What are the most valuable MedTech startups?

Top startups in the MedTech market ranked by valuation

Here is an updated table that ranks the top startups in the MedTech market based on their latest reported or estimated valuations.

If you need to dig deeper and get more detailed data, please check our report covering the MedTech market.

Which MedTech companies are worth the most today?

The most valuable company in our MedTech ranking today is Natera at about $61.4 billion, with a huge gap separating it from Dexcom and ResMed.

Natera is worth almost twice Dexcom’s $32.8 billion and ResMed’s $31.3 billion. Guardant Health follows at $25.1 billion, while Tempus AI completes the top five at $15.1 billion. Together, those five companies are worth roughly $166 billion.

The top of the market is much more concentrated than a long list of 99 companies might suggest. Natera alone represents roughly one-quarter of the combined valuation of the top 15 companies in our ranking. The top five account for close to 70%.

The mix is also striking. Three of the five biggest names, Natera, Guardant Health and Tempus AI, are centered on diagnostics, genomic information or precision medicine. Traditional medical devices remain huge through Dexcom and ResMed, but the highest valuations increasingly extend beyond physical hardware.

Rank	Company	Main focus	Current valuation
1	Natera	Cell-free DNA diagnostics	$61.4B
2	Dexcom	Continuous glucose monitoring	$32.8B
3	ResMed	Sleep and respiratory devices	$31.3B
4	Guardant Health	Liquid-biopsy cancer diagnostics	$25.1B
5	Tempus AI	AI precision medicine	$15.1B
6	Oura	Smart-ring health tracking	$12.9B–$14.1B
7	WHOOP	Wearable health monitoring	$10.1B
8	Neuralink	Brain-computer interfaces	$9.0B–$11.0B
9	Insulet	Automated insulin delivery	$9.4B
10	Hinge Health	Digital musculoskeletal care	$7.9B
11	GRAIL	Multi-cancer blood testing	$6.9B
12	Sword Health	Virtual physical therapy	$4.8B–$5.5B
13	HeartFlow	AI coronary diagnostics	$4.5B
14	Axonics	Sacral neuromodulation devices	$3.7B
15	iRhythm	Cardiac rhythm monitoring	$3.6B

Are all the companies in this MedTech ranking really startups?

No. The MedTech valuation universe now mixes private startups with companies that have gone public and former startups that were acquired.

Natera, Dexcom, ResMed, Guardant Health, Tempus AI, Insulet, Hinge Health, GRAIL, HeartFlow and iRhythm are public companies. Axonics appears through its $3.7 billion acquisition by Boston Scientific. Lower down the ranking, LumiraDx, Nevro, Propeller Health, Caption Health, Paige, Akili and several others are represented by acquisition values.

A $30 billion listed company with established revenue and liquidity sits in a very different position from a private startup whose value comes from its last financing round.

The ranking is still useful because the underlying question is economic value: how large have companies built around these MedTech categories become? For readers specifically looking for private startups, the public and acquired companies need to be filtered out.

How many private MedTech unicorns are there right now?

Our dataset contains 16 private MedTech companies that are clearly worth at least $1 billion today, with Noom sitting close enough to the threshold that the number could reasonably reach 17.

The group is far more diverse than the word “unicorn” suggests. Oura and WHOOP sell consumer-facing wearables. Neuralink and Precision Neuroscience build brain-computer interfaces. CMR Surgical, Noah Medical and Distalmotion build medical robots. Sword Health and Virta Health deliver care digitally. Aidoc, Viz.ai and Owkin are built around clinical AI.

The spread inside the group is huge. Oura is valued around $13 billion to $14 billion, while Precision Neuroscience sits around $1 billion.

