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U.S. Medical Equipment Industry Analysis

UpdatedMar 26, 2026
DataAggregated Company Financials
Companies236
  • 7D-1.3%
  • 3M-13.4%
  • 1Y-11.2%
  • YTD-11.8%

Over the last 7 days, the Medical Equipment industry has dropped 1.3%, driven by declines in Stryker and Abbott Laboratories of 5.3% and 3.4%, respectively. The industry has fallen 11% in the last year. Earnings are forecast to grow by 16% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 26 Mar 2026US$1.2tUS$333.8bUS$26.3b27.6x46.6x3.7x
Sat, 21 Feb 2026US$1.3tUS$331.0bUS$25.0b30.5x53.7x4.1x
Mon, 19 Jan 2026US$1.4tUS$325.7bUS$32.8b31.2x41.9x4.2x
Wed, 17 Dec 2025US$1.4tUS$325.7bUS$32.3b30x43.1x4.3x
Fri, 14 Nov 2025US$1.4tUS$297.7bUS$31.4b27.3x43.4x4.6x
Sun, 12 Oct 2025US$1.3tUS$292.5bUS$31.5b29.5x40.7x4.4x
Tue, 09 Sep 2025US$1.4tUS$292.5bUS$31.4b29.5x43x4.6x
Thu, 07 Aug 2025US$1.3tUS$290.7bUS$31.4b29.3x42x4.5x
Sat, 05 Jul 2025US$1.4tUS$286.7bUS$29.6b30.8x46x4.7x
Mon, 02 Jun 2025US$1.3tUS$286.7bUS$29.6b31.9x45.3x4.7x
Wed, 30 Apr 2025US$1.3tUS$284.4bUS$28.3b31.6x46.1x4.6x
Fri, 28 Mar 2025US$1.3tUS$283.3bUS$27.4b28.7x48.3x4.7x
Sun, 23 Feb 2025US$1.4tUS$282.5bUS$30.1b31.7x46.7x5x
Tue, 21 Jan 2025US$1.4tUS$284.0bUS$23.1b36.4x59.2x4.8x
Thu, 19 Dec 2024US$1.3tUS$284.0bUS$23.6b34.4x55.9x4.6x
Sat, 16 Nov 2024US$1.3tUS$283.1bUS$22.9b36.9x57.6x4.7x
Mon, 14 Oct 2024US$1.3tUS$279.4bUS$22.1b37x59.2x4.7x
Wed, 11 Sep 2024US$1.3tUS$279.6bUS$22.2b38x58.9x4.7x
Fri, 09 Aug 2024US$1.2tUS$279.4bUS$21.9b35.9x55.4x4.3x
Sun, 07 Jul 2024US$1.2tUS$276.4bUS$22.7b36.9x54.4x4.5x
Tue, 04 Jun 2024US$1.2tUS$276.3bUS$22.7b37.4x54.5x4.5x
Thu, 02 May 2024US$1.2tUS$276.1bUS$24.6b35.9x50.2x4.5x
Sat, 30 Mar 2024US$1.3tUS$265.9bUS$22.6b40.9x58.1x4.9x
Mon, 26 Feb 2024US$1.3tUS$265.9bUS$22.7b35.8x56.7x4.8x
Wed, 24 Jan 2024US$1.2tUS$267.4bUS$20.2b38.5x61.9x4.7x
Fri, 22 Dec 2023US$1.2tUS$267.4bUS$20.2b37.4x58.6x4.4x
Sun, 19 Nov 2023US$1.1tUS$267.0bUS$19.7b35.2x56.2x4.1x
Tue, 17 Oct 2023US$1.1tUS$263.9bUS$15.1b33.2x69.8x4x
Thu, 14 Sep 2023US$1.2tUS$263.8bUS$15.0b34.1x77.9x4.4x
Sat, 12 Aug 2023US$1.2tUS$263.4bUS$15.1b35.4x80.1x4.6x
Mon, 10 Jul 2023US$1.3tUS$260.7bUS$16.2b36.8x77.7x4.8x
Wed, 07 Jun 2023US$1.2tUS$261.2bUS$16.2b36.5x75.4x4.7x
Fri, 05 May 2023US$1.3tUS$260.3bUS$16.7b37.7x75x4.8x
Sun, 02 Apr 2023US$1.2tUS$260.2bUS$18.5b35.9x64.4x4.6x
Price to Earnings Ratio

64.4x


Total Market Cap: US$1.2tTotal Earnings: US$18.5bTotal Revenue: US$260.2bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Medical Equipment Industry Price to Earnings3Y Average 55.9x202420252026
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 46.6x which is lower than its 3-year average PE of 55.9x.
  • The 3-year average PS ratio of 4.5x is higher than the industry's current PS ratio of 3.7x.
Past Earnings Growth
  • The earnings for companies in the Medical Equipment industry have grown 12% per year over the last three years.
  • Revenues for these companies have grown 8.7% 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 Market-0.15%
Healthcare0.084%
Medical Equipment-1.32%
Medical Supplies0.23%
Medical Equipment-1.50%
Industry PE
  • Investors are most optimistic about the Medical Supplies industry which is trading above its 3-year average PE ratio of 3.7x.
    • Analysts are expecting annual earnings growth of 19.9%, which is higher than its past year's earnings growth of 0.8% per year.
  • Investors are most pessimistic about the Medical Equipment industry, which is trading below its 3-year average of 52.6x.
Forecasted Growth
  • Analysts are most optimistic on the Medical Supplies industry, expecting annual earnings growth of 20% over the next 5 years.
  • This is better than its past earnings growth rate of 0.8% per year.
  • In contrast, the Medical Equipment industry is expected to see its earnings grow by 16% 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
GEHC GE HealthCare TechnologiesUS$72.202.8%
+US$927.7m		-10.9%PE15.8x
MDT MedtronicUS$87.890.8%
+US$873.0m		-0.4%PE24.5x
STE STERISUS$223.383.3%
+US$702.2m		0.1%PE30.9x
ALGN Align TechnologyUS$180.274.6%
+US$560.3m		8.3%PE31.3x
GKOS GlaukosUS$109.606.2%
+US$370.4m		6.3%PS12.5x

