Medical Devices, and who keeps it. When a company spans several industries, only the relevant segment is counted.
FY2025 · 94 companies · ¥7.84T
Industry map
Companies ordered by revenue, connected by ownership (major shareholders). Arrows point from the shareholder to the investee.
- Industry size (revenue)
- ¥7.84T
- Companies
- 94
- Avg. salary（parent only）
- ¥7.1M
- Industry weather
- Cloudy
YoY +4.3%
Avg. age 42.0
Operating income -3.0%
Terumo[4543]
Cardiac and Vascular Company + 3 more
- Revenue
- ¥1.13T▲9.2%
- Operating income
- ¥220.9B▲8.2%
Margin 19.5%
Whole company: Revenue ¥1.13T · Net income ¥135.9B
Avg. salary ¥8.2M · 40.3（parent only）
Olympus[7733]
Gastrointestinal Solutions + 1 more
- Revenue
- ¥1.01T▲1.4%
- Operating income
- ¥121.4B▼35.0%
Margin 12.0%
Whole company: Revenue ¥1.01T · Net income ¥68.2B
Avg. salary ¥10.1M · 44.1（parent only）
Asahi Kasei[3407]
Health Care
- Revenue
- ¥664.1B▲7.8%
- Operating income
- ¥83.5B▲30.3%
Margin 12.6%
Whole company: Revenue ¥3.07T · Net income ¥158.8B
Avg. salary ¥8.5M · 41.9（parent only）
- Teijin・Joint venture
Hoya[7741]
Life Care
- Revenue
- ¥590.7B▲7.2%
- Operating income
- —
Whole company: Revenue ¥947.7B · Net income ¥253.1B
Avg. salary ¥9.7M · 47.6（parent only）
Nipro[8086]
Medical treatment related
- Revenue
- ¥523.6B▲3.7%
- Operating income
- ¥52.3B▲12.2%
Margin 10.0%
Whole company: Revenue ¥660.5B · Net income ¥13.5B
Avg. salary ¥6.8M · 40.8（parent only）
Sysmex[6869]
EMEA RHQ + 4 more
- Revenue
- ¥500B▼1.7%
- Operating income
- ¥49.2B▼45.7%
Margin 9.8%
Whole company: Revenue ¥500B · Net income ¥35.5B
Avg. salary ¥8.8M · 42.4（parent only）
AIR Water[4088]
Health and safety
- Revenue
- ¥268.5B▲21.8%
- Operating income
- ¥10.4B▼13.0%
Margin 3.9%
Whole company: Revenue ¥1.07T · Net income -¥63.9B
Avg. salary ¥8.2M · 42.5（parent only）
Mitsui Chemicals[4183]
Life Healthcare Solutions
- Revenue
- ¥259.1B▲2.9%
- Operating income
- ¥34.2B▲0.4%
Margin 13.2%
Whole company: Revenue ¥1.67T · Net income ¥34.4B
Avg. salary ¥8.7M · 40.0（parent only）
Nihon Kohden[6849]
Japan + 2 more
- Revenue
- ¥235.1B▲4.3%
- Operating income
- ¥19.2B▼16.0%
Margin 8.2%
Whole company: Revenue ¥235.1B · Net income ¥14.5B
Avg. salary ¥9.4M · 42.6（parent only）
PHC Holdings[6523]
Diagnostics and Life Sciences + 1 more
- Revenue
- ¥229.9B▲0.1%
- Operating income
- ¥24B▲13.4%
Margin 10.4%
Whole company: Revenue ¥364.4B · Net income ¥492M
Avg. salary ¥9.8M · 49.0（parent only）
Fukuda Denshi[6960]
medical treatment equipment + 3 more
- Revenue
- ¥139.7B▲0.5%
- Operating income
- ¥26.6B▲2.8%
Margin 19.0%
Whole company: Revenue ¥139.7B · Net income ¥18.8B
Avg. salary ¥9.3M · 44.4（parent only）
Teijin[3401]
Helthcare
- Revenue
- ¥138.6B▲1.2%
- Operating income
- ¥13.4B▲136.0%
Margin 9.7%
Whole company: Revenue ¥873.2B · Net income -¥88B
Avg. salary ¥8.9M · 46.8（parent only）
- Asahi Kasei・Joint venture
※ Card revenue and operating income cover only the segment in this industry; “Whole company” shows consolidated revenue and net income.