Private company	Focus	Current valuation
Oura	Smart health rings	$12.9B–$14.1B
WHOOP	Health-performance wearables	$10.1B
Neuralink	Brain-computer interfaces	$9.0B–$11.0B
Sword Health	Virtual physical therapy	$4.8B–$5.5B
CMR Surgical	Surgical robotics	$2.4B–$3.2B
Insitro	AI drug discovery	$2.0B–$2.8B
Noah Medical	Robotic bronchoscopy	$1.8B–$2.3B
Imperative Care	Stroke intervention devices	$1.5B–$1.8B
Viz.ai	Clinical AI coordination	$1.3B–$1.8B
Owkin	AI drug development	$1.3B–$1.8B
Distalmotion	Surgical robotics	$1.1B–$1.8B
Aidoc	Clinical imaging AI	$1.1B–$1.7B
Virta Health	Metabolic care	$1.1B–$1.4B
Eight Sleep	Smart sleep systems	$1.1B–$1.4B
Freenome	Cancer blood testing	$1.0B–$1.3B
Precision Neuroscience	Brain-computer interfaces	$1.0B–$1.1B
Noom	Digital weight management	$0.8B–$1.2B

Why is Natera worth so much more than other MedTech companies?

Natera currently stands apart because investors are valuing large-scale diagnostics growth at a level few MedTech businesses have reached.

At $61.4 billion, Natera is roughly 1.9 times the size of Dexcom, almost twice ResMed and about 2.4 times Guardant Health. The gap is now large enough that Natera really does sit in its own tier.

The company also sits at the intersection of several valuable areas: genetic testing, oncology, reproductive health and recurring diagnostic volumes. Those characteristics can support much larger valuations than one-off equipment sales when investors expect testing volumes to keep expanding.

Removing Natera would cut roughly 25% from the combined value of our top 15. No other single company changes the top of the ranking that much.

Are diagnostics becoming more valuable than traditional medical devices?

Diagnostics are currently producing some of the biggest valuations in MedTech, especially when testing is recurring and linked to oncology or genomics.

Natera, Guardant Health, GRAIL and HeartFlow together are worth about $98 billion. Adding Tempus AI, whose business mixes diagnostics, data and precision medicine, pushes that group above $110 billion. Several smaller companies including Freenome, Karius, Cleerly, Lunit, Visby Medical, Ultromics, Qure.ai and LumiraDx extend the category much further down the ranking.

Medical devices are hardly disappearing. Dexcom and ResMed alone contribute more than $64 billion, while Insulet adds another $9.4 billion. Cardiac monitoring, insulin delivery, neuromodulation and surgical robotics also remain large categories.

What gives diagnostics extra upside is the combination of healthcare reimbursement, data, software and repeated testing. When that model scales, the valuation can start looking closer to a high-growth technology platform than to a conventional device manufacturer.

Are hardware MedTech companies still worth more than software companies?

Hardware still creates enormous MedTech companies, although software and data businesses have clearly broken into the top tier.

Dexcom, ResMed and Insulet are worth about $73.5 billion combined. Add iRhythm and the total moves above $77 billion. These businesses sell physical systems whose value comes from continuous monitoring, recurring consumables or long-term patient use rather than from hardware sales alone.

Software-heavy companies have also become large. Hinge Health is worth $7.9 billion, Sword Health roughly $5 billion, HeartFlow $4.5 billion and several clinical-AI companies sit between $1 billion and $2 billion.

The line between hardware and software is getting less useful anyway. Dexcom combines sensors with data. Oura combines a ring with subscriptions. ResMed pairs devices with connected-care software. The recurring usage around the physical product is doing a lot of the valuation work.

Are health wearables now a serious MedTech category?

Health wearables have become one of the largest private MedTech valuation clusters, led by Oura and WHOOP.

Oura is currently valued around $12.9 billion to $14.1 billion and WHOOP at $10.1 billion. Eight Sleep adds another $1.1 billion to $1.4 billion, while Ultrahuman is worth roughly $350 million to $390 million. Empatica, Biobeat and several cardiac-monitoring companies extend the category into more clinical applications.

What changed is how far the category has moved beyond step counters. Oura focuses heavily on sleep, recovery and physiological signals. WHOOP sells continuous performance and health monitoring through a subscription model. Eight Sleep attaches data and temperature control to the bed itself.

Consumer distribution, recurring subscriptions and growing healthcare relevance have been enough to push some wearables into the same valuation conversation as established medical-device companies.

