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U.S. Medical Equipment Industry Analysis

UpdatedNov 04, 2025
DataAggregated Company Financials
Companies234
  • 7D-3.0%
  • 3M-0.3%
  • 1Y-0.3%
  • YTD1.6%

Over the last 7 days, the Medical Equipment industry has dropped 3.0%, driven by Stryker declining 6.7%. On the other hand IDEXX Laboratories is actually up 12%. Over the last year, the industry has been flat overall. 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
Tue, 04 Nov 2025US$1.3tUS$296.3bUS$31.9b27.6x40.9x4.4x
Thu, 02 Oct 2025US$1.3tUS$292.5bUS$31.4b30.1x41.6x4.5x
Sat, 30 Aug 2025US$1.3tUS$292.5bUS$31.4b29.1x42.7x4.6x
Mon, 28 Jul 2025US$1.3tUS$289.1bUS$30.6b33.3x44x4.7x
Wed, 25 Jun 2025US$1.3tUS$286.7bUS$29.6b30.1x45.4x4.7x
Fri, 23 May 2025US$1.3tUS$286.6bUS$29.6b31.8x45.1x4.7x
Sun, 20 Apr 2025US$1.3tUS$283.2bUS$27.9b29.4x45x4.4x
Tue, 18 Mar 2025US$1.3tUS$283.2bUS$27.5b30.3x47.7x4.6x
Thu, 13 Feb 2025US$1.4tUS$286.8bUS$30.3b33.6x46.6x4.9x
Sat, 11 Jan 2025US$1.3tUS$284.0bUS$23.1b34.2x57.6x4.7x
Mon, 09 Dec 2024US$1.3tUS$284.0bUS$23.5b36.8x56.8x4.7x
Wed, 06 Nov 2024US$1.3tUS$282.5bUS$23.2b35.9x56.8x4.7x
Fri, 04 Oct 2024US$1.3tUS$279.4bUS$22.2b38.9x59.3x4.7x
Sun, 01 Sep 2024US$1.3tUS$279.7bUS$22.2b35.9x59x4.7x
Tue, 30 Jul 2024US$1.2tUS$277.9bUS$23.0b37.8x52.7x4.4x
Thu, 27 Jun 2024US$1.2tUS$276.4bUS$22.7b36.1x54.6x4.5x
Sat, 25 May 2024US$1.3tUS$277.1bUS$23.0b37.5x54.4x4.5x
Mon, 22 Apr 2024US$1.2tUS$274.5bUS$24.0b35.1x50.8x4.4x
Wed, 20 Mar 2024US$1.3tUS$265.9bUS$22.6b39.6x56.5x4.8x
Fri, 16 Feb 2024US$1.2tUS$264.6bUS$22.3b36x55.9x4.7x
Sun, 14 Jan 2024US$1.2tUS$267.4bUS$20.2b38.3x61.6x4.6x
Tue, 12 Dec 2023US$1.2tUS$267.4bUS$20.2b36.1x57.1x4.3x
Thu, 09 Nov 2023US$1.1tUS$266.7bUS$19.7b34.1x53.9x4x
Sat, 07 Oct 2023US$1.1tUS$263.8bUS$15.1b34.1x72.9x4.2x
Mon, 04 Sep 2023US$1.2tUS$263.8bUS$15.0b34.2x79.6x4.5x
Wed, 02 Aug 2023US$1.3tUS$261.3bUS$15.1b38.4x83.3x4.8x
Fri, 30 Jun 2023US$1.3tUS$261.2bUS$16.2b37.2x78.9x4.9x
Sun, 28 May 2023US$1.2tUS$261.4bUS$16.4b36.4x73.3x4.6x
Tue, 25 Apr 2023US$1.3tUS$258.2bUS$17.4b37.9x73.6x5x
Thu, 23 Mar 2023US$1.1tUS$260.3bUS$18.6b36.9x61.5x4.4x
Sat, 18 Feb 2023US$1.2tUS$261.8bUS$19.3b37.7x61.2x4.5x
Mon, 16 Jan 2023US$1.2tUS$262.5bUS$20.8b34x56.8x4.5x
Wed, 14 Dec 2022US$1.2tUS$244.4bUS$19.0b34.1x60.7x4.7x
Fri, 11 Nov 2022US$1.1tUS$245.8bUS$21.6b33.2x50.4x4.4x
Price to Earnings Ratio

