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U.S. Medical Equipment Industry Analysis

UpdatedSep 17, 2025
DataAggregated Company Financials
Companies235
  • 7D-3.3%
  • 3M-0.2%
  • 1Y-0.6%
  • YTD1.3%

Over the last 7 days, the Medical Equipment industry has dropped 3.3%, driven by pullbacks in Boston Scientific and Intuitive Surgical of 8.4% and 7.1%, respectively. Over the last year, the industry has been flat overall. Looking forward, earnings are forecast to grow by 13% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 17 Sep 2025US$1.3tUS$292.5bUS$31.4b28.7x41.7x4.5x
Fri, 15 Aug 2025US$1.3tUS$291.8bUS$31.4b27.2x42.5x4.6x
Sun, 13 Jul 2025US$1.3tUS$286.7bUS$29.6b31.8x45.1x4.7x
Tue, 10 Jun 2025US$1.4tUS$286.7bUS$29.6b30.1x45.6x4.7x
Thu, 08 May 2025US$1.3tUS$286.0bUS$27.6b30.3x47.4x4.6x
Sat, 05 Apr 2025US$1.3tUS$282.8bUS$27.7b25.8x46.2x4.5x
Mon, 03 Mar 2025US$1.4tUS$283.1bUS$27.6b30.2x50.8x5x
Wed, 29 Jan 2025US$1.4tUS$285.2bUS$30.9b34.7x46.2x5x
Fri, 27 Dec 2024US$1.3tUS$284.0bUS$23.6b35.6x55.7x4.6x
Sun, 24 Nov 2024US$1.3tUS$283.5bUS$23.2b37.2x57.7x4.7x
Tue, 22 Oct 2024US$1.3tUS$280.2bUS$22.5b36.7x59.9x4.8x
Thu, 19 Sep 2024US$1.3tUS$279.4bUS$22.2b39.9x59.4x4.7x
Sat, 17 Aug 2024US$1.3tUS$279.6bUS$21.9b36.1x57.6x4.5x
Mon, 15 Jul 2024US$1.3tUS$276.4bUS$22.7b38.6x55.2x4.5x
Wed, 12 Jun 2024US$1.3tUS$276.4bUS$22.7b36.3x55.5x4.6x
Fri, 10 May 2024US$1.2tUS$276.9bUS$23.1b37.9x53.6x4.5x
Sun, 07 Apr 2024US$1.3tUS$274.1bUS$23.9b39.5x53.8x4.7x
Tue, 05 Mar 2024US$1.3tUS$265.9bUS$22.7b37.3x56.8x4.8x
Thu, 01 Feb 2024US$1.2tUS$268.6bUS$21.6b35.2x57.6x4.6x
Sat, 30 Dec 2023US$1.2tUS$267.4bUS$20.2b37.6x60.5x4.6x
Mon, 27 Nov 2023US$1.1tUS$267.4bUS$20.1b36.5x56.4x4.2x
Wed, 25 Oct 2023US$1.1tUS$263.8bUS$15.2b32.8x69.6x4x
Fri, 22 Sep 2023US$1.1tUS$263.8bUS$15.0b35.1x74.9x4.2x
Sun, 20 Aug 2023US$1.2tUS$263.4bUS$15.1b35.2x77.4x4.4x
Tue, 18 Jul 2023US$1.3tUS$260.7bUS$16.1b37.3x80.4x5x
Thu, 15 Jun 2023US$1.3tUS$261.2bUS$16.2b36.9x77.4x4.8x
Sat, 13 May 2023US$1.3tUS$261.0bUS$16.7b36.3x75.6x4.8x
Mon, 10 Apr 2023US$1.2tUS$260.2bUS$18.5b36.4x64.8x4.6x
Wed, 08 Mar 2023US$1.1tUS$260.3bUS$18.4b38.4x62.2x4.4x
Fri, 03 Feb 2023US$1.2tUS$262.3bUS$19.8b35.9x62.4x4.7x
Sun, 01 Jan 2023US$1.1tUS$244.1bUS$19.0b32.4x59.1x4.6x
Tue, 29 Nov 2022US$1.1tUS$244.3bUS$19.0b32.6x57.2x4.5x
Thu, 27 Oct 2022US$1.1tUS$244.2bUS$25.6b33.4x41.8x4.4x
Sat, 24 Sep 2022US$1.0tUS$244.6bUS$26.2b32.1x38.9x4.2x
Price to Earnings Ratio

