Healthcare is an unavoidable need of humans, which comes under basic necessities. Healthcare facilities are ever-evolving rapidly, the US healthcare industry is massive, with healthcare spending accounting for over 18.3% of US GDP in 2021. But in healthcare, there are giants that stand tall, making a significant impact on global health and the economy.
These businesses, which provide first-rate medical services and cutting-edge inventions, have succeeded in establishing a niche for themselves. We will take a closer look at the top 7 biggest healthcare companies in the world, ranked by their revenue and influence.
1. UnitedHealth Group: $333.5 billion
Taking the lead on the list is the gargantuan entity, UnitedHealth Group, reigning over the healthcare sector with a staggering annual revenue of $333.5 billion. Recognized as the nation’s foremost health insurer in terms of revenue, this behemoth employs a workforce exceeding 125,000 dedicated individuals.
UnitedHealth Group stands as a provider of comprehensive health insurance services, pharmacy care, and various cutting-edge healthcare solutions, catering to a vast clientele comprising both individuals and businesses spanning the entire globe. Notably, the company is a committed investor in technology and innovation, with an annual allocation of nearly $3.5 billion, while also orchestrating over 1.1 trillion digital transactions each year.
2. CVS Health: $322.5 billion
Seizing the second spot is CVS Health, a company synonymous with pharmacies and retail clinics across the United States. This dominant entity boasts an annual revenue of $322.5 billion, underscored by its extensive network of retail drugstores and pharmacies. As of 2022, CVS Health proudly sustains a workforce of approximately 300,000 devoted employees. Garnering accolades for its accomplishments, CVS Health earned the 4th rank on the esteemed Fortune 500 list in 2021 and secured the 7th position on the Fortune Global 500 list.
3. McKesson: $273.9 billion
With a colossal annual revenue of $273.9 billion, McKesson asserts its dominion over the pharmaceutical distribution and healthcare technology realm. In a domain of complexity and diversity, McKesson secures a vast and intricate distribution network. It deftly conveys pharmaceuticals and medical supplies to diverse healthcare providers.
Numbers pale in comparison to the number of their workforce, which exceeds 80,000 dedicated individuals. Moreover, McKesson emerges as a harbinger of innovation, wielding big data, AI, and cloud data sources, forever transforming their business model and enhancing patient care.
4. AmerisourceBergen: $241.8 billion
AmerisourceBergen, the other behemoth in the pharmaceutical distribution sphere, holds a staggering annual revenue of $241.8 billion. Its grasp extends over a formidable 20% share of all pharmaceuticals traversing the vast expanse of the United States. Its services are awe-inspiring. They ensure the swift and unfaltering delivery of medications and medical products into the hands of deserving patients.
This feat, accomplished with finesse, embodies the essence of reliability and efficiency. So remarkable is AmerisourceBergen’s dedication to responsibility and excellence that Newsweek magazine crowned it as one of “America’s Most Responsible Companies” in 2022.
5. Cardinal Health: $193 billion
Stepping onto the grand stage of healthcare solutions, Cardinal Health reigns as a global, integrated titan boasting an impressive annual revenue of $193 billion. This colossal entity spans the world, with over 50,000 employees dedicated to their noble cause. The heartbeat of Cardinal Health lies in the manufacturing of essential medical and surgical products.
These range from the safeguarding touch of gloves to the embrace of surgical apparel and the artistry of fluid management products. The reach of Cardinal Health extends its benevolence to encompass more than 75% of hospitals in the United States, nurturing the well-being of countless souls.
6. Elevance Health: $160.7 billion
The limelight graces Elevance Health, an esteemed figure in the healthcare realm, boasting a remarkable annual revenue of $160.7 billion. Distinguished as the largest for-profit managed healthcare company in the prestigious Blue Cross Blue Shield Association. This virtuoso harmonizes with 46.8 million members as of 2022.
The grandeur of Elevance Health reverberates further through the Elevance Health Foundation, orchestrating over $84 million in active grants and sponsorships. Its focus encompasses the domain of Maternal-Child Health, Food as Medicine, and Substance Use Disorder, breathing life into transformative initiatives.
7. Centene: $146.3 billion
A prominent star in the firmament of health insurance, Centene shines brightly with annual revenue of $146.3 billion. The essence of Centene lies in its unwavering commitment to delivering affordable and high-quality products, embracing and shielding nearly 1 in 15 individuals across the nation.
As the curtains rose, Centene gracefully completed the divestitures of Magellan Specialty Health. Additionally, it divested Centurion, its prison healthcare business, and HealthSmart, a third-party health plan administration business. Its virtuosity in fostering diversity was recognized, earning Centene a prestigious spot among the top 50 companies by DiversityInc.