In this article, we will discuss the 12 Best Scientific Instruments Stocks to Buy Right Now.
The global scientific instruments market has been experiencing steady growth and is expected to continue its upward trajectory in the coming years. According to a recent report by Expert Market Research, the market was valued at approximately $39.94 billion in 2024 and is forecasted to expand at a compound annual growth rate (CAGR) of 4.50% between 2025 and 2034, reaching a projected value of $62.03 billion by 2034. This growth is attributed to several critical factors driving the demand for scientific instruments across various industries, including healthcare, biotechnology, pharmaceuticals, and research and development.
Influence of Healthcare Investments on Scientific Instruments Demand:
The global scientific instruments market is significantly influenced by substantial investments in healthcare, particularly in the development of advanced diagnostic and analytical tools. As per the NHE factsheet in 2023, U.S. healthcare spending reached $4.9 trillion, accounting for 17.6% of the nation’s GDP. Additionally, the rapid advancements in biotechnology and pharmaceuticals are significantly influencing market growth. With the continuous innovation in research, there is an increasing need for precise and reliable instruments to support testing and analysis, particularly in laboratories and clinical environments. In 2023, the top 20 global pharmaceutical companies collectively spent $145 billion on R&D, up from $139 billion in 2022, as reported by Deloitte.
Pharmaceutical Industry’s Focus on Drug Quality and Biosimilar Development:
Pharmaceutical companies are focusing on improving drug quality and developing better products, necessitating the use of advanced equipment for analysis and testing. The development and marketing of biosimilars require significant investment, with costs ranging from $100 million to $250 million and development timelines of 7 to 8 years, according to a report by the National Library of Medicine.
Technological Advancements Shaping the Scientific Instruments Market:
Technological advancements in scientific instruments are playing a significant role in shaping the market. In fields like genomics, personalized medicine, and neuroscience, instruments with enhanced capabilities, such as higher precision, automation, and the ability to handle complex data, are becoming increasingly essential. For example, next-generation sequencing technologies have revolutionized genomics by enabling rapid and accurate analysis of genetic data and facilitating personalized medicine approaches. Given this, we will take a look at some of the best scientific instrument stocks to buy.
A doctor in a hospital operating room using advanced surgical instruments.
Our Methodology
To compile the list of the best scientific instruments stocks to invest in, we screened for companies listed on the New York Stock Exchange and Nasdaq that are involved in the scientific instruments industry. Next, we cross-referenced these stocks with Insider Monkey’s Q4 2024 hedge fund database to identify which companies had significant institutional backing. The stocks were then ranked according to the number of hedge fund investors holding positions in them.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 363.5% since May 2014, beating its benchmark by 208 percentage points (see more details here).
12. ESCO Technologies Inc. (NYSE:ESE)
Number of Hedge Fund Holders: 12
ESCO Technologies Inc. (NYSE:ESE) is a leading provider of engineered products and solutions across a variety of industries, including aerospace, defense, healthcare, and renewable energy. With a focus on innovation, the company operates through three distinct segments: Aerospace & Defense, Utility Solutions Group, and RF Test & Measurement. Each segment specializes in advanced technologies, ranging from filtration and fluid control systems to diagnostic testing solutions and RF energy measurement products. The stock has surged by over 59% in the past 12 months, which makes it one of the best scientific instruments stocks on our list.
ESCO Technologies Inc. (NYSE:ESE) recently announced its strategic investment in Allwin Medical Devices Inc., a leading manufacturer of medical devices for IVF, urology, gastroenterology, and interventional radiology based in Anaheim, California. This investment strengthens the company’s commitment to delivering sustainable workflow solutions, with Allwin’s IVF consumables enhancing ESCO Technologies Medical’s IVF instrument portfolio. It also expands the company presence in India, leveraging Allwin’s local operations and expertise in the IVF consumables sector.
