Medical Device and Medtech IPOs of 2025: Driving Smarter, More Personalized Care

Medical device IPOs, also known as medtech IPOs, occur when a private company making medical tools or technologies offers shares to the public for the first time, raising money to support growth and product development. They also give early investors a chance to benefit and make company information more transparent.

Smith+Nephew’s recent contract win with the US Department of Defense (DoD) for its RENASYS TOUCH Negative Pressure Wound Therapy systems underscores a defining theme in 2025: medtech’s role in delivering more accessible, intuitive solutions in extreme environments. Across the industry, this push for adaptable, patient-centered devices is driving new public offerings and better patient care delivery.

The global surgical robots market is projected to grow from $11.9 billion in 2023 to nearly $47 billion by 2032, with a 16.5% compound annual growth rate (CAGR) driven by technological innovation, aging populations and the shortage of skilled surgeons.

Companies like AION Biosystems and See All AI are examples of this trend. AION’s TempShield — an AI-powered wearable thermometer designed for chemotherapy patients — provides continuous 24/7 temperature monitoring, detecting infections before symptoms appear. Validated in real-world studies, it has reduced mortality by 90% and inpatient days by 79%, addressing a critical cause of cancer-related deaths.

See All AI’s platform leverages AI to convert standard 2D fluoroscopic X-rays into high-resolution 3D models for real-time surgical visualization. This software-based solution aims to reduce radiation exposure compared to CT scans and streamline intraoperative planning, particularly for minimally invasive surgery.

These examples reveal how medtech IPOs in 2025 are moving beyond conventional devices to integrate AI, real-time analytics and new materials, all in service of faster, safer care.

Let’s take a look at the medical device and medtech IPOs in 2025 and the innovations these companies are bringing to the industry.

Cuprina Holdings (Cayman) Limited (CUPR)

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Cuprina Holdings (Cayman) Limited raised $12 million in its IPO in April 2025, with shares trading on Nasdaq under CUPR. The company’s MEDIFLY bio-dressings leverage sterilized blowfly larvae for precise wound debridement, and its pipeline includes bullfrog-collagen dressings and leech-based therapies. Developed through an exclusive licensing agreement with Singapore’s Nanyang Technological University, Cuprina’s biologically sourced products target diabetic foot, venous leg and pressure ulcers, meeting the growing demand for minimally invasive, nature-inspired wound care.

Advanced Biomed Inc. (ADVB)

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Advanced Biomed Inc., which focuses on early cancer detection, went public on March 7, 2025, raising $6.56 million and listing on Nasdaq under the ticker “ADVB.” The company’s semiconductor-based microfluidic technology isolates circulating tumor cells with high precision. Its diagnostic devices, the A+Pre and AC-1000, have shown strong recovery rates in pre-mass production trials, offering new tools to detect cancer earlier and improve patient outcomes.

Kestra Medical Technologies, Ltd. (KMTS)

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Kestra Medical Technologies debuted its IPO in March 2025, securing $202 million to expand its wearable cardiovascular platform. At the center of Kestra’s innovation is the ASSURE wearable cardioverter defibrillator, which uses advanced sensors and smart algorithms to monitor heart rhythms and deliver rapid, life-saving shocks when needed. Already in use at over 550 hospitals across the US, Kestra is positioning its device to transform global cardiac patient care.

Beta Bionics, Inc. (BBNX)

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Beta Bionics went public on January 30, 2025, raising $234.6 million through its IPO and an additional $17 million via a concurrent private placement. The company’s iLet Bionic Pancreas, FDA-cleared for type 1 diabetes, uses adaptive algorithms to autonomously adjust insulin delivery based on real-time glucose data. Beta Bionics is also advancing a patch pump and a bihormonal iLet system, aiming to better meet the needs of both type 1 and type 2 diabetes patients.

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