Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

U.S. Medical Equipment Industry Analysis

UpdatedDec 23, 2025
DataAggregated Company Financials
Companies241
  • 7D0.7%
  • 3M4.2%
  • 1Y5.0%
  • YTD5.8%

The Medical Equipment is pretty flat in the last 7 days, but Intuitive Surgical has stood out, gaining 3.6%. As for the the longer term, the industry is up 5.0% over the past 12 months. Looking forward, earnings are forecast to grow by 14% annually.

Industry Valuation and Performance

Has the U.S. Medical Equipment Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 24 Dec 2025US$1.4tUS$325.7bUS$32.4b29.9x43.7x4.3x
Fri, 21 Nov 2025US$1.3tUS$297.6bUS$31.0b27.4x43.3x4.5x
Sun, 19 Oct 2025US$1.3tUS$293.3bUS$31.5b29.1x41.4x4.4x
Tue, 16 Sep 2025US$1.3tUS$292.5bUS$31.4b28.6x42.3x4.5x
Thu, 14 Aug 2025US$1.3tUS$291.8bUS$31.3b28x42.5x4.6x
Sat, 12 Jul 2025US$1.3tUS$286.7bUS$29.6b31.4x45.6x4.7x
Mon, 09 Jun 2025US$1.4tUS$286.7bUS$29.6b31.8x45.6x4.7x
Wed, 07 May 2025US$1.3tUS$285.9bUS$28.0b30.3x47x4.6x
Fri, 04 Apr 2025US$1.3tUS$283.2bUS$27.6b27.1x48.2x4.7x
Sun, 02 Mar 2025US$1.4tUS$283.1bUS$27.6b30.2x50.8x5x
Tue, 28 Jan 2025US$1.4tUS$285.2bUS$30.9b34.8x45.8x5x
Thu, 26 Dec 2024US$1.3tUS$284.0bUS$23.6b35.3x55.7x4.6x
Sat, 23 Nov 2024US$1.3tUS$283.5bUS$23.2b37.2x57.8x4.7x
Mon, 21 Oct 2024US$1.3tUS$280.2bUS$22.5b37.2x59.9x4.8x
Wed, 18 Sep 2024US$1.3tUS$279.4bUS$22.2b39.1x59.9x4.8x
Fri, 16 Aug 2024US$1.2tUS$279.6bUS$21.9b35.9x56.6x4.4x
Sun, 14 Jul 2024US$1.3tUS$276.4bUS$22.7b38.6x55.2x4.5x
Tue, 11 Jun 2024US$1.3tUS$276.4bUS$22.7b36.9x55.5x4.6x
Thu, 09 May 2024US$1.3tUS$277.3bUS$24.9b37.2x50.4x4.5x
Sat, 06 Apr 2024US$1.3tUS$274.1bUS$23.9b39.5x53.1x4.6x
Mon, 04 Mar 2024US$1.3tUS$265.9bUS$22.7b36.9x56.3x4.8x
Wed, 31 Jan 2024US$1.3tUS$268.0bUS$21.0b35.2x59.5x4.7x
Fri, 29 Dec 2023US$1.2tUS$267.4bUS$20.2b37.5x60.3x4.5x
Sun, 26 Nov 2023US$1.1tUS$267.4bUS$20.1b36.5x56.4x4.2x
Tue, 24 Oct 2023US$1.1tUS$263.8bUS$15.2b32.8x69.6x4x
Thu, 21 Sep 2023US$1.1tUS$263.8bUS$15.0b35.7x76.3x4.3x
Sat, 19 Aug 2023US$1.2tUS$263.4bUS$15.1b35.2x77.8x4.5x
Mon, 17 Jul 2023US$1.3tUS$260.7bUS$16.1b36.6x80.4x5x
Wed, 14 Jun 2023US$1.2tUS$261.2bUS$16.2b36.1x76.2x4.7x
Fri, 12 May 2023US$1.3tUS$261.1bUS$16.6b36.1x75.9x4.8x
Sun, 09 Apr 2023US$1.2tUS$260.3bUS$18.5b36.4x65.1x4.6x
Tue, 07 Mar 2023US$1.2tUS$260.2bUS$18.4b37.9x63.6x4.5x
Thu, 02 Feb 2023US$1.2tUS$262.2bUS$19.8b35.2x61.3x4.6x
Sat, 31 Dec 2022US$1.1tUS$244.1bUS$19.0b32.4x59.1x4.6x
Price to Earnings Ratio

