Health insurance companies UnitedHealth Group and Humana have warned investors that costs are going up as demand for surgeries is on the rise. People put off surgeries during the early stages of the pandemic, but now as things go back to normal, there is pent-up demand.

While that might be bad news for health insurers, multiple other businesses can benefit from these trends, including Intuitive Surgical (ISRG 0.59%), Medtronic (MDT 0.62%), and Stryker (SYK -0.46%).

1. Intuitive Surgical

Intuitive Surgical makes robotic-assisted systems that help make surgery more precise and efficient. An uptick in surgeries can result in more companies seeking out Intuitive's da Vinci devices, and for those who already have them, that can mean more procedures. Instruments and accessories generate the bulk of Intuitive's recurring revenue, so an increase in procedures is good for business.

There were already signs of a return to normal for Intuitive when the company reported its first-quarter earnings in April. During the first three months of 2023, the number of worldwide da Vinci procedures grew at a rate of 26%, even with disruptions in China due to COVID. A year ago, the company's procedure growth rate was 19%.

In 2022, Intuitive reported $6.2 billion in revenue, rising less than 9% from the previous year. With a resurgence in surgeries and hospitals performing more da Vinci procedures, the company should benefit from a much higher growth rate this year.

Year to date, the healthcare stock is up 24% and trading near its 52-week high. It's also trading at a hefty 60 times estimated future earnings. But for long-term investors, this can still make for an excellent investment to buy and hold as robotic-assisted surgery is still in its early growth stages.

2. Medtronic

Medical device maker Medtronic is another business that can benefit from an uptick in surgeries. The company makes a wide range of products for healthcare professionals, including many that are used in surgery, like hernia repair products, wound closures, surgical stapling products, and many others. 

Medtronic reported its fourth-quarter earnings last month, with sales of $8.5 billion for the three-month period ending April 28 rising by 5.6% year over year and coming in better than expectations. But for its medical surgical segment, which accounts for roughly one-quarter of all revenue, sales were flat from the prior-year period.

Up 15% year to date, shares of Medtronic have been doing well this year. At 18 times future earnings, the stock's valuation is in line with the industry average -- and it's also the cheapest stock on this list. If its surgical business does pick up this year, it could be one of the better healthcare investments to be holding in 2023.

3. Stryker

Stryker is another company that could have a strong performance this year if there's an increase in surgeries. The company provides hospitals with surgical equipment, including power tools that help to cut and shape bone. It also makes implants that are used in hip and knee replacements. 

In the early part of the year, the company's growth rate was already showing signs of strength. Net sales of $4.8 billion for the period ended March 31 were up 12% year over year. That's better than the 8% growth rate Stryker reported a year earlier. This past quarter, the company's bottom line was also impressive, with net earnings of $592 million rising by more than 83% from the same period last year.

The healthcare stock has risen 20% year to date. Its valuation isn't cheap, as it's trading at more than 29 times future earnings. But with a good year potentially on the horizon and a relatively stable business, it wouldn't be surprising to see the stock continue to build on its recent gains.