Is Oura actually worth more than WHOOP?

Yes. Oura currently carries a higher valuation than WHOOP, although the gap is much smaller than it first appears.

Our current range puts Oura at $12.9 billion to $14.1 billion, compared with $10.1 billion for WHOOP. Using the midpoint, Oura is worth roughly one-third more.

Both companies have also absorbed substantial amounts of capital. Oura has raised about $1.6 billion, while WHOOP has raised roughly $980 million. Oura’s higher valuation comes with considerably more cumulative funding.

Both have done the harder thing: turning wearable hardware into an ongoing user relationship instead of a one-time device purchase.

Is Neuralink the most valuable brain-computer interface company?

Neuralink is by far the most valuable brain-computer interface company in this MedTech ranking.

Neuralink is worth roughly $9 billion to $11 billion. Precision Neuroscience sits around $1 billion, Synchron around $850 million to $950 million and Paradromics around $500 million to $650 million.

At the midpoint of those ranges, Neuralink is roughly ten times the size of Synchron, about nine to ten times Precision Neuroscience and close to 17 times Paradromics.

The BCI market has several credible challengers, but most of the capitalized value still sits in one company. Precision Neuroscience reaching roughly $1 billion gives the category a second private company around the unicorn threshold, but the gap remains huge.

Is AI actually creating billion-dollar MedTech companies?

Yes. AI is already behind several billion-dollar MedTech companies, although the highest valuations appear when AI is tied to a real diagnostic or care workflow.

Tempus AI leads the group at roughly $15.1 billion. Sword Health follows around $5 billion, HeartFlow at $4.5 billion, and Insitro sits between $2 billion and $2.8 billion. Viz.ai, Owkin and Aidoc all clear the $1 billion threshold based on our current estimates.

Lower down, Lunit, RapidAI, Qure.ai, Subtle Medical, Ultromics and Eko Health show that AI has spread across oncology, radiology, cardiology and workflow software.

The biggest companies use AI inside something healthcare buyers already pay for: diagnostic tests, medical imaging, treatment, clinical workflows or drug development. That seems to matter much more than the AI label by itself.

Company	AI-heavy MedTech focus	Current valuation
Tempus AI	Precision medicine and diagnostics	$15.1B
Sword Health	AI-supported physical therapy	$4.8B–$5.5B
HeartFlow	Coronary diagnostics	$4.5B
Insitro	Drug discovery	$2.0B–$2.8B
Viz.ai	Disease detection and coordination	$1.3B–$1.8B
Owkin	Precision drug development	$1.3B–$1.8B
Aidoc	Clinical imaging	$1.1B–$1.7B

Are digital-health companies still worth billions?

Yes, but digital health now has a much wider gap between the winners and everyone else.

Hinge Health is worth about $7.9 billion and Sword Health around $4.8 billion to $5.5 billion. Virta Health and Omada Health remain above $1 billion, while Noom sits around the billion-dollar line.

Then valuations fall quickly. Kaia Health was acquired for about $285 million. Sidekick Health is estimated around $80 million to $130 million. Big Health sits around $180 million to $300 million, and AppliedVR around $100 million to $180 million.

The post-boom market is pretty easy to read now: scale, recurring demand and a clear healthcare buyer still get rewarded. Simply delivering healthcare through an app does not.

Are surgical-robotics startups becoming huge companies?

Surgical robotics has produced several valuable MedTech startups, but the category remains heavily concentrated in its two biggest private companies.

CMR Surgical is worth roughly $2.4 billion to $3.2 billion and Distalmotion around $1.1 billion to $1.8 billion. Together, those two represent roughly three-quarters of the value across the main private surgical-robotics names in our dataset.

ForSight Robotics sits around $500 million to $650 million, Moon Surgical around $350 million to $550 million and Memic Innovative Surgery around $180 million to $230 million. Vicarious Surgical shows how badly the economics can deteriorate when commercialization disappoints: its public-market value has fallen close to zero in our current snapshot.