59.1x


Total Market Cap: US$1.1tTotal Earnings: US$19.0bTotal Revenue: US$244.1bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Medical Equipment Industry Price to Earnings3Y Average 56.9x202320242025
Current Industry PE
  • Investors are pessimistic on the American Medical Equipment industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 43.7x which is lower than its 3-year average PE of 56.9x.
  • The industry is trading close to its 3-year average PS ratio of 4.6x.
Past Earnings Growth
  • The earnings for companies in the Medical Equipment industry have grown 19% per year over the last three years.
  • Revenues for these companies have grown 10% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the U.S. Healthcare industry?

US Market0.99%
Healthcare0.29%
Medical Equipment0.68%
Medical Equipment0.70%
Medical Supplies0.37%
Industry PE
  • Investors are most optimistic about the Medical Supplies industry which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings growth of 27.3%, which is higher than its past year's earnings decline of 0.7% per year.
  • Investors are most pessimistic about the Medical Equipment industry, which is trading below its 3-year average of 53.4x.
Forecasted Growth
  • Analysts are most optimistic on the Medical Supplies industry, expecting annual earnings growth of 27% over the next 5 years.
  • This is better than its past earnings decline of 0.7% per year.
  • In contrast, the Medical Equipment industry is expected to see its earnings grow by 13% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
ISRG Intuitive SurgicalUS$577.344.1%
+US$8.1b		7.5%PE74.5x
BSX Boston ScientificUS$96.093.4%
+US$4.7b		5.5%PE51x
SYK StrykerUS$354.820.9%
+US$1.2b		-4.3%PE46.1x
EW Edwards LifesciencesUS$86.231.1%
+US$528.1m		14.4%PE37.3x
GEHC GE HealthCare TechnologiesUS$83.321.3%
+US$487.4m		5.0%PE17.1x

Latest News

COO
US$82.88
Cooper Companies
7D
2.3%
1Y
-10.7%
SYK
US$354.82
Stryker
7D
0.9%
1Y
-4.3%
MDT
US$97.47
Medtronic
7D
-0.3%
1Y
19.5%

MDT: Future Performance Will Reflect Cardiovascular Pipeline And New Surgical Platform Momentum

Medtronic's analyst price target has moved moderately higher toward a range of roughly $114 to $118, as analysts point to consistent Q2 revenue and EPS beats, accelerating cardiovascular and top line growth, and a strengthening product pipeline that supports sustained mid single digit plus organic growth. Analyst Commentary Analyst commentary around Medtronic has turned more constructive as recent quarters have demonstrated improving revenue performance, consistent EPS outperformance, and clearer visibility into an accelerating growth trajectory supported by the product pipeline.
ALGN
US$156.76
Align Technology
7D
-3.8%
1Y
-26.6%

ALGN: Q3 Volume Gains Will Support Renewed Confidence In Upcoming Revenue Ramp

Analysts have modestly raised their price target on Align Technology to $200 from $190, reflecting improved confidence in management's restored revenue visibility and Q4 execution following broad-based Q3 volume upside, even as valuation assumptions and long term growth forecasts remain largely unchanged. Analyst Commentary Recent Street commentary on Align Technology reflects a more constructive stance on near term execution, balanced by lingering questions around the durability of growth and visibility into 2025.
BDX
US$195.67
Becton Dickinson
7D
-0.4%
1Y
-13.8%

BDX: FY26 Reset And Business Separation Will Shape Balanced Risk Reward Outlook

We raise our fair value estimate for Becton Dickinson to $183 from $172 per share, reflecting analysts' view that a conservative FY26 reset, modestly higher long term profitability, and a slightly richer future earnings multiple more than offset near term revenue growth headwinds and higher risk premia embedded in the discount rate. Analyst Commentary Bearish analysts are converging around a more cautious outlook for Becton Dickinson, trimming price targets and highlighting execution risks that could cap near term upside.
ZBH
US$89.43
Zimmer Biomet Holdings
7D
-1.6%
1Y
-16.7%