ESCO Technologies Inc. (NYSE:ESE) reported solid financial performance for FY 2024, with sales increasing 7.4% to $1.03 billion, driven by both organic growth and contributions from the MPE acquisition. The company’s GAAP EPS rose by 10.1% to $3.94, while adjusted EPS grew 13% to $4.18. Entered orders saw a healthy 9.7% rise, reaching $1.1 billion, which led to a record backlog of $879 million. Operating cash flow also saw significant improvement, up by $51 million, reaching $128 million for the year.
11. Novanta Inc. (NASDAQ:NOVT)
Number of Hedge Fund Holders: 13
Novanta Inc. (NASDAQ:NOVT) is a leading provider of advanced technology solutions for the medical and industrial sectors. The company operates through three key segments: Precision Medicine and Manufacturing, Medical Solutions, and Robotics and Automation. It is among the best scientific instruments stocks on our list.
Novanta Inc. (NASDAQ:NOVT) has been actively engaging with investors and the broader market in recent months, showcasing its commitment to strategic growth and transparency. In January 2025, the company participated in high-profile investor events, including the J.P. Morgan 43rd Annual Healthcare Conference and the CJS Securities 25th Annual New Ideas for the New Year Investor Conference. These platforms allowed the company’s leadership to present the latest developments and future strategies to a wide audience of analysts and institutional investors.
Novanta Inc. (NASDAQ:NOVT) reported financial results for Q3 2024 with GAAP revenue of $244.4 million, reflecting a 10.3% year-over-year increase. Operating income rose to $32.6 million, up from $30.3 million in the same quarter last year, while net income slightly decreased to $19.2 million, down from $21.2 million. The company posted GAAP diluted earnings per share (EPS) of $0.53, compared to $0.59 in Q3 2023. Operating cash flow for the quarter was $23 million, a decrease from $44.6 million in Q3 2023.
10. Vishay Precision Group Inc. (NYSE:VPG)
Number of Hedge Fund Holders: 16
Vishay Precision Group Inc. (NYSE:VPG) is a global leader in precision measurement and sensing technologies, offering a diverse range of specialized sensors, weighing solutions, and measurement systems. The company operates through three key segments: Sensors, Weighing Solutions, and Measurement Systems.
Vishay Precision Group Inc. (NYSE:VPG) continues to make significant strides in the scientific instruments sector. The company made its presence felt at the 27th Annual Needham Growth Conference in January 2025, highlighting its position in precision measurement technologies. Furthermore, the company’s subsidiary, Dynamic Systems Inc. (DSI), has partnered with the University of Alabama to beta-test an innovative Ultra High-Temperature Coating (UHTC) system aimed at advancing research in materials science. This collaboration exemplifies Vishay Precision Group Inc. (NYSE:VPG)’s focus on pioneering technological solutions for demanding applications.
Vishay Precision Group Inc. (NYSE:VPG) faced a challenging year, with a 13.7% drop in revenue to $307 million, driven by macroeconomic and cyclical factors. The company experienced a decrease in net earnings per diluted share, dropping from $1.88 in 2023 to $0.74 in 2024. Adjusted net earnings per diluted share also decreased, from $2.17 to $0.95. The decline in revenue was largely driven by macroeconomic factors and cyclical headwinds, but the company remains focused on business development and cost reductions moving forward.
9. Waters Corporation (NYSE:WAT)
Number of Hedge Fund Holders: 32
Waters Corporation (NYSE:WAT) is a leading provider of analytical instruments and software, specializing in chromatography, mass spectrometry, and thermal analysis technologies. The company designs, manufactures, and services high-performance liquid chromatography (HPLC) systems, ultra-performance liquid chromatography (UPLC), and mass spectrometry (MS) systems, along with essential consumables and support services. In the past 12 months, the stock has surged by over 13%, which makes it one of the best scientific instruments stocks to invest in.
In January 2025, Waters Corporation (NYSE:WAT) launched the Andrew+ Pod, a cutting-edge benchtop enclosure designed to enhance the safety and efficiency of its pipetting robots. This new product offers customizable air filtration options, improving sample integrity and user safety. On the sustainability front, the company was named to the Dow Jones Sustainability North America Index for the fourth consecutive year in December 2024.
