Healthcare is one of the most resilient industries as it can withstand economic downturns.

With the world’s population ageing and birth rates in many developed nations heading lower, more and more people will need to rely on medical devices and equipment in the future.

If you are looking for solid growth stocks to own for the long term, medical device companies should be at the top of your list.

Their products should see increased demand in the years ahead as people get older and suffer more chronic conditions that required long-term treatment.

Here are four medical device businesses that displayed healthy growth that you can add to your buy watchlist.

Intuitive Surgical (NASDAQ: ISRG)

Intuitive Surgical is a leader in minimally invasive care and also a pioneer in robotic-assisted surgery.

The company has invented and rolled out its da Vinci surgical systems and Ion endoluminal system to help physicians and care teams achieve better medical outcomes.

Intuitive Surgical reported a strong set of earnings for 2024 with revenue rising 17.2% year on year to US$8.4 billion.

Operating profit climbed 33% year on year to US$2.3 billion while net profit improved by 29.2% year on year to US$2.3 billion.

The company generated a positive free cash flow of US$1.3 billion, 74% higher than a year ago.

Management estimates that worldwide medical procedures for da Vinci will grow by between 13% to 16% in 2025 to more than three million.

Intuitive Surgical has been steadily growing its installed base of da Vinci systems, going from around 6,000 in 2020 to close to 9,000 by 2023.

Management estimates that the company will end the year with nearly 10,000 installed machines for a 15% year on year growth.

The total addressable market of soft tissue procedures is large at around 22 million, and with products and clearances under development, this opportunity is expected to grow over time.

Last month, Intuitive Surgical announced its intention to establish a direct presence in Italy, Spain, Portugal, Malta, and San Marino by acquiring the da Vinci and Ion distribution businesses in these regions.

This move will help the company to expand its global footprint further and help its business to grow.

DexCom (NASDAQ: DXCM)

DexCom develops continuous glucose monitors (CGMs) to help diabetics track their glucose levels and better manage their conditions.

The company has several products in the market – G6, G7 and Stelo by DexCom, that enable customers to synch their medical data onto their mobile phones to track their glucose levels.

DexCom reported a commendable set of financial numbers for 2024.

Revenue rose 11.3% year on year to US$4 billion while operating profit inched up 0.4% year on year to US$600 million.

Net profit improved by 6.4% year on year to US$576.2 million.

The CGM manufacturer saw its free cash flow climb 23.2% year on year to US$630.7 million.

During its latest quarter, DexCom secured reimbursement for its Dexcom ONE+ in France for people with Type II Diabetes, helping to significantly expand access in the French market.

The company also announced a strategic partnership with OURA to synch glucose data with vital sleep, stress, and other signals from Oura Ring.

Management sees a massive opportunity in future markets such as prediabetes and gestational diabetes where the current CGM penetration rate is less than 1%.

In particular, the prediabetes market is estimated to have 98 million sufferers.

ResMed (NYSE: RMD)

ResMed provides digital health technologies and cloud-connected medical devices that help people with sleep apnea, COPD (chronic obstructive pulmonary disease), and other chronic diseases.

For the six months ending 31 December 2024 (1H FY2025), ResMed saw its revenue rise 11% year on year to US$2.5 billion.

Gross margin improved from 56.4% a year ago to 59.2%, and operating profit surged 43% year on year to US$804.6 million.

Net income soared 53% year on year to US$656 million.

ResMed also generated a positive free cash flow of US$591.1 million for 1H FY2025, almost 20% higher than a year ago.

Management unveiled the company’s 2030 strategy at last year’s Investor Day.

ResMed’s ambition is to help more than 500 million people worldwide achieve their full health potential.

Its five-year outlook is for high single-digit revenue growth with earnings growing at a faster clip than revenue over this period.

To do so, ResMed will spend on marketing to spur growth, deliver its next-generation pipeline of innovative products, and continue to drive operating excellence.

Stryker (NYSE: SYK)

Stryker is a leader in providing innovative medical products and services targeting the MedSurg (medical and surgical), Neurotechnology, and Orthopaedics fields.

Its products and services are used by more than 150 million patients annually.

Stryker reported a commendable set of earnings for 2024 as its sales rose 10.2% year on year to US$22.6 billion.

Operating and net profit, however, fell by 5.1% and 5.4% year on year, respectively, because of a US$977 million impairment loss impacting 2024’s results.

Excluding this item, net profit would have grown by 24.2% year on year to US$4 billion.

The medical device company also churned out a positive free cash flow of US$3.5 billion for 2024, up 11.2% year on year.

This consistent free cash flow generation has enabled the company to raise its quarterly dividend without a pause since 2009.

Its latest quarterly dividend stood at US$0.84, a US$0.04 increase from the US$0.80 paid out a year ago.

Other than organic growth, Stryker has also been growing through choice acquisitions to boost its capabilities and portfolio of products.

Last month, Stryker announced the acquisition of Inari Medical Inc for around US$4.9 billion to allow it to enter the high-growth peripheral vascular segment.

Inari’s pipeline of products is complementary to Stryker’s Neurovascular business.

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Disclosure: Royston Yang does not own shares in any of the companies mentioned.