Other companies: Nitto Denko · Menicon · Asahi Intecc · Sumitomo Bakelite · Konica Minolta · Sekisui Chemical · Kaneka · Eizo · Nikkiso · Nakanishi · Shimadzu · JMS · H.U. Group Holdings · Japan Lifeline · A&D HOLON Holdings · Toray Industries · Tokuyama · Nissha · Horiba · Eiken Chemical · Denka · Shibuya · Shofu · Toyobo · Seed · Mani · Zacros · Nichiban · Japan Medical Dynamic Marketing · Medikit · TAUNS Laboratories · Jeol · Nitto Boseki · Create Medic · Takano · Gunze · Rion · Seikagaku · Suzuken · Yokowo …+42
The weather is derived mechanically from year-over-year totals of revenue and operating income (both up = sunny, both down = rainy).
Who earns the money
Area = revenue from businesses in this industry. Color = operating margin.
Who makes a profit
Across = revenue (log scale), up = operating margin, bubble size = operating income.
Ranking and momentum
| Rank | Company (business) | Revenue | Share | Op. margin | CAGR | FCF* |
|---|---|---|---|---|---|---|
| 1 | TerumoCardiac and Vascular Company + 3 more | ¥1.13T | 14.4% | 19.5% | +12.6% | ¥128.9B |
| 2 | OlympusGastrointestinal Solutions + 1 more | ¥1.01T | 12.9% | 12.0% | — | ¥18.2B |
| 3 | Asahi KaseiHealth Care | ¥664.1B | 8.5% | 12.6% | +12.4% | ¥92.1B |
| 4 | HoyaLife Care | ¥590.7B | 7.5% | — | +9.7% | ¥221.9B |
| 5▲1 | NiproMedical treatment related | ¥523.6B | 6.7% | 10.0% | +8.8% | -¥7.63B |
| 6▼1 | SysmexEMEA RHQ + 4 more | ¥500B | 6.4% | 9.8% | — | ¥22.9B |
| 7▲3 | AIR WaterHealth and safety | ¥268.5B | 3.4% | 3.9% | +5.4% | ¥34.3B |
| 8▼1 | Mitsui ChemicalsLife Healthcare Solutions | ¥259.1B | 3.3% | 13.2% | +3.6% | ¥75.2B |
| 9 | Nihon KohdenJapan + 2 more | ¥235.1B | 3.0% | 8.2% | — | ¥13.2B |
| 10▼2 | PHC HoldingsDiagnostics and Life Sciences + 1 more | ¥229.9B | 2.9% | 10.4% | +3.3% | ¥33.4B |
| 11 | Fukuda Denshimedical treatment equipment + 3 more | ¥139.7B | 1.8% | 19.1% | +1.4% | ¥9.38B |
| 12 | TeijinHelthcare | ¥138.6B | 1.8% | 9.7% | — | ¥38.7B |
| 13 | Nitto DenkoHuman life | ¥137.2B | 1.8% | -3.7% | +13.1% | ¥95.6B |
| 14▲1 | MeniconVision Care Business | ¥116.5B | 1.5% | 15.0% | +5.6% | -¥4.66B |
| 15▲4 | Asahi InteccMedical | ¥107.8B | 1.4% | 31.0% | +19.4% | ¥32B |
| 16 | Sumitomo BakeliteQuality of life products | ¥107.2B | 1.4% | — | +3.2% | ¥19.6B |
| 17 | Konica MinoltaImaging solution Business | ¥94.5B | 1.2% | -1.4% | — | ¥25.2B |
| 18 | Sekisui ChemicalMedical | ¥93.7B | 1.2% | 11.9% | +1.4% | -¥35.3B |
| 19▲3 | KanekaHealth Care Solutions Unit | ¥83B | 1.1% | 17.9% | +8.9% | -¥3.26B |