Latest News

GEHC
US$72.20
GE HealthCare Technologies
7D
2.8%
1Y
-10.9%
ICUI
US$131.38
ICU Medical
7D
4.9%
1Y
-11.7%
SYK
US$327.65
Stryker
7D
-5.3%
1Y
-10.9%
BSX
US$69.78
Boston Scientific
7D
-2.1%
1Y
-31.8%

BSX: Reorganized Segments And 2026 Outlook Should Offset Recent Pacemaker Headlines

Analysts have trimmed the Boston Scientific fair value estimate by about $2 to $102, reflecting a series of reduced Street price targets that incorporate slightly lower revenue growth assumptions, a marginally higher discount rate, and modest tweaks to long term margin and future P/E expectations. Analyst Commentary Street research on Boston Scientific has been active, with most recent moves clustered around price target resets and list changes.
STE
US$223.38
STERIS
7D
3.3%
1Y
0.1%

Is There Now An Opportunity In STERIS plc (NYSE:STE)?

Mar 24
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ALGN
US$180.27
Align Technology
7D
4.6%
1Y
8.3%

ALGN: Post Conflict Demand Recovery And Elliott Engagement Will Shape Bullish Risk Reward

Align Technology's analyst fair value estimate has shifted modestly higher to about $201.69 from $198.67, as analysts point to an improved risk and reward setup following recent share weakness and a series of price target increases. These include a reiterated $200 target alongside an upgrade to Overweight at Barclays, as well as similar upward moves from several other firms.
MDT
US$87.89
Medtronic
7D
0.8%
1Y
-0.4%
ABT
US$104.83
Abbott Laboratories
7D
-3.4%
1Y
-17.2%
NVST
US$26.14
Envista Holdings
7D
3.6%
1Y
48.8%

NVST: Execution On 2026 Guidance And Buybacks Will Support Repriced Earnings

Envista Holdings' updated analyst price target has edged higher, with a modest fair value increase to $28.67. This change is supported by analysts who cite recent target hikes across multiple firms and a reassessment of long term profitability and P/E assumptions.
SOLV
US$64.64
Solventum
7D
-3.7%
1Y
-12.9%

SOLV: 2026 Capital Allocation And Medtech Positioning Will Support Multiple Expansion

Analysts have modestly raised Solventum's implied price target to about $90.17, with recent research citing updated models after Q4 earnings, a series of upgrades, and adjusted assumptions for the discount rate and future P/E as key drivers of the change. Analyst Commentary Recent Street research around Solventum centers on refreshed models after Q4 earnings, a series of rating changes, and a wide range of price targets that cluster around the low to mid double digits.
ISRG
US$469.98
Intuitive Surgical
7D
-1.6%
1Y
-7.7%

ISRG: Future Platform Adoption And Policy Shifts Will Shape Premium Multiple Sustainability

Intuitive Surgical's updated analyst price target edges lower to $457.50 from $464.58, as analysts balance slightly firmer revenue growth and profit margin assumptions with a modestly lower forward P/E multiple after a mix of recent target cuts and upgrades across the Street. Analyst Commentary Recent research updates on Intuitive Surgical show a mixed backdrop, with several firms trimming price targets even as others reiterate or lift their views.
DXCM
US$66.84
DexCom
7D
-1.2%
1Y
-7.3%

DXCM: AI Coaching And Buybacks Will Support Future Market Share Confidence

DexCom's fair value estimate edges up by about $0.27 as analysts fine tune assumptions on the discount rate, revenue growth, profit margin, and future P/E, following a mix of price target changes across the Street, including recent upward revisions toward $84 to $86 and a lower $71 target tied to competition concerns. Analyst Commentary Recent Street research on DexCom reflects a split view, with some firms nudging targets higher into the mid $80s and others pushing back toward the low $70s on competition concerns.
GKOS
US$109.60
Glaukos
7D
6.2%
1Y
6.3%
MMED
US$16.01
Minimed Group
7D
-6.4%
1Y
n/a
PODD
US$216.00
Insulet
7D
-5.5%
1Y
-17.0%

PODD: Type 2 Adoption And Buybacks Will Offset Patch Pump Competition

Insulet's analyst price target has edged slightly lower to reflect modest tweaks to fair value, discount rate and profitability assumptions as analysts weigh recent device correction headlines and rising patch pump competition against ongoing Omnipod 5 adoption and broader sector health. Analyst Commentary Recent research updates on Insulet cluster around a common theme, with most firms trimming price targets while keeping generally positive views on execution, particularly around Omnipod 5 and Type 2 diabetes adoption, and a smaller group highlighting growing competitive and sentiment risks.
MDLN
US$42.67
Medline
7D
1.0%
1Y
n/a