50.4x


Total Market Cap: US$1.1tTotal Earnings: US$21.6bTotal Revenue: US$245.8bTotal 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 40.9x 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 14% per year over the last three years.
  • Revenues for these companies have grown 6.4% 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-0.91%
Healthcare-1.12%
Medical Equipment-3.04%
Medical Supplies-2.09%
Medical Equipment-3.09%
Industry PE
  • Investors are most optimistic about the Medical Equipment industry even though it's trading below its 3-year average PE ratio of 53.9x.
    • Analysts are expecting annual earnings growth of 12.7%, which is lower than the prior year's growth of 16.8% 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 0.7% 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
IDXX IDEXX LaboratoriesUS$722.9411.7%
+US$6.0b		74.4%PE58.7x
EW Edwards LifesciencesUS$83.072.8%
+US$1.3b		25.0%PE36.3x
GKOS GlaukosUS$87.3915.5%
+US$678.6m		-33.5%PS10.7x
ATEC Alphatec HoldingsUS$19.2916.3%
+US$412.0m		130.7%PS3.9x
MMSI Merit Medical SystemsUS$87.345.5%
+US$278.0m		-11.8%PE43.7x

Latest News

BDX
US$177.30
Becton Dickinson
7D
-5.2%
1Y
-24.3%
MMSI
US$87.34
Merit Medical Systems
7D
5.5%
1Y
-11.8%
MDT
US$90.20
Medtronic
7D
-4.2%
1Y
1.0%
AXGN
US$23.25
Axogen
7D
30.8%
1Y
63.7%

Axogen, Inc. (NASDAQ:AXGN) Looks Just Right With A 30% Price Jump

Nov 04
Axogen, Inc. (NASDAQ:AXGN) Looks Just Right With A 30% Price Jump
BSX
US$98.59
Boston Scientific
7D
-3.7%
1Y
16.4%
IDXX
US$722.94
IDEXX Laboratories
7D
11.7%
1Y
74.4%

IDXX: Expanding Installed Base Will Drive Accelerating Business Momentum Ahead

The consensus analyst price target for IDEXX Laboratories has increased by over $22. This reflects growing optimism fueled by expectations of accelerating recurring revenue growth, stronger visit trends, and expanding product adoption in the company's core business lines.
BAX
US$18.21
Baxter International
7D
-21.4%
1Y
-49.1%

BAX: Near-Term Headwinds Will Resolve As Margins Stabilize Into 2026

Analysts have reduced their price target for Baxter International from approximately $28 to $24.07 per share. They cite persistent revenue headwinds, lower margins, and management's more cautious outlook for 2025 and beyond.
EW
US$83.07
Edwards Lifesciences
7D
2.8%
1Y
25.0%
DXCM
US$60.43
DexCom
7D
-14.4%
1Y
-13.3%

Earnings Beat: DexCom, Inc. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models

Nov 02
Earnings Beat: DexCom, Inc. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models
GKOS
US$87.39
Glaukos
7D
15.5%
1Y
-33.5%

GKOS: Momentum From Recent Regulatory Wins Will Drive Outperformance Through 2026

Glaukos’ analyst price target has risen to $119.85 from $117.50. Analysts cite robust quarterly results and increasing optimism over key growth drivers such as iDose and Epioxa.
BFLY
US$2.91
Butterfly Network
7D
32.3%
1Y
42.6%
ATEC
US$19.29
Alphatec Holdings
7D
16.3%
1Y
130.7%

ATEC: Improved Margins And Revenue Projections Will Shape Future Performance

Analysts have raised their price target for Alphatec Holdings from $19.41 to $20.54 per share, citing improved profit margin forecasts and stronger projected revenue growth as key reasons for the increased valuation. What's in the News Alphatec Holdings, Inc.
SYK
US$358.16
Stryker
7D
-6.7%
1Y
-2.4%
ABT
US$123.84
Abbott Laboratories
7D
-2.6%
1Y
5.3%

ABT: Legal Wins And Device Momentum Will Support Durable Growth Ahead

Abbott Laboratories' average analyst price target experienced a modest increase to approximately $144.47. Analysts cited positive legal developments and continued momentum in the Medical Devices segment as key factors supporting the adjustment.
ALGN
US$138.53
Align Technology
7D
2.1%
1Y
-34.3%
ISRG
US$544.21
Intuitive Surgical
7D
-1.3%
1Y
7.3%

Rising Demand And Cost Pressures Will Shape Robotic Surgery Outlook

The analyst price target for Intuitive Surgical has been raised from $573.55 to $594.29. Analysts cite strong third-quarter earnings, improving profit margins, and robust demand, despite ongoing pressures and competitive risks.