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9 top medical device stocks to buy in 2024

Ready to invest in the health product industry? Learn how to invest in medical device stocks in just a few steps.

The best medical device stocks depend on your portfolio and investment goals — while volatility can be ideal for day traders, long-term investors will want to look to stocks with steadier gains over time.

We round up a selection of stocks in or related to the health product industry, weighting the list more heavily towards popular mid- and large-cap US stocks.

  1. Abbott Laboratories (ABT)
  2. ABIOMED (ABMD)
  3. Align Technology (ALGN)
  4. Edwards Lifesciences (EW)
  5. Boston Scientific (BSX)
  6. Medtronic (MDT)
  7. Penumbra (PEN)
  8. Inogen (INGN)
  9. SmileDirectClub (SDC)

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The medical device stocks industry is affected by a range of complex factors such as trade policies, regulations, and fluctuating supply and demand. So when considering medical device stocks to buy, it's important that you have access to vital information about a company's financial health, leadership team, and market positioning.

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How to invest in medical device stocks

  1. Choose an online stock trading platform. Choose from our Top Picks above, use our comparison table below or jump straight to the best stock trading apps of 2024.
  2. Sign up for an account. Provide your personal information and sign up.
  3. Set up a funding method to pay for the transaction. Deposit funds into your account by linking your banking information.
  4. Choose the stocks you want to buy. Search for the stock by name or ticker symbol like ABT or ABMD.
  5. Place your order. Buy the stock. It's that simple.

Take a deeper dive into medical device stocks

If you're interested in investing in the health product industry, take a closer look at what companies in this industry do and how the stocks have historically performed. Keep in mind that positive past performance doesn't guarantee that a stock will continue to rise in the future.

1. Abbott Laboratories (ABT)

Abbott Laboratories, together with its subsidiaries, discovers, develops, manufactures, and sells health care products worldwide. It operates in four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. The company provides generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency, irritable bowel syndrome or biliary spasm, intrahepatic cholestasis or depressive symptoms, gynecological disorder, hormone replacement therapy, dyslipidemia, hypertension, hypothyroidism, Ménière's disease and vestibular vertigo, pain, fever, inflammation, and migraine, as well as provides anti-infective clarithromycin, influenza vaccine, and products to regulate physiological rhythm of the colon.

Abbott Laboratories stock opened the day at $107.48 after a previous close of $107.28. The latest price was $107.26 (25-minute delay). Abbott Laboratories is listed on the NYSE, has a trailing 12-month revenue of around USD40.1 billion and employs 114,000 staff.

  • Market capitalization: $189,499,015,168
  • P/E ratio: 33.3976
  • PEG ratio: 5.9854

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2. ABIOMED (ABMD)

Abiomed, Inc. engages in the research, development, and sale of medical devices to assist or replace the pumping function of the failing heart. It also provides a continuum of care to heart failure patients.

ABIOMED is listed on the NASDAQ, has a trailing 12-month revenue of around USD$1.1 billion and employs 2,003 staff.

  • Market capitalization: $17,180,649,472
  • P/E ratio: 65.3551
  • PEG ratio: 2.75

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3. Align Technology (ALGN)

Align Technology, Inc. designs, manufactures, and markets Invisalign clear aligners, and iTero intraoral scanners and services for orthodontists and general practitioner dentists in the United States, Switzerland, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.

Align Technology stock opened the day at $300.87 after a previous close of $298.98. The latest price was $297.36 (25-minute delay). Align Technology is listed on the NASDAQ, has a trailing 12-month revenue of around USD$3.9 billion and employs 21,610 staff.

  • Market capitalization: $22,959,536,128
  • P/E ratio: 52.6034
  • PEG ratio: 1.9618

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4. Edwards Lifesciences (EW)

Edwards Lifesciences Corporation provides products and technologies for structural heart disease and critical care monitoring in the United States, Europe, Japan, and internationally. It offers transcatheter heart valve replacement products for the minimally invasive replacement of aortic heart valves under the Edwards SAPIEN family of valves system; and transcatheter heart valve repair and replacement products to treat mitral and tricuspid valve diseases under the PASCAL PRECISION and Cardioband names. The company also provides surgical structural heart solutions, such as aortic surgical valve under the INSPIRIS name; INSPIRIS RESILLA aortic valve, which offers RESILIA tissue and VFit technology; KONECT RESILIA, a pre-assembled tissue valves conduit for complex combined procedures; and MITRIS RESILIA valve.

Edwards Lifesciences stock opened the day at $86.54 after a previous close of $85.94. The latest price was $86.07 (25-minute delay). Edwards Lifesciences is listed on the NYSE, has a trailing 12-month revenue of around USD$6 billion and employs 19,800 staff.