38.9x


Total Market Cap: US$1.0tTotal Earnings: US$26.2bTotal Revenue: US$244.6bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Medical Equipment Industry Price to Earnings3Y Average 57.4x202320242025
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 41.7x which is lower than its 3-year average PE of 57.4x.
  • 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 6.1% per year over the last three years.
  • Revenues for these companies have grown 6.2% 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 Market1.62%
Healthcare-1.68%
Medical Equipment-3.35%
Medical Supplies-3.02%
Medical Equipment-3.37%
Industry PE
  • Investors are most optimistic about the Medical Equipment industry even though it's trading below its 3-year average PE ratio of 54.0x.
    • Analysts are expecting annual earnings growth of 11.6%, which is lower than the prior year's growth of 16.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Medical Supplies industry, expecting annual earnings growth of 34% over the next 5 years.
  • This is better than its past earnings decline of 0.3% per year.
  • In contrast, the Medical Equipment industry is expected to see its earnings grow by 12% 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
ABT Abbott LaboratoriesUS$132.760.6%
+US$1.4b		12.4%PE16.6x
TMDX TransMedics GroupUS$119.1510.0%
+US$370.6m		-23.7%PE56.7x
KMTS Kestra Medical TechnologiesUS$23.2029.8%
+US$276.0m		n/aPS18x
SOLV SolventumUS$74.131.7%
+US$213.3m		2.5%PE33.8x
MDT MedtronicUS$94.190.1%
+US$153.9m		6.3%PE25.9x

Latest News

PODD
US$332.13
Insulet
7D
-5.9%
1Y
41.0%
MDT
US$94.19
Medtronic
7D
0.1%
1Y
6.3%
ABT
US$132.76
Abbott Laboratories
7D
0.6%
1Y
12.4%

There's No Escaping Abbott Laboratories' (NYSE:ABT) Muted Earnings

Sep 15
There's No Escaping Abbott Laboratories' (NYSE:ABT) Muted Earnings
PLSE
US$16.64
Pulse Biosciences
7D
11.4%
1Y
-18.2%
PMI
US$7.60
Picard Medical
7D
17.6%
1Y
n/a
KMTS
US$23.20
Kestra Medical Technologies
7D
29.8%
1Y
n/a
ISRG
US$434.50
Intuitive Surgical
7D
-7.1%
1Y
-10.1%
RMD
US$272.60
ResMed
7D
-2.4%
1Y
8.7%
SYK
US$376.62
Stryker
7D
-4.1%
1Y
3.5%
PEN
US$262.96
Penumbra
7D
-8.4%
1Y
40.6%

STORM-PE Trial And New Therapies Will Expand Global Reach

The reduction in Penumbra’s Analyst Price Target reflects a combination of weakening net profit margins and a higher future P/E multiple, with fair value revised down from $310.24 to $303.33. What's in the News Company completed repurchase of 517,763 shares (1.33%) for $100 million under the current buyback, with no shares repurchased in the latest quarter.
EW
US$75.09
Edwards Lifesciences
7D
-5.9%
1Y
11.7%
TMDX
US$119.15
TransMedics Group
7D
10.0%
1Y
-23.7%

Organ Transplant Demand And International Expansion Will Unlock Future Opportunities

Analysts have trimmed their price targets for TransMedics Group to $138.88 amid growing concerns about competitive pressures and mixed surgeon feedback on the OCS platform, despite continued confidence in company growth, reflecting a modest downward revision in fair value. Analyst Commentary Bullish analysts cite TransMedics as a best-in-class growth story, raising price targets following strong results.
BSX
US$98.98
Boston Scientific
7D
-8.4%
1Y
19.9%
SOLV
US$74.13
Solventum
7D
1.7%
1Y
2.5%

Commercial Restructuring And New Product Launches Will Broaden International Reach

As there were no material changes in Solventum’s revenue growth or net profit margin forecasts, the consensus analyst price target remains unchanged at $86.71. What's in the News Solventum completed the $4 billion divestiture of its Purification & Filtration business to Thermo Fisher, using most of the $3.4 billion net proceeds to reduce debt and strengthen the balance sheet while raising FY25 organic sales growth, adjusted EPS, free cash flow, and operating margin guidance.
BDX
US$186.21
Becton Dickinson
7D
-2.2%
1Y
-19.5%
ENOV
US$33.32
Enovis
7D
6.8%
1Y
-22.0%

Enovis: Healthy Recon Trends Vs. Market Apathy

Aug 27