ZBH: Future Upside Will Depend On Delivering Pipeline And Portfolio Diversification

Zimmer Biomet Holdings’ fair value estimate has been trimmed by about $0.88 per share to roughly $102, as analysts lower price targets in the $93 to $112 range due to softer than expected organic growth, tightening guidance, and a more cautious multi year sales outlook, despite ongoing pipeline and portfolio progress. Analyst Commentary Street research following the Q3 update reflects a more balanced but cautious stance on Zimmer Biomet, with price targets reset lower and a growing focus on execution risk around the company’s multi year growth narrative.
ISRG
US$577.34
Intuitive Surgical
7D
4.1%
1Y
7.5%
ABT
US$124.54
Abbott Laboratories
7D
-1.8%
1Y
8.5%
GEHC
US$83.32
GE HealthCare Technologies
7D
1.3%
1Y
5.0%

GEHC: Mid-Term Margin Execution Will Offset China Uncertainty And Support Steady Outlook

Analysts have made a modest upward revision to their fair value estimate for GE HealthCare Technologies, nudging the implied price target fractionally higher to reflect improved confidence in demand trends and mid term margin execution, despite slightly lower projections for revenue growth and profit margins. Analyst Commentary Bullish analysts highlight that, even with near term estimate tweaks, the investment case increasingly rests on confidence in GE HealthCare's ability to deliver mid term margin expansion and steady organic growth.
IDXX
US$682.31
IDEXX Laboratories
7D
-1.6%
1Y
65.0%

IDXX Recurring Diagnostics Strength Will Support Premium Earnings Power Ahead

Our updated fair value estimate for IDEXX Laboratories has increased to $850 from $785, as analysts highlight a stronger than expected Q3 performance, accelerating recurring diagnostic revenue growth, and a robust innovation pipeline that supports slightly higher long term growth and margin assumptions despite a modestly higher discount rate. Analyst Commentary Recent Street research reflects a broadly constructive stance on IDEXX Laboratories following its stronger than expected Q3 results and raised 2025 guidance.
INSP
US$94.98
Inspire Medical Systems
7D
-17.8%
1Y
-49.0%
GMED
US$88.77
Globus Medical
7D
3.5%
1Y
6.3%
IRTC
US$178.45
iRhythm Technologies
7D
6.3%
1Y
99.7%

IRTC: Future Core Business Momentum Will Drive Stronger Market Share Expansion

Analysts nudged their average price target on iRhythm Technologies slightly higher to about $221 from roughly $220, citing consistent beat and raise quarters, stronger than expected Q3 results, and growing confidence in the long term growth trajectory of the Zio cardiac monitoring portfolio. Analyst Commentary Street research remains firmly constructive on iRhythm Technologies, with recent notes highlighting both accelerating fundamentals and a still demanding valuation backdrop.
EW
US$86.23
Edwards Lifesciences
7D
1.1%
1Y
14.4%

EW: Long-Term TAVR Durability Will Drive Future Low-Risk Expansion

Analysts have modestly raised their fair value estimate for Edwards Lifesciences to approximately $95 from about $94, reflecting a blend of slightly lower perceived risk, resilient high-20s profit margin expectations, and stronger confidence in long term transcatheter aortic valve replacement growth following robust Q3 results and favorable recent clinical and coverage catalysts. Analyst Commentary Street research sentiment around Edwards Lifesciences has turned more constructive, with multiple firms lifting ratings and price targets following strong Q3 execution, favorable TAVR data presentations, and improving confidence in long term growth durability.
BSX
US$96.09
Boston Scientific
7D
3.4%
1Y
5.5%

BSX: Shares Will Rise On Earnings Strength And Multi Year Execution Momentum

Analysts nudged their average price target for Boston Scientific modestly higher, toward the low to mid $130 range, citing the company’s Q3 beat, accelerating Watchman adoption, confidence in multi year guidance, and a robust growth pipeline supported by strategic acquisitions like Nalu, despite some cautions on valuation and longer term growth moderation. Analyst Commentary Analyst reaction to Boston Scientific's latest results and strategic updates has been predominantly positive, with several firms raising price targets and reiterating favorable ratings, while a minority voice has started to flag valuation and medium term growth risks.
RMD
US$244.60
ResMed
7D
-1.1%
1Y
5.2%