Sectors & IndustriesHealthcareMedical Devices

Best Medical Device Stocks to Buy Now (2026)

Top medical device stocks in 2026 ranked by overall Zen Rating. "A" Rated stocks have returned an average of +28.50% per year, and are the best medical device stocks to buy now. Learn More.

According to Zen Ratings, our proprietary rating system that evaluates 115 factors proven to drive growth in stocks and assigns each stock in our system an overall letter grade as well as 7 individual Component Grades for Value, Growth, Momentum, Sentiment, Safety, Financials, and proprietary AI algorithms, the 3 best medical equipment stocks to buy right now are:

Electromed (NYSEMKT:ELMD) is the #1 top medical device stock out of 135 with a Zen Rating of A. Stocks with a rating of A have had an average return of +28.5% per year. Learn more.

The Component Grade breakdown for Electromed (NYSEMKT:ELMD) is: Value: C, Growth: B, Momentum: B, Sentiment: A, Safety: B, Financials: A, and AI: C.

Electromed (NYSEMKT:ELMD) has a Due Diligence Score of 49, which is 19 points higher than the medical device industry average of 30.

ELMD passed 17 out of 33 due diligence checks and has strong fundamentals. Electromed has seen its stock return 119.65% over the past year, overperforming other medical device stocks by 219 percentage points.

Electromed has an average 1 year price target of $40.00, a downside of -5.84% from Electromed's current stock price of $42.48.

Electromed stock has a consensus Strong Buy recommendation according to Wall Street analysts. Of the 1 analyst covering Electromed, 100% have issued a Strong Buy rating, 0% have issued a Buy, 0% have issued a hold, while 0% have issued a Sell rating, and 0% have issued a Strong Sell.

Anika Therapeutics (NASDAQ:ANIK) is the #2 top medical device stock out of 135 with a Zen Rating of A. Stocks with a rating of A have had an average return of +28.5% per year. Learn more.

The Component Grade breakdown for Anika Therapeutics (NASDAQ:ANIK) is: Value: C, Growth: A, Momentum: B, Sentiment: A, Safety: C, Financials: C, and AI: C.

Anika Therapeutics (NASDAQ:ANIK) has a Due Diligence Score of 26, which is -4 points lower than the medical device industry average of 30. Although this number is below the industry average, our proven quant model rates ANIK as a "A".

ANIK passed 8 out of 33 due diligence checks and has average fundamentals. Anika Therapeutics has seen its stock return 152.64% over the past year, overperforming other medical device stocks by 252 percentage points.

Anika Therapeutics has an average 1 year price target of $19.00, a downside of -13.75% from Anika Therapeutics's current stock price of $22.03.

Anika Therapeutics stock has a consensus Strong Buy recommendation according to Wall Street analysts. Of the 2 analysts covering Anika Therapeutics, 50% have issued a Strong Buy rating, 50% have issued a Buy, 0% have issued a hold, while 0% have issued a Sell rating, and 0% have issued a Strong Sell.

Bioventus (NASDAQ:BVS) is the #3 top medical device stock out of 135 with a Zen Rating of A. Stocks with a rating of A have had an average return of +28.5% per year. Learn more.

The Component Grade breakdown for Bioventus (NASDAQ:BVS) is: Value: B, Growth: B, Momentum: B, Sentiment: C, Safety: B, Financials: A, and AI: C.

Bioventus (NASDAQ:BVS) has a Due Diligence Score of 44, which is 14 points higher than the medical device industry average of 30.

BVS passed 14 out of 33 due diligence checks and has strong fundamentals. Bioventus has seen its stock return 90.36% over the past year, overperforming other medical device stocks by 190 percentage points.

Bioventus has an average 1 year price target of $15.00, an upside of 7.8% from Bioventus's current stock price of $13.92.

Bioventus stock has a consensus Strong Buy recommendation according to Wall Street analysts. Of the 3 analysts covering Bioventus, 33.33% have issued a Strong Buy rating, 66.67% have issued a Buy, 0% have issued a hold, while 0% have issued a Sell rating, and 0% have issued a Strong Sell.