| 20▲1 | Eizo | ¥81.3B | 1.0% | 2.9% | -1.6% | ¥939M |
| 21▼1 | NikkisoMedical segment | ¥78.9B | 1.0% | 7.7% | +1.9% | ¥10.5B |
| 22▲2 | NakanishiDental products + 2 more | ¥74.3B | 0.9% | 25.6% | +16.0% | ¥11.3B |
| 23 | ShimadzuMedical equipment | ¥73.8B | 0.9% | 6.6% | +2.5% | ¥39.7B |
| 24▲1 | JMSJapan + 5 more | ¥65.8B | 0.8% | 1.1% | +3.1% | -¥1.07B |
| 25▲1 | H.U. Group HoldingsIn Vitro Diagnostics Business | ¥60.7B | 0.8% | 14.9% | -1.4% | ¥16.7B |
| 26▲1 | Japan Lifeline | ¥59.2B | 0.8% | 21.3% | +3.5% | ¥6.2B |
| 27▲2 | A&D HOLON HoldingsMedical/Healthcare Instruments Businesses + 4 more | ¥53.3B | 0.7% | 15.0% | +5.5% | ¥2.85B |
| 28 | Toray IndustriesLife science | ¥52.4B | 0.7% | -0.2% | +0.2% | ¥65.3B |
| 29▲3 | TokuyamaLife Science | ¥49.4B | 0.6% | 15.9% | +10.2% | ¥21.9B |
| 30 | NisshaMedical Technologies | ¥47.1B | 0.6% | 4.3% | +18.2% | ¥1.41B |
| 31▲3 | HoribaBio and Healthcare | ¥42.2B | 0.5% | -2.1% | — | ¥28.2B |
| 32▲1 | Eiken Chemical | ¥41.9B | 0.5% | 7.0% | -0.6% | -¥1.8B |
| 33▼2 | DenkaLife Innovation | ¥40.5B | 0.5% | 15.4% | -3.2% | -¥31.5B |
| 34▲1 | ShibuyaMECHATRONICS DIV. | ¥37.8B | 0.5% | 6.2% | +5.9% | ¥2.09B |
| 35▲1 | ShofuDental related | ¥37.7B | 0.5% | 14.2% | +9.8% | -¥231M |
| 36▲1 | ToyoboLife Science | ¥34.5B | 0.4% | 0.2% | -0.4% | ¥15.9B |
| 37▲1 | Seedcontactlenscare solution | ¥33.8B | 0.4% | 10.3% | +4.3% | -¥672.4M |
| 38▲1 | ManiEyeless Needle related products + 2 more | ¥30B | 0.4% | 27.3% | +14.9% | ¥347M |
| 39▲1 | ZacrosWellness | ¥27.8B | 0.4% | -0.7% | +3.8% | -¥9.99B |
| 40▲2 | NichibanMedical business | ¥24.9B | 0.3% | 25.4% | +6.9% | ¥469M |
| 41 | Japan Medical Dynamic MarketingJapan + 1 more | ¥23.9B | 0.3% | 2.6% | +5.7% | -¥1.79B |
| 42▲1 | Medikit | ¥23.8B | 0.3% | 18.0% | +4.3% | ¥1.25B |
| 43▲1 | TAUNS Laboratories | ¥18.6B | 0.2% | 44.4% | +9.0% | ¥1.7B |
| 44▲1 | JeolMedical Equipment | ¥14.9B | 0.2% | 0.4% | -6.2% | ¥905M |
| 45▲1 | Nitto BosekiMedical Business | ¥13.8B | 0.2% | 17.5% | — | -¥3.22B |
| 46▲1 | Create Medic | ¥13.6B | 0.2% | 7.4% | +3.9% | ¥85M |
| 47▲2 | TakanoLiving and Life relating Equipment | ¥13.4B | 0.2% | 5.7% | +2.6% | -¥323.8M |
| 48 | GunzeMedicalReportableSegmentsMember | ¥13.2B | 0.2% | 11.2% | — | ¥5.12B |
| 49▲1 | RionMedical equipment | ¥12.8B | 0.2% | 9.7% | +2.2% | ¥3.42B |
| 50▲1 | SeikagakuLAL | ¥12.2B | 0.2% | 8.0% | +7.3% | -¥7.37B |
Showing the top 50. See all 94 in the list below
* FCF is company-wide (not disclosed by segment). CAGR covers the available years, up to five.
