상위 6개 의료기기 주식 (9월 2026)

헬스케어가 모두 화학만은 아니다

When discussing healthcare and biotech, most discussions will go toward drugs or advanced therapies like gene editing, stem cells, etc.  However, this ignores that a large part, if not most, of healthcare relies on medical devices – at least in a hospital setting. These can be as simple as a syringe, as life-saving as a pacemaker, or as complex as multi-million dollar MRI or surgical robots.

These products are often the results of years or decades of technical expertise and are covered by as many patents and trade secrets as the most advanced biological or pharmaceutical drugs.

매력적인 시장

This central part of healthcare is often ignored by investors, despite attractive characteristics creating a strong investing “moat” :

• 경쟁이 거의 없는 수많은 마이크로 니치.
• 전환 비용이 높으며, 의료 인력을 재교육하거나 최소한 습관을 바꾸고 환자에게 더 나쁜 결과를 초래할 위험이 있습니다.
• 약물보다 규제 제약은 적지만, 특허와 상표를 통한 강력한 지식재산 보호가 이루어집니다.

Altogether, the market for medical devices was as much as $443B in 2022 and is expected to grow up to $584B in 2027, with an average yearly growth of 5-6%, depending on the category.  Most of the market is represented by the USA and Europe, with Asia lagging behind but growing quickly.

출처: Statista.com

상위 6개 의료기기 기업

이 목록은 의료기기 산업 내 다양한 프로필과 분야를 반영하도록 작성되었습니다. 따라서 기업들의 기술과 특성을 평가한 주관적인 목록이라고 볼 수 있습니다.

순서는 이 기사 작성 시점의 시가총액 기준입니다.

Because this is a slightly different niche we already covered in a dedicated article, “Top 5 Robotic Surgery Stocks (2023년 5월)“, we excluded producers of surgical robots mentioned in this list, even if companies like Medtronic (MDT) or Stryker (SYK) are important medical devices manufacturers.

1. Boston Scientific Corporation

BSX 가격 차트

Boston Scientific (BSX ) is a very large medical device producer active in cardiology, endoscopy, urology, and neurological assistance.

This includes products like:

• 심박조율기 및 제세동기.
• 척수 자극기 and 자극 전극.
• 레이저 수술.
• 동맥 스텐트.

The company uses a mix of self-developed products and acquisitions to grow in these markets. Since 2011, the company has spent $18B on acquisitions, with VC investments feeding the pipeline (35 VC investments currently).

출처: Boston Scientific

Cardiovascular represents the largest segment by $5.8B of revenues for the 9 months ending in 2022년 9월, on a total of $9.4B total revenues. $5.6B of sales were from the USA.

The company has grown revenue at 6-9% CAGR since 2011, with the sales delayed in 2020 caught up in 2021.  It has also grown its earnings per share from $0.73/share in 2013 to $1.71/share in 2022.

출처: Boston Scientific

In large part, the growth has been due to the overall growth of the markets where Boston Scientific is active, with 45% of its sales in moderate-growth segments (4-7% CAGR) and 35% in high-growth segments (>7% CAGR).

2. Siemens Healthineers AG

This is the electronic giant Siemens’s medical imaging & data branch (SIE.DE). Its origins go way back to 1896, when Wilhelm Conrad Röntgen, a German scientist, discovered X-rays.

It sells products in:

• 영상 (MRI, X-레이, 초음파, 유방촬영 등…).
• 실험실 (혈액 검사, 소변 검사 등…).
• 현장 검사 (당뇨, 혈액 등…).
• 소프트웨어 및 자동화, 이미지 데이터베이스와 병원 환자 파일 연동 포함.

출처: Siemens

Siemens는 Siemens 그룹의 전문성을 활용하여 로봇 시장에 진입하고 있으며, 앞으로는 혈관 내 로봇 및 기타 기계 팔에 강력히 집중할 예정입니다. 이 부문은 현재 매출이 19억 유로에 불과하지만, 영상 매출은 109억 유로, 진단 매출은 61억 유로에 달합니다.

Total revenues in 2022 were €21.7B.

출처: Siemens

The company is also working AI 교육에 착수하고 있으며, 설치된 장비와 소프트웨어에서 얻은 방대한 “빅 데이터” 이미지, 실험실 검사 등을 활용하고 있습니다.

Lastly, Siemens Healthineers (SHL.SW ) (SHL.DE ) has developed an offer on cancer treatment, Varian, which allows for synergies between multiple equipment, diagnostics, and software into a full-service offer for oncology departments. This sector is expected to grow 9-12% in 2023.

Revenues should be stable in 2023, as the growth in Varian (9-12%), imaging (7-9%), and advanced therapies (6-9%) will be compensated by a strong decrease in diagnostic (Covid-19 testing). While the company’s net debt of -$12B is not neglectable, it is almost exclusively owned by the Siemens Group. So, it does not carry the same liquidity risk as more usual bonds or bank debt.

Siemens Healthineers is an investment option for investors looking for a very stable business with growing synergies between its activities. It is also a serious contender to challenge Intuitive Surgical (ISRG ), Stryker, and Medtronic in the medical robotic segment, Siemens 산업용 로봇의 세계적 수준 품질을 고려할 때.

3. Edwards Lifesciences Corporation

EW 가격 차트

Edward Lifesciences is a cardiovascular-focused company. This goes back to the origins of the company, in 1958, when Miles Lowell Edwards built the first artificial heart. To date, 800,000 patients have been treated with transcatheter therapies.

Today, the company produces aortic valve replacements, heart valves, valve repairs, and heart monitoring.

