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:

Anika Therapeutics (NASDAQ:ANIK) is the #1 top medical device stock out of 132 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 106.48% over the past year, overperforming other medical device stocks by 202 percentage points.

Anika Therapeutics has an average 1 year price target of $22.00, an upside of 15.06% from Anika Therapeutics's current stock price of $19.12.

Anika Therapeutics stock has a consensus Strong Buy recommendation according to Wall Street analysts. Of the 2 analysts covering Anika Therapeutics, 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.

Bioventus (NASDAQ:BVS) is the #2 top medical device stock out of 132 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 48, which is 18 points higher than the medical device industry average of 30.

BVS passed 15 out of 33 due diligence checks and has strong fundamentals. Bioventus has seen its stock return 92.93% over the past year, overperforming other medical device stocks by 188 percentage points.

Bioventus has an average 1 year price target of $16.00, an upside of 22.14% from Bioventus's current stock price of $13.10.

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

Livanova (NASDAQ:LIVN) is the #3 top medical device stock out of 132 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 Livanova (NASDAQ:LIVN) is: Value: C, Growth: B, Momentum: C, Sentiment: C, Safety: A, Financials: B, and AI: C.

Livanova (NASDAQ:LIVN) has a Due Diligence Score of 37, which is 7 points higher than the medical device industry average of 30.

LIVN passed 12 out of 33 due diligence checks and has average fundamentals. Livanova has seen its stock return 42.37% over the past year, overperforming other medical device stocks by 138 percentage points.

Livanova has an average 1 year price target of $86.14, an upside of 14.96% from Livanova's current stock price of $74.93.

Livanova stock has a consensus Buy recommendation according to Wall Street analysts. Of the 7 analysts covering Livanova, 28.57% have issued a Strong Buy rating, 42.86% have issued a Buy, 28.57% have issued a hold, while 0% have issued a Sell rating, and 0% have issued a Strong Sell.

Out of 10 medical device stocks that have issued dividends in the past year, the 3 medical device stocks with the highest dividend yields are:

Conmed (NYSE:CNMD) has an annual dividend yield of N/A, which is N/A percentage points lower than the medical device industry average of 1.91%. Conmed's dividend payout is stable, having never dropped by more than 10% in the last 10 years. Conmed's dividend has not shown consistent growth over the last 10 years.

Conmed's dividend payout ratio of 10.8% indicates that its dividend yield is sustainable for the long-term.

Koninklijke Philips Nv (NYSE:PHG) has an annual dividend yield of 4.19%, which is 2 percentage points higher than the medical device industry average of 1.91%. 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 2.91%, which is 1 percentage points higher than the medical device industry average of 1.91%. Smith & Nephew's dividend payout is not stable, having dropped more than 10% ten 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.

Medical device stocks were down -1.73% in the last day, and down -1.41% over the last week. Heartsciences was the among the top losers in the medical devices industry, dropping -13.53% yesterday.

HeartSciences shares are trading lower after its merger partner Fortitude entered a $100 million purchase agreement to secure Zcash mining equipment from BITMAIN.

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 55 points higher than the medical device industry average of 16. It passed 5 out of 7 valuation due diligence checks.

Inmode's stock has dropped -8.14% in the past year. It has overperformed other stocks in the medical device industry by 87 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 43, which is 27 points higher than the medical device industry average of 16. It passed 3 out of 7 valuation due diligence checks.

Conmed's stock has dropped -4.28% 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 -2 points higher than the medical device industry average of 16. It passed 1 out of 7 valuation due diligence checks. Although this number is below the industry average, our proven quant model rates PHG a Valuation Rating of "A".

Koninklijke Philips Nv's stock has dropped -13.87% in the past year. It has overperformed other stocks in the medical device industry by 82 percentage points.

58.16% of medical device stocks rated by analysts are a strong buy right now. On average, analysts expect medical device stocks to rise by 27.89% over the next year.

4% of medical device stocks have a Zen Rating of A (Strong Buy), 20% of medical device stocks are rated B (Buy), 55% are rated C (Hold), 20% are rated D (Sell), and 1% are rated F (Strong Sell).