How they make money differently
Where each company's ¥100 of sales goes, and how much it keeps (company-wide).
- Cost of sales
- SG&A
- Other
- Operating profit
- Asahi Intecc324325
- Japan Lifeline413821
- Fukuda Denshi453619
- Nitto Denko621518
- Nakanishi434017
- Terumo473616
- Shimadzu553213
- Sumitomo Bakelite692011
- Olympus355010
- Sysmex4933810
- Asahi Kasei67258
- Nihon Kohden48448
- Menicon46468
- Sekisui Chemical68248
- Nikkiso70237
- Nipro6826
- PHC Holdings5540
- Konica Minolta5639
- Mitsui Chemicals7718
- Kaneka7224
- Eizo6829
- H.U. Group Holdings7127
- JMS7723
- AIR Water77197loss ¥3
- Teijin8127loss ¥8
Showing the 25 largest companies by revenue.
Ownership links
From the major-shareholder section of annual securities reports.
- EucaliaIn industry
- SubsidiarySincere62.0%
- Mitsui ChemicalsIn industry
- AffiliateJapan Medical Dynamic Marketing30.0%
- AffiliateShofu20.1%
- 西華産業株式会社Outside
- AffiliateFenwal Controls of Japan23.3%
- フリージア・マクロス株式会社Outside
- StakeNippo19.7%
- 昭和化学工業㈱Outside
- StakeAuBEX15.6%
- 三井物産株式会社Outside
- StakePHC Holdings14.7%
- コクヨ株式会社Outside
- StakeTakano14.1%
- 若築建設㈱Outside
- StakeAuBEX14.0%
- 大和ハウス工業株式会社Outside
- StakeCyberdyne12.3%
- 住友化学株式会社Outside
- StakeSumitomo Bakelite10.5%
- KanekaIn industry
- StakeJMS10.3%
- 株式会社プレミアムウォーターホールディングスOutside
- StakeNihon Trim.8.9%
- 光通信株式会社Outside
- StakeHoshiiryo-Sanki6.8%
- 日本証券金融株式会社Outside
- StakeADR Biomedical Holdings6.7%
- パナソニックホールディングス株式会社Outside
- StakePHC Holdings6.1%
- 日本電気硝子株式会社Outside
- StakeNipro5.2%
- 株式会社東邦銀行Outside
- StakeAsahi Rubber4.5%
- 株式会社武蔵野銀行Outside
- StakeAsahi Rubber4.3%
- 株式会社フジミインコーポレーテッドOutside
- StakeNippo3.7%
- 株式会社滋賀銀行Outside
- StakeShofu3.4%
- 住友不動産株式会社Outside
- StakeNitto Boseki3.3%
- 日本製鉄株式会社Outside
- StakeAIR Water3.0%
The company on each card is a major shareholder of the companies listed under it (latest 'major shareholders' disclosure). 50%+ is labelled subsidiary and 20%+ affiliate, based on ownership alone. Stakes under 3% are omitted.
Compare the leaders side by side
All companies in Medical Devices (by revenue)
All 98 companies in this industry, ranked by revenue in each company's latest fiscal year. For companies that belong through one business segment, the figure is that segment's revenue.
