Here are a few analogies for Medtronic:

• The Microsoft of medical devices.

• The Boeing of medical technology.

• Cardiac Rhythm Management Devices: Pacemakers, implantable cardioverter-defibrillators (ICDs), and cardiac resynchronization therapy (CRT) devices designed to monitor and treat abnormal heart rhythms.
• Diabetes Management Solutions: Insulin pumps and continuous glucose monitoring (CGM) systems that help individuals manage their blood sugar levels automatically.
• Spinal and Neurological Implants: Devices such as spinal fixation systems, artificial discs, and deep brain stimulation (DBS) systems for treating back pain, neurological disorders, and movement disorders.
• Minimally Invasive Surgical Instruments: A range of advanced surgical tools, including energy devices, stapling platforms, and visualization systems, that facilitate less invasive procedures.
• Vascular Therapies: Products like stents, balloons, and catheters used to treat vascular diseases, including coronary artery disease and peripheral artery disease.
• Respiratory and Patient Monitoring Systems: Ventilators, patient monitoring devices, and airway management tools that support critical care and respiratory health.

• Cardinal Health, Inc. (Symbol: CAH)
• McKesson Corporation (Symbol: MCK)
• Owens & Minor, Inc. (Symbol: OMI)

• Hospitals and Health Systems (Integrated Delivery Networks)
• Ambulatory Surgical Centers (ASCs)
• Physician Offices and Specialty Clinics

• Integer Holdings (ITGR)

Geoff Martha, Chairman & CEO
Geoff Martha became Medtronic's CEO in April 2020 and was also appointed Chairman. He joined Medtronic in 2011 and notably spearheaded the acquisition and integration of Covidien, which was the largest acquisition in the medical technology industry's history. Before joining Medtronic, he spent 19 years at GE Healthcare and GE Capital, holding various roles in business development, strategic marketing, and sales management.

Thierry Piéton, Executive Vice President & Chief Financial Officer
Thierry Piéton was appointed as Medtronic's Chief Financial Officer, effective March 3, 2025. Prior to joining Medtronic, he served as CFO of Renault Group since March 2022, where he was credited with achieving record operating margins and improved free cash flow. His extensive background also includes financial leadership roles at Nissan Motor Co., General Electric (including GE Healthcare), and PricewaterhouseCoopers.

Que Dallara, Executive Vice President & President, Diabetes Operating Unit
Que Dallara joined Medtronic and its Executive Committee on May 2, 2022. Before Medtronic, she served as President and CEO of Honeywell Connected Enterprise and as SVP and chief commercial officer at Honeywell. Her career also includes general manager and strategy positions at TE Connectivity Ltd. and Microsoft, and she began her career at McKinsey. She has experience in new product development, commercialization, managing product portfolios, and leading R&D innovation.

Skip Kiil, Executive Vice President & President, Cardiovascular Portfolio
Skip Kiil serves as the Executive Vice President and President of the Cardiovascular Portfolio. He is also a member of the Medtronic Executive and Capital Allocation Committees, contributing to the company's enterprise strategy.

Ken Washington, Senior Vice President & Chief Technology and Innovation Officer
Ken Washington has been the Chief Technology Officer, Chief Innovation Officer, and Senior Vice President of Medtronic since 2023. Previously, he held the position of Vice President and General Manager of Consumer Robotics at Amazon. He also served as Chief Technology Officer at Ford Motor Company and as Chief Technology Officer, Chief Privacy Officer, and Vice President, Advanced Technology Center, Lockheed Martin Space Systems Company at Lockheed Martin.

Clear market share erosion in its Diabetes segment due to more agile and innovative competitors like Tandem Diabetes Care and Insulet. These companies have launched advanced automated insulin delivery (AID) systems, such as Tandem's Control-IQ and Insulet's Omnipod 5, which have been rapidly adopted by patients and healthcare providers, challenging Medtronic's long-standing leadership in insulin pumps and integrated diabetes management solutions.

Medtronic (symbol: MDT) operates in several key medical technology markets. The addressable market sizes for its main products and services vary by segment and region.

Cardiovascular

The global cardiovascular devices market, where Medtronic's cardiac and vascular therapies are offered, was valued at approximately USD 78.13 billion in 2024. It is projected to grow to about USD 156.33 billion by 2034. North America held approximately a 36% share of this market in 2024.

Diabetes

Medtronic's Diabetes Group participates in the global diabetes care devices market, which is estimated at USD 65.74 billion in 2025 and is expected to reach USD 91.95 billion by 2030. The global market for diabetes monitoring and management devices was valued at $20.8 billion in 2024. Within this, the global insulin pump market was valued at USD 6.58 billion in 2024 and is projected to reach USD 14.54 billion by 2034.

Neuroscience

The global neuroscience market, relevant to Medtronic's Restorative Therapies Group, reached US$ 44.6 billion in 2024 and is expected to grow to US$ 73.5 billion by 2033. Another estimate places the neuroscience market size at USD 38.86 billion in 2025, projected to reach USD 52.45 billion by 2030. North America is anticipated to hold the largest revenue share in this market.