Waters Corporation (NYSE:WAT) reported solid financial performance for the full year 2024, with sales reaching $2.96 billion, in line with guidance but flat year-over-year, reflecting resilience amid foreign exchange headwinds. Earnings per share (EPS) were $10.71 on a GAAP basis, while non-GAAP EPS grew 1% to $11.86 despite a 5% headwind from currency fluctuations. The company generated $762 million in operating cash flow and $744 million in free cash flow, representing a healthy 25% of total sales.
On February 13, 2025, Scotiabank analyst Sung Ji Nam upgraded Waters Corporation (NYSE:WAT) from a Hold to a Buy with a target price increase from $430 to $450, representing a potential upside of 18.17%.
8. MKS Instruments Inc. (NASDAQ:MKSI)
Number of Hedge Fund Holders: 41
MKS Instruments Inc. (NASDAQ:MKSI) delivers cutting-edge technology solutions across multiple industries, with its key segments being Vacuum Solutions, Photonics Solutions, and Materials Solutions. The Photonics Solutions Division (PSD) is particularly focused on providing high-performance instruments, components, and subsystems for semiconductor manufacturing, electronics packaging, and other specialty industrial applications.
On December 4, 2024, MKS Instruments Inc. (NASDAQ:MKSI) was honored as one of America’s Most Responsible Companies for 2025 by Newsweek and Statista, Inc., highlighting its commitment to corporate responsibility. In January 2025, the company unveiled its latest advancements in laser measurement systems. These state-of-the-art tools provide critical beam profiling and caustic measurements for applications in semiconductor manufacturing, medical devices, and autonomous vehicles. It further solidifies the company’s position as a key player in enabling next-gen technology and advanced production environments.
MKS Instruments Inc. (NASDAQ:MKSI) delivered a strong performance for the fourth quarter of 2024, reporting revenue of $935 million. The company posted a GAAP net income of $90 million, with an impressive Adjusted EBITDA of $237 million. Non-GAAP net earnings per share reached $2.15. These results reflect robust demand across semiconductor, electronics, and industrial sectors despite a mixed market backdrop. The company is entering 2025 on a positive note, with expected Q1 2025 revenue of $910 million.
7. Teledyne Technologies Incorporated (NYSE:TDY)
Number of Hedge Fund Holders: 45
Teledyne Technologies Incorporated (NYSE:TDY) is a leading provider of enabling technologies across several industrial growth markets, including environmental monitoring, electronics design, and factory automation. The company’s instrumentation segment focuses on providing monitoring and control solutions for marine, industrial, and environmental sectors.
In December 2024, Teledyne Technologies Incorporated (NYSE:TDY) completed the acquisition of Micropac Industries for $57.3 million, enhancing its microelectronic and optoelectronic product offerings for the military, aerospace, and medical sectors. In February 2025, the company also acquired key aerospace and defense electronics businesses from Excelitas Technologies for $710 million, adding advanced optics and custom energies to its portfolio. These moves reflect its ongoing commitment to expanding its technological and industrial footprint.
Teledyne Technologies Incorporated (NYSE:TDY) reported record fourth-quarter sales of $1.5 billion, a 5.4% increase from the previous year. However, the company faced a 38.6% decline in net income, which came in at $198.5 million, or $4.20 per share, primarily due to tax expenses and acquisition-related costs. Non-GAAP net income, excluding these items, rose slightly to $260.9 million, or $5.52 per share, compared to $260.5 million, or $5.44 per share, in Q4 2023. The company delivered a strong free cash flow of $328 million, reflecting its solid financial position.
James Ricchiuti from Needham reiterated his Strong Buy rating on Teledyne Technologies (NYSE:TDY), with a target price of $585, representing a potential upside of 16.77%.
6. Mettler-Toledo International Inc. (NYSE:MTD)
Number of Hedge Fund Holders: 50
Mettler-Toledo International Inc. (NYSE:MTD) is a leading supplier of precision instruments and services, specializing in a wide range of laboratory, industrial, and retail weighing solutions. The company’s portfolio includes laboratory instruments for sample preparation, synthesis, analytical measurement, and material characterization.