- Terumo¥1.13T · 19.5%
- Olympus¥1.01T · 12.0%
- Asahi Kasei¥664.1B · 12.6%
- Hoya¥590.7B
- Nipro¥523.6B · 10.0%
- Sysmex¥500B · 9.8%
- AIR Water¥268.5B · 3.9%
- Mitsui Chemicals¥259.1B · 13.2%
- Nihon Kohden¥235.1B · 8.2%
- PHC Holdings¥229.9B · 10.4%
- Fukuda Denshi¥139.7B · 19.1%
- Teijin¥138.6B · 9.7%
- Nitto Denko¥137.2B · -3.7%
- Menicon¥116.5B · 15.0%
- Nikon¥116.5B · 5.8%
- Asahi Intecc¥107.8B · 31.0%
- Sumitomo Bakelite¥107.2B
- Konica Minolta¥94.5B · -1.4%
- Sekisui Chemical¥93.7B · 11.9%
- Kaneka¥83B · 17.9%
- Eizo¥81.3B · 2.9%
- Nikkiso¥78.9B · 7.7%
- Nakanishi¥74.3B · 25.6%
- Shimadzu¥73.8B · 6.6%
- JMS¥65.8B · 1.1%
- H.U. Group Holdings¥60.7B · 14.9%
- Japan Lifeline¥59.2B · 21.3%
- A&D HOLON Holdings¥53.3B · 15.0%
- Toray Industries¥52.4B · -0.2%
- Tokuyama¥49.4B · 15.9%
- Nissha¥47.1B · 4.3%
- Horiba¥42.2B · -2.1%
- Eiken Chemical¥41.9B · 7.0%
- Denka¥40.5B · 15.4%
- Shibuya¥39B · 4.6%
- Shofu¥37.7B · 14.2%
- Toyobo¥34.5B · 0.2%
- Seed¥33.8B · 10.3%
- Mani¥30B · 27.3%
- Zacros¥27.8B · -0.7%
- Nichiban¥24.9B · 25.4%
- Japan Medical Dynamic Marketing¥23.9B · 2.6%
- Medikit¥23.8B · 18.0%
- Jeol¥14.9B · 0.4%
- TAUNS Laboratories¥14.4B · 29.2%
- Nitto Boseki¥13.8B · 17.5%
- Create Medic¥13.6B · 7.4%
- Takano¥13.4B · 5.7%
- Gunze¥13.2B · 11.2%
- Rion¥12.8B · 9.7%
- Seikagaku¥12.2B · 8.0%
- Suzuken¥11.9B · 7.0%
- Yokowo¥11.5B · 4.8%
- Mizuho Medy¥11.3B · 41.3%
- Techno Medica¥11.2B · 14.8%
- Hoshiiryo-Sanki¥11.2B · 13.1%
- Kitazato¥10.9B · 53.5%
- 3-D Matrix¥10.9B · 12.3%
- Daiken Medical¥10.3B · 12.4%
- Koken¥9.56B · 43.7%
- Platz¥8.42B · 2.2%
- Eucalia¥7.46B · 7.0%
- Nippo¥7.3B · 9.7%
- Sincere¥6.98B · 9.9%
- Colan Totte.¥6.92B · 26.2%
- Ushio¥6.25B · 2.2%
- Y.A.C. Holdings¥5.51B · 1.1%
- GNI Group¥5.31B · 19.4%
- Piolax¥5.27B · 5.3%
- Precision System Science¥5.22B · 3.9%
- Hirakawa Hewtech¥4.88B · 18.6%
- Sagami Rubber Industries¥4.68B · 16.3%
- Cyberdyne¥4.35B · -46.4%
- ASO International¥4.17B · 17.4%
- Enplas¥3.08B · 14.0%
- Nihon Trim.¥3.02B · 7.6%
- MAX¥3.01B · -1.4%
- Towa¥2.49B · 18.2%
- Fuji Latex¥2.13B · 2.8%
- Nihon ISK¥2.07B · 13.6%
- JTP¥1.95B · 18.2%
- atect¥1.93B · 12.0%
- Asahi Rubber¥1.91B · 6.9%
- AuBEX¥1.78B · 9.1%
- Ligua¥1.77B · -2.1%
- Kohjin Bio¥1.42B · -6.6%
- Fenwal Controls of Japan¥1.4B · 4.3%
- Fukoku¥1.04B · 24.7%
- Immuno-Biological Laboratories¥1B · 28.1%
- Pulstec Industrial¥626.9M · -2.9%
- Takatori¥271.2M · -47.2%
- Jtec¥220.6M · -23.6%
- Yamashita Health Care Holdings¥207M · -89.4%
- QD Laser¥199.6M · -68.0%
- Nitto Seiko¥145.9M · -71.0%
- CellSeed¥81.8M · -128.1%
- ADR Biomedical Holdings¥51M · -1777.2%
- Kubota Pharmaceutical Holdings¥39.9M
Revenue · Op. margin
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