Medical Surgical (Digital Surgery & Surgical Robotics)

Medtronic's Minimally Invasive Therapies Group, which includes surgical technologies, addresses significant markets. The global digital surgery devices market is projected at $12.13 billion in revenue for 2024. Additionally, the global surgical robotics market, where Medtronic's Hugo™ RAS system competes, was estimated to be worth $2.9 billion in 2024 and is forecast to reach $9.2 billion by 2034. The global medical robots market, a broader category, was valued at USD 3.21 billion in 2025 and is projected to reach USD 4.22 billion by 2034. North America is a dominant region in the medical robots market.

Medtronic (MDT) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and strong market dynamics:

• Launch and Commercialization of Innovative New Products: Medtronic anticipates significant revenue growth from recently launched and pipeline products. Key innovations include pulsed field ablation (PFA) products like PulseSelect PFA, Affera Sphere-9, and the upcoming Sphere-360 catheter for cardiac ablation, which are driving strong growth in the Cardiac Ablation Solutions (CAS) business. The company also expects growth from its MiniMed™ 780G System and Simplera Sync™ Continuous Glucose Monitoring (CGM) system in the diabetes segment, the Symplicity Spyral™ system for renal denervation to treat hypertension, and the Hugo™ robotic-assisted surgery system. Other drivers include the Evolut™ FX+ Transcatheter Aortic Valve Replacement (TAVR) system and the BrainSense adaptive deep brain stimulation system for Parkinson's disease.
• Sustained Growth in Key Therapeutic Segments: The company continues to see robust performance and expects ongoing growth in several core areas. The Cardiac Ablation Solutions segment, propelled by PFA technologies, is a major growth accelerator. The Diabetes business is experiencing a turnaround, with double-digit growth in both U.S. and international markets, driven by technological innovation. Furthermore, strong performance in Neuroscience, particularly Neuromodulation and Cranial & Spinal Technologies (CST), and continued momentum in Structural Heart & Aortic (SHA) and Coronary & Peripheral Vascular (CPV) are expected to contribute significantly to revenue.
• Expansion into Emerging Markets: Medtronic has identified significant growth potential in emerging markets, including China, India, and Africa. These regions are characterized by large populations and expanding economies, and the company has consistently achieved double-digit revenue growth in these markets, outpacing growth rates in developed countries. Strategic initiatives include offering flexible financing options and deploying products like the Hugo surgical robot in these markets.
• Strategic Portfolio Optimization: Medtronic's planned separation of its Diabetes business into a standalone public company is a strategic move to optimize its portfolio. This separation is anticipated to allow Medtronic to intensify its focus on higher-margin growth drivers within its remaining segments, simplify its overall portfolio, and drive greater efficiency, ultimately contributing to overall revenue and earnings growth.

Share Repurchases

• Annual share repurchases were $2.544 billion in fiscal year 2022, $645 million in 2023, and $2.138 billion in 2024.
• For the period ending July 25, 2025, share buybacks amounted to $123 million.
• In March 2024, Medtronic's Board of Directors authorized an incremental $5.0 billion for share repurchases, with no specific time period associated with this authorization.

Share Issuance

• Medtronic's shareholders authorized the board to issue up to an aggregate nominal amount of $44,328.63 (443,286,352 ordinary shares), equivalent to approximately 33% of the issued share capital, for an 18-month period starting December 2020.
• In October 2023, an ordinary resolution authorized the board to issue up to an aggregate nominal amount of $26,623.12, representing approximately 20% of the issued share capital, for 18 months.
• The company's shares outstanding saw a decline from 1.333 billion in 2023 to 1.29 billion in 2025, reflecting a net reduction.

Inbound Investments

• Medtronic has established arrangements with affiliates of Blackstone Life Sciences Advisors L.L.C. to secure funding for the development of specific products, which may involve future milestone payments and royalties.
• Elliott Investment Management recently became one of Medtronic's largest shareholders, leading to the appointment of new board members and the creation of committees focused on mergers, acquisitions, and growth opportunities.

Outbound Investments

• Medtronic completed seven acquisitions in 2020, including Medicrea for €7.00 per share, Stimgenics, Digital Surgery, Laser Associated Sciences, Companion Medical, Avenu Medical, and Ai Biomed Corp.
• The company acquired Intersect ENT and Affera, Inc. in 2022.
• Medtronic's recent acquisitions include Fortimedix in November 2024, a platform for single port surgery, and a Post IPO round investment in Orchestra BioMed on July 31, 2025.

Capital Expenditures

• Medtronic's capital expenditures have shown consistent annual increases, rising from $1.355 billion in fiscal year 2021 to $1.859 billion in fiscal year 2025.
• Specifically, capital expenditures were $1.459 billion in fiscal year 2023, $1.587 billion in 2024, and $1.859 billion in 2025.
• The company is directing significant capital towards high-growth projects within its cardiovascular and diabetes businesses, and into research and development to drive future growth.