Mettler-Toledo International Inc. (NYSE:MTD) reported a strong fourth quarter for 2024, with sales increasing 12% year-over-year to $1.045 billion. Net income per diluted share (EPS) rose significantly to $11.96, up from $8.52 in Q4 2023. Adjusted EPS saw a 32% jump, reaching $12.41, compared to $9.40 in the same quarter last year. Operating expenses were well-managed, with R&D and SG&A costs both increasing modestly. Earnings before taxes (EBT) amounted to $314.5 million, up from $232.6 million a year ago.
The company’s solid performance was largely driven by strong demand for laboratory products, particularly in Europe. Looking ahead, Mettler-Toledo International Inc. (NYSE:MTD) is cautiously projecting a 3% to 4% decline in local currency sales for Q1 2025, partly due to shipping delays from Q4 2023. However, the company still expects modest overall growth for the full year.
5. Keysight Technologies Inc. (NYSE:KEYS)
Number of Hedge Fund Holders: 51
Keysight Technologies Inc. (NYSE:KEYS) is a leading provider of advanced test and measurement instruments, making it a key player in the scientific instrument space, particularly within electronics and communications. It is among the best scientific instruments stocks to buy.
Keysight Technologies Inc. (NYSE:KEYS) launched its 2025 Electronic Design Automation (EDA) software suite, which leverages AI to improve designer productivity in complex RF and chiplet designs. The company also maintained its commitment to sustainability, being named to the Dow Jones Sustainability Index for the sixth consecutive year in January 2025. These developments, combined with the company’s continuous focus on cutting-edge technology, position it well for future growth.
Keysight Technologies Inc. (NYSE:KEYS) reported mixed results for the fourth fiscal quarter of 2024, with revenue of $1.29 billion, slightly down from $1.31 billion in the same period last year. The company faced a GAAP net loss of $73 million, or $0.42 per share, compared to a GAAP net income of $226 million, or $1.28 per share, in Q4 2023. This was largely due to a $315 million tax expense related to a new Singapore tax incentive. Non-GAAP net income was $288 million, or $1.65 per share, down from $352 million, or $1.99 per share, in the prior year. Despite these challenges, Keysight Technologies Inc. (NYSE:KEYS) generated $359 million in cash flow from operations and $328 million in free cash flow, though both were lower compared to Q4 2023.
4. Agilent Technologies Inc. (NYSE:A)
Number of Hedge Fund Holders: 55
Agilent Technologies Inc. (NYSE:A) is a leading provider of application-focused solutions for the laboratory workflow, offering a comprehensive range of instruments, software, services, and consumables. The company operates through three main segments: Life Sciences and Applied Markets, Diagnostics and Genomics, and Agilent CrossLab.
Agilent Technologies Inc. (NYSE:A) has recently marked significant milestones with the recognition of its advanced manufacturing facilities in Asia as part of the World Economic Forum’s Global Lighthouse Network in January 2025. This is a testament to its commitment to leading-edge manufacturing practices. Additionally, the company ranked No. 10 on Newsweek’s 2025 list of America’s Most Responsible Companies, further solidifying its commitment to sustainability and corporate responsibility.
For the full fiscal year of 2024, Agilent Technologies Inc. (NYSE:A) reported revenue of $6.51 billion, down 4.7% year-over-year on a reported and core basis. Despite the revenue decline, the company posted a GAAP net income of approx $1.3 billion, or $4.43 per share, marking a 6% increase in EPS compared to the previous year. Non-GAAP net income totaled $1.5 billion, with EPS of $5.29, down 3% year-over-year. Looking ahead, the company expects fiscal year 2025 revenue to grow by 4.3% to 5.5%, with non-GAAP earnings per share in the range of $5.54 to $5.61.
55 hedge funds within the Insider Monkey Q4 2024 database held positions in the company, up from 44 in the previous quarter.