There is real money behind surgical robotics, but a broad wave of giant standalone companies has not arrived yet. Investors are clearly separating platforms that can reach hospitals at scale from companies still stuck between prototypes, regulatory progress and difficult commercialization.

Does raising more money usually lead to a higher MedTech valuation?

No clear relationship appears between cumulative funding and current MedTech valuation.

Sword Health has raised roughly $392 million and is worth around $5 billion. WHOOP has raised about $980 million and reached $10.1 billion. Neuralink has raised around $1.33 billion and is valued around $10 billion.

The opposite pattern appears elsewhere. Freenome has raised about $1.4 billion while its current valuation sits around $1 billion to $1.3 billion. CMR Surgical has raised roughly $1.35 billion and is worth around $2.4 billion to $3.2 billion. Several failed or acquired companies raised hundreds of millions before ending with much smaller values.

Funding databases are imperfect and capital needs vary sharply across diagnostics, robotics, hardware and software, so the comparison is rough. The spread is still too large to ignore: more capital does not guarantee more value.

Company	Approx. funding	Current valuation	Valuation / funding
Sword Health	$392M	~$5.15B midpoint	~13.1x
WHOOP	$980M	$10.1B	~10.3x
Oura	$1.6B	~$13.5B midpoint	~8.4x
Neuralink	$1.33B	~$10.0B midpoint	~7.5x
Noah Medical	~$517M	~$2.05B midpoint	~4.0x
Precision Neuroscience	$430M	~$1.05B midpoint	~2.4x
CMR Surgical	~$1.35B	~$2.8B midpoint	~2.1x
Freenome	$1.4B	~$1.15B midpoint	~0.8x

Which MedTech companies destroyed the most value after raising huge amounts of money?

The sharpest MedTech collapses in our dataset involve companies that raised hundreds of millions of dollars before ending up worth only a fraction of that capital.

Cue Health is the most extreme case in absolute terms here. The company raised roughly $896 million but its remaining public-market equity value fell to effectively zero. Vicarious Surgical accumulated around $464 million including public capital and is worth only about $0.3 million in our snapshot.

Babylon Health raised more than $1.1 billion and ended with an acquisition value around $0.6 million. Pear Therapeutics raised about $335 million before assets were acquired for roughly $6 million. Akili raised around $270 million and was acquired for about $34 million.

These are very different businesses, so one explanation does not cover every failure. But large funding histories offered little protection once reimbursement, commercialization, unit economics or adoption broke down.

Company	Funding / capital raised	Current or exit value
Cue Health	$896M	~$0M
Babylon Health	$1.1B+	~$0.6M
Vicarious Surgical	~$464M incl. public capital	~$0.3M
Pear Therapeutics	$335M	$6M
Akili	$270M	$34M
LumiraDx	$779M	$295M acquisition
Paige	$240M	$102M acquisition

Where does the MedTech unicorn cutoff sit today?

The current billion-dollar line runs through a surprisingly crowded part of the MedTech ranking.

PROCEPT BioRobotics is almost exactly at $1 billion. Beta Bionics is just below at roughly $995 million. Synchron sits around $850 million to $950 million, while PathAI’s estimated range of $750 million to $1.1 billion crosses the threshold.

Noom presents a similar case at $800 million to $1.2 billion. Freenome and Precision Neuroscience sit just above $1 billion, while Omada Health and Tandem Diabetes Care are around $1.2 billion.

The label is fragile here. A modest public-market move, new financing round or acquisition could push several companies across the line in either direction, and the gap between $900 million and $1.1 billion is not especially meaningful.

Why are public MedTech companies so much bigger than most private startups?

Public MedTech companies dominate the upper end because businesses usually reach the stock market only after proving far more commercial scale than younger private companies.

Nine of the top 15 companies in our dataset are currently public, and another one, Axonics, reached its valuation through an acquisition. Only Oura, WHOOP, Neuralink, Sword Health and CMR Surgical remain private within that top group.

The split becomes even stronger at the very top. The five largest companies are public or effectively priced by public markets, while the biggest private company, Oura, is worth around one-fifth of Natera.

Private companies can still reach enormous valuations before listing, as Oura, WHOOP and Neuralink show. But $10 billion remains exceptional in private MedTech, while several listed companies are already above $20 billion or $30 billion.

Which MedTech sectors produce the biggest valuations?

Diagnostics, continuous monitoring, wearables and digital care currently produce the biggest concentrations of value in our ranking.

Diagnostics is the clearest standout because Natera and Guardant Health alone contribute $86.5 billion. Adding GRAIL and HeartFlow takes those four beyond $97 billion before counting Tempus AI or the long tail of smaller diagnostic companies.

Diabetes technology also creates unusually large companies. Dexcom is worth $32.8 billion, Insulet $9.4 billion and Tandem Diabetes Care roughly $1.2 billion. Beta Bionics and Senseonics add another group around the billion-dollar and half-billion-dollar levels.

Wearables have become the strongest private consumer-health cluster through Oura and WHOOP, while digital musculoskeletal care has created Hinge Health and Sword Health. Surgical robotics and BCI attract a lot of investor attention, but their aggregate valuations are still much smaller.

Is MedTech becoming more about recurring revenue than selling devices?

The highest MedTech valuations increasingly sit around products that generate repeated testing, subscriptions, consumables or ongoing patient use.

Dexcom sells sensors continuously rather than relying on a one-time glucose-monitor purchase. Insulet’s insulin-delivery model involves recurring pods. Oura and WHOOP add subscription economics to wearable hardware. Natera and Guardant Health benefit when testing volumes expand. Hinge Health and Sword Health sell ongoing care rather than a standalone device.

Even several traditional-looking hardware categories now depend heavily on software, data and recurring engagement around the device.

That is a big reason some relatively simple physical products can support very large valuations. Investors are often valuing the lifetime economic relationship around the device, not just the device itself.

Does a $1 billion MedTech valuation still mean a company is exceptional?

A $1 billion valuation remains meaningful in MedTech, but it no longer puts a company anywhere near the top of the sector.

At least 32 companies in the full dataset have a valuation at or above $1 billion when public companies, private companies and acquisition values are included. Another small group has ranges that cross the threshold.

The distance from $1 billion to the leaders is enormous. A company worth exactly $1 billion is only about one-sixtieth the size of Natera, one-thirtieth the size of Dexcom or ResMed and one-tenth the size of WHOOP.

The more useful dividing lines now are closer to $5 billion, $10 billion and eventually $20 billion. Only a small number of MedTech businesses reach those levels.

Are the biggest MedTech valuations concentrated in just a few companies?

Yes. MedTech value is strongly concentrated at the top even though the market contains dozens of companies worth hundreds of millions.

The first five companies in our ranking are worth about $166 billion combined. The top 10 reach roughly $217 billion using the midpoint of valuation ranges. Natera alone contributes more than $61 billion.

By comparison, moving dozens of positions down the table can involve relatively little aggregate value. Companies ranked around 50 to 70 mostly sit between roughly $200 million and $600 million each.

It is a very long tail: lots of credible venture-backed and specialist public companies, but only a small group that has turned a successful product category into tens of billions of dollars of equity value.

So which MedTech startups are actually the most valuable today?

The clearest answer is that Natera leads the broader MedTech company ranking, while Oura currently leads the private-startup group.

Natera’s roughly $61.4 billion valuation puts it far ahead of Dexcom at $32.8 billion, ResMed at $31.3 billion and Guardant Health at $25.1 billion. Among companies that remain private, Oura leads at roughly $12.9 billion to $14.1 billion, followed by WHOOP at $10.1 billion and Neuralink around $9 billion to $11 billion.

Today’s winners come from very different business models: genomic diagnostics, continuous monitoring, cancer testing, wearables, precision medicine, digital care and neurotechnology.

The common thread is repeated use. Tests performed again and again, sensors replaced continuously, subscriptions renewed, clinical workflows embedded into hospitals and treatments delivered over time can create much more value than a single medical product sale.

Physical devices still matter enormously, but the top of MedTech is now full of companies that combine medicine with recurring data, software, diagnostics or continuous patient relationships.