Bear markets and volatility are not what investors dream of, but they are a reality if you stay invested in the market for the long term. Over time, the market has a track record of steadily rising higher. Through the ups and downs, great companies continue to generate growth and reward investors in the process.

Finding stocks that fit this profile doesn't have to be hard, and you don't need to have a ton of cash to start a position in quality businesses that you can build on over time. If you're looking for top growth stocks to buy right now, here are two names that have what it takes to continue rewarding investors in 2024 and beyond.

1. Intuitive Surgical

Intuitive Surgical's (ISRG -2.10%) da Vinci surgical robotics systems have been used in more than 13 million procedures since its first suite was approved over 20 years ago. The pandemic, a difficult macro environment, and financial challenges facing its hospital clients have all had an impact on growth. But this is still a highly profitable, revenue-producing business that controls a notable share of the surgical robotics space.

According to Grand View Research, the global surgical robotics market is on track to hit a valuation of $7.4 billion by the year 2030. This is a space that was valued at about $4 billion in 2023, giving this industry an anticipated compound annual growth rate of about 10% in the forecast period.

To give you an idea of Intuitive Surgical's considerable footprint in this space, consider that it generated $1.7 billion in robotics system sales in 2022 alone. It also generated $3.5 billion from sales of accompanying instruments and accessories, along with around $1 billion in revenue from related services it sold to customers in the 12-month period. In short, 79% of the company's revenue in the full year was from recurring revenue sources.

Moreover, Intuitive Surgical's installed base of systems soared 11% between 2019 and 2022, while the procedures performed globally using its products jumped 15% in that three-year period. In 2022 alone, Intuitive Surgical's procedure growth exploded 18% from the prior year.

The S&P 500 is up about 25% over the trailing 12 months, and Intuitive Surgical has delivered a steady return of just shy of 30% in that same period. The business has also expanded its top line by 67% over the last five years alone, while net income has risen by 17% in that same period. Not bad for a healthcare stock in a mature stage of its business growth story.

The surgical robotics space is expected to continue growing as adoption of these tools increases among healthcare providers globally. So long-term investors may want to scoop up a slice of this company before 2024 is underway.

2. Costco

Costco Wholesale (COST -0.48%) is a household name that needs no introduction. But you might be surprised at just how reliable a business this well-known brick-and-mortar retailer has proven to be through the years. It's no secret that retailers across a range of industry segments, including big-box stores, have struggled in a macro environment where spending among wallet-constrained consumers remains heavily in flux.

Let's take a look at a few interesting figures. Over the trailing-five-year period, Costco's annual revenue has grown by a total of 60%, while its net income has risen by 72% in that same stretch of time. Meanwhile, cash from operations has soared to the tune of 74% in that five-year window. Oh, and there's Costco's dividend, which while yielding a modest 0.6