출처: Edwards Lifesciences

Edwards’ sales have almost tripled since 2013. The sales growth in 2023 is expected to be 9-12%.  The largest segment is Transcatheter Aortic Valve Replacement (TARV), representing 65% of sales.

Currently, Edwards controls around 50% of its market. The company expects the addressable market for its products to double by 2028, partly driven by the aging of the global population and economic development in previously under-treated markets, especially in Asia.

출처: Edwards Lifesciences

The company has been growing earnings per share quickly and has also increased by 50% its R&D spending since 2018. The company is not distributing dividends but bought back shares for a total of $3.1B since 2019.

4. Alcon Inc.

ALC 가격 차트

Alcon is the world leader in eye care. It is the leader in all eye surgery segments: implantables, equipment, and consumables.

It is also the leader in eye treatment (like eye drops) and the second-largest company in contact lenses. The business activity is spread relatively equally between the surgical and vision care departments.

출처: Alcon

Alcon controls $5B of the $12B market of ophthalmic surgery (cataract, LASIK, etc…), making it by very far the largest actor in the segment, ahead of Johnson & Johnson (JNJ ), Zeiss and B+L (Bausch+Lomb).

Alcon controls $3.6B of the $20B market for contact lenses. For now, the focus of this segment is to increase margins by improving industrial efficiency.  It also recently launched lenses that can be reused safely for a whole week.

In the segment of eye pharmaceuticals, Alcon plans to become a serial acquirer/aggregator as it leverages its network of clients for sales, and this is, for now, a very fragmented market, with most treatments below $1B. It is also running a clinical trial for a treatment for dry eyes, which are treated in less than 10% of the diagnosed patients, and expects to finish phase 3 in 2024.

The company’s markets are supported by an aging population and the growing occurrence of diabetes and hypertension, both likely to cause retinal diseases. It is also estimated that 50% of the world will suffer from myopia by 2050.

출처: Alcon

The company is investing in maintaining its dominant position, with 7-9% of all sales re-invested in R&D. The sales from new products have grown by 13% CAGR since 2018, even when including the Covid-19 slump in sales. Total net sales have grown 7.7% since 2019 and are expected to reach $12B by 2027 (currently 8.7B).

Alcon is a very solid actor in its niche. Investors will be interested in this stock for its dominant position, with Alcon competing successfully with giants like Johnson & Johnson. At a P/E above 100, this safety and quality might nevertheless be somewhat priced in already.

5. GE Healthcare Technologies Inc.

GEHC 가격 차트

2023년 초 General Electric에서 분사된, GE Healthcare는 매년 20억 명의 환자를 치료·스캔하며, 2022년 매출은 183억 달러를 기록했습니다. GE는 다음 분야에서 선두주자입니다:

• 영상: MRI, X-레이, 단층촬영, 유방촬영, 수술 영상.
• 환자 관리: ECG(심장 모니터링), 마취 전달 시스템, 영아 케어, 환자 모니터, 인공호흡기.
• 제약 진단: 조영제 및 분자 영상, 이를 통해 영상 기술에서 건강 문제를 더 잘 감지할 수 있습니다.

The company is a serial acquirer, and just in 2022, acquired Caption Health in ultrasound and plans to acquire IMACTIS in tomography. It is growing at a rate of 4-6% CAGR.

GE 그룹은 비대해지고 관료화되었으며, 재무 부문 때문에 위험에 처할 가능성이 있었습니다. 현재는 헬스케어, 항공, 그리고 재생 에너지+전력+IT의 결합으로 분리되었습니다. 이는 헬스케어 부문이 새로운 기회를 추구할 자유를 제공하면서도, 대규모 기업의 수십억 달러 규모 자본과 연구개발 집약적 부문의 장점을 유지하게 합니다.

So, investors in GE Healthcare will be counting on this spin-off to be successful.

In a portfolio including Siemens Healthineers, GE Healthcare would give investors direct exposure to the medical imaging sector while not having to pick if or which of the 2 companies will emerge as the dominant supplier of this vital equipment.

6. Align Technology, Inc.

ALGN 가격 차트

Align is behind Invisalign 상표의 뒤에 있으며, 이는 치아 교정을 위한 혁신적인 교정 솔루션입니다. Its unique offer is to make orthodontic treatment (re-aligning teeth) a less painful and almost invisible treatment. It has treated as many as 15 million patients, of which 4 million are teens.

The company’s second product is iTero, an intra-oral scanner. This solution creates a full 3D digital model of the patient’s teeth in less than 60 seconds. It also integrates with other software like CAD/CAM systems, orthodontic labs, third-party scans, etc…

iTero comes on top of a completely digital platform, including dental practice software, remote dental medicine, online scheduling solution, doctor locator, patient financing, and marketing solutions.

출처: Align

The company is turning embarrassing and painful braces into a much more tolerable treatment, and continuous improvements have supported a 23% CAGR growth since 2001. The segment is under-treated, with plenty of patients reluctant to undergo the classic methods, as illustrated by the high number of adults among Invisalign clients.

Invisalign relies on dental practice to recommend, sell, and install its products. Especially multi-location Dental Service Organizations (DSO). One such key partner, Heartland Dental, which opened 188 new practices in the last 3 years, received a $75M investment from Invisalign.

Invisalign direct marketing relies heavily on social media, influencers, and the need to create a wider awareness that the product exists and delivers on its promises.

The company is working on expanding its offer, especially in IT. Notably, Exocad, for guiding facial surgery and a smartphone-based 3D face scan, allows the user to generate an “after” picture once the treatment is over through AI.

Align is a bet on the company successfully taking over the orthodontic market and being at the forefront of digitalizing dental practices. This could deliver explosive growth for years or even decades. Investors will need to be wary of new competitors to the market and not overpay for this growth potential.