  • Market capitalization: $52,036,583,424
  • P/E ratio: 37.587
  • PEG ratio: 5.1879

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5. Boston Scientific (BSX)

Boston Scientific Corporation develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. It operates through two segments, MedSurg and Cardiovascular. The company offers devices to diagnose and treat gastrointestinal and pulmonary conditions, such as resolution clips, biliary stent systems, stents and electrocautery enhanced delivery systems, direct visualization systems, digital catheters, and single-use duodenoscopes; devices to treat urological conditions, including ureteral stents, catheters, baskets, guidewires, sheaths, balloons, single-use digital flexible ureteroscopes, holmium laser systems, artificial urinary sphincter, laser system, fiber, and hydrogel systems; and devices to treat neurological movement disorders and manage chronic pain, such as spinal cord stimulator system, proprietary programming software, radiofrequency generator, indirect decompression systems, practice optimization tools, and deep brain stimulation system.

Boston Scientific stock opened the day at $67.63 after a previous close of $67.33. The latest price was $67.37 (25-minute delay). Boston Scientific is listed on the NYSE, has a trailing 12-month revenue of around USD$14.2 billion and employs 48,000 staff.

  • Market capitalization: $100,129,595,392
  • P/E ratio: 63.6636
  • PEG ratio: 1.7987

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6. Medtronic (MDT)

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software. It also provides aortic valves, surgical valve replacement and repair products, endovascular stent grafts and accessories, and transcatheter pulmonary valves; and percutaneous coronary intervention products, percutaneous angioplasty balloons, and products.

Medtronic stock opened the day at $79.87 after a previous close of $79.48. The latest price was $79.77 (25-minute delay). Medtronic is listed on the NYSE, has a trailing 12-month revenue of around USD$32.3 billion and employs 95,000 staff.

  • Market capitalization: $105,150,070,784
  • P/E ratio: 25.1397
  • PEG ratio: 1.5178

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7. Penumbra (PEN)

Penumbra, Inc. , together with its subsidiaries, designs, develops, manufactures, and markets medical devices in the United States and internationally. The company offers peripheral products, including the Indigo System for power aspiration of thrombus in the body; Lightning Flash, a mechanical thrombectomy system; Lightning Bolt 7, an arterial thrombectomy system; and CAT RX.

Penumbra stock opened the day at $204.04 after a previous close of $202.72. The latest price was $205.50 (25-minute delay). Penumbra is listed on the NYSE, has a trailing 12-month revenue of around USD$1.1 billion and employs 4,200 staff.

  • Market capitalization: $7,846,013,952
  • P/E ratio: 87.7576
  • PEG ratio: -62.27

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8. Inogen (INGN)

Inogen, Inc. , a medical technology company, develops, manufactures, and markets portable oxygen concentrators to patients, physicians and other clinicians, and third-party payors in the United States and internationally. Its oxygen concentrators are used to deliver supplemental long-term oxygen therapy to patients suffering from chronic respiratory conditions.

Inogen stock opened the day at $6.76 after a previous close of $6.75. The latest price was $6.68 (25-minute delay). Inogen is listed on the NASDAQ, has a trailing 12-month revenue of around USD$315.7 million and employs 834 staff.

  • Market capitalization: $165,387,008
  • PEG ratio: 3.48

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9. SmileDirectClub (SDC)

SmileDirectClub, Inc. , an oral care company, offers clear aligner therapy treatment. The company manages the end-to-end process, which include marketing, aligner manufacturing, fulfillment, treatment by a customer's dentist or orthodontist, and facilitating remote clinical monitoring through a network of orthodontists and general dentists through its proprietary teledentistry platform, SmileCheck in the United States, Puerto Rico, Canada, Australia, the United Kingdom, New Zealand, Ireland, Hong Kong, Germany, Singapore, France, Spain, and Austria.

SmileDirectClub stock opened the day at $0.02 after a previous close of $0.02. The latest price was $0.02 (25-minute delay). SmileDirectClub is listed on the NASDAQ, has a trailing 12-month revenue of around USD$414.9 million and employs 2,700 staff.

  • Market capitalization: $29,108,252

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Bottom line

While it’s possible to turn a profit investing in medical device stocks, keep in mind that — like any investment — medical device stocks are not immune to risk. These stocks are subject to fluctuating conditions — both in the market and in the health product industry, so carefully vet your picks before you invest. And if you’re new to investing, or if it’s been awhile since you’ve taken a critical look at your investing accounts, compare brokers to make sure you’re getting the best features in your trading account.

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