Out of 9 medical device stocks that have issued dividends in the past year, the 3 medical device stocks with the highest dividend yields are:

Koninklijke Philips Nv (NYSE:PHG) has an annual dividend yield of 3.78%, which is 2 percentage points higher than the medical device industry average of 1.51%. Koninklijke Philips Nv's dividend payout is not stable, having dropped more than 10% one times in the last 10 years. Koninklijke Philips Nv's dividend has shown consistent growth over the last 10 years.

Koninklijke Philips Nv's dividend payout ratio of -109.6% indicates that its dividend yield might not be sustainable for the long-term.

Smith & Nephew (NYSE:SNN) has an annual dividend yield of 2.58%, which is 1 percentage points higher than the medical device industry average of 1.51%. Smith & Nephew's dividend payout is not stable, having dropped more than 10% nine times in the last 10 years. Smith & Nephew's dividend has shown consistent growth over the last 10 years.

Smith & Nephew's dividend payout ratio of 51.9% indicates that its dividend yield is sustainable for the long-term.

Abbott Laboratories (NYSE:ABT) has an annual dividend yield of 2.24%, which is 1 percentage points higher than the medical device industry average of 1.51%. Abbott Laboratories's dividend payout is stable, having never dropped by more than 10% in the last 10 years. Abbott Laboratories's dividend has shown consistent growth over the last 10 years.

Abbott Laboratories's dividend payout ratio of 80% indicates that its dividend yield is sustainable for the long-term.

Medical device stocks were up 0.38% in the last day, and up 2.98% over the last week. Brainsway was the among the top gainers in the medical devices industry, gaining 10.81% yesterday.

BrainsWay shares are trading higher after the company reported better-than-expected Q2 sales results and raised its FY26 sales guidance above analyst estimates.

Based on the Valuation rating, one of the 7 components of a stocks overall Zen Ratings grade, which evaluates factors including estimated earnings yield, earnings before interest and taxes/enterprise value, cash flow yield, free cash flow to price, and price-to-earnings growth (PEG ratio), the 3 most undervalued medical device stocks right now are:

Inmode (NASDAQ:INMD) is the most undervalued medical device stock based on its Valuation Rating of A. Valuation is one of 7 Component Grades used to calculate the overall Zen Rating.

Inmode has a valuation score of 71, which is 57 points higher than the medical device industry average of 14. It passed 5 out of 7 valuation due diligence checks.

Inmode's stock has gained 7.1% in the past year. It has overperformed other stocks in the medical device industry by 107 percentage points.

Conmed (NYSE:CNMD) is the second most undervalued medical device stock based on its Valuation Rating of A. Valuation is one of 7 Component Grades used to calculate the overall Zen Rating.

Conmed has a valuation score of 29, which is 15 points higher than the medical device industry average of 14. It passed 2 out of 7 valuation due diligence checks.

Conmed's stock has dropped -8.39% in the past year. It has overperformed other stocks in the medical device industry by 91 percentage points.

Koninklijke Philips Nv (NYSE:PHG) is the third most undervalued medical device stock based on its Valuation Rating of A. Valuation is one of 7 Component Grades used to calculate the overall Zen Rating.

Koninklijke Philips Nv has a valuation score of 14, which is 0 points higher than the medical device industry average of 14. It passed 1 out of 7 valuation due diligence checks.

Koninklijke Philips Nv's stock has dropped -0.7% in the past year. It has overperformed other stocks in the medical device industry by 99 percentage points.

61.17% of medical device stocks rated by analysts are a strong buy right now. On average, analysts expect medical device stocks to rise by 23.53% over the next year.

5.21% of medical device stocks have a Zen Rating of A (Strong Buy), 20.83% of medical device stocks are rated B (Buy), 52.08% are rated C (Hold), 18.75% are rated D (Sell), and 3.13% are rated F (Strong Sell).