3. Coherent Corp. (NYSE:COHR)
Number of Hedge Fund Holders: 71
Coherent Corp. (NYSE:COHR) is a vertically integrated manufacturing company specializing in engineered materials, optoelectronic components, and lasers, serving a wide range of industries including industrial, communications, electronics, and instrumentation. It is among the best scientific instruments stocks to invest in.
The company recently launched a high-power F-theta lens, designed to improve processing speeds in additive manufacturing, EV battery welding, and laser cleaning, offering versatility across multiple wavelengths. Additionally, Coherent Corp. (NYSE:COHR) introduced the CT-Series thermoelectric coolers, enhancing thermal performance for life sciences, medical, and industrial applications. These developments underscore the company’s commitment to driving innovation and expanding its leadership in materials and laser technologies.
Coherent Corp. (NYSE:COHR) reported strong financial results for its fiscal second quarter of 2025, with revenue reaching $1.43 billion, marking a 27% year-over-year increase. GAAP EPS of $0.44 represented a significant year-over-year improvement of $0.82, while non-GAAP EPS surged by $0.69 to $0.95. The company also made strides in cash generation and debt reduction, paying down $132 million of outstanding debt during the quarter, further strengthening its financial position.
Morgan Stanley analyst Meta Marshall maintains a Hold rating on Coherent Corp. (NYSE:COHR), while raising the price target from $110 to $115.
2. Thermo Fisher Scientific Inc. (NYSE:TMO)
Number of Hedge Fund Holders: 100
Thermo Fisher Scientific Inc. (NYSE:TMO) is a global leader in supporting life sciences research and improving patient health through its innovative products and services. The company provides a comprehensive portfolio across various sectors, including reagents, instruments, and consumables for biological and medical research.
In Q4 2024, the company introduced its Thermo Scientific™ iCAP™ MX Series ICP-MS, a state-of-the-art inductively coupled plasma mass spectrometry platform designed to enhance trace elemental analysis for a variety of applications in environmental, food, and industrial laboratories. This launch further cements Thermo Fisher Scientific Inc. (NYSE:TMO)’s leadership in analytical technologies, offering cutting-edge solutions to researchers across diverse fields.
For the full year 2024, Thermo Fisher Scientific Inc. (NYSE:TMO) reported stable revenue of $42.88 billion, slightly up from $42.86 billion in 2023. Despite the flat growth, the company saw a solid improvement in profitability, with GAAP diluted EPS rising to $16.53 from $15.45 in 2023, reflecting a 7% increase. Operating income also grew, reaching $7.34 billion, compared to $6.86 billion in 2023.
On February 3, 2025, Andrew Cooper of Raymond James reiterated a “Buy” rating on Thermo Fisher Scientific Inc. (NYSE:TMO) and raised the price target from $650 to $667.
1. Danaher Corporation (NYSE:DHR)
Number of Hedge Fund Holders: 101
Danaher Corporation (NYSE:DHR) is a global leader in scientific instruments, providing cutting-edge solutions across its Life Sciences, Biotechnology, and Diagnostics segments. The company tops our list of the best scientific instruments stocks to buy.
Danaher Corporation (NYSE:DHR) continues to strengthen its strategic positioning with key developments in early 2025. On January 14, CEO Blair presented at the J.P. Morgan Healthcare Conference, outlining the company’s focus on innovation and long-term growth. The company also enhanced its leadership with the appointment of Charles Lamanna to its Board of Directors and Science & Technology Committee, bringing expertise in technology and innovation.
Danaher Corporation (NYSE:DHR) reported solid fourth-quarter results for 2024, with net earnings of $1.1 billion. Operating cash flow was strong at $2.0 billion, while non-GAAP free cash flow reached $1.5 billion. Looking ahead, the company is optimistic about its long-term growth potential, expecting a 3% increase in non-GAAP core revenue for 2025.
According to Insider Monkey’s database, 101 hedge funds held stakes in Danaher Corporation (NYSE:DHR), up from 98 in the previous quarter.
Overall Danaher Corporation (NYSE:DHR) ranks first on our list of the 12 Best Scientific Instruments Stocks to Buy Right Now. While we acknowledge the potential for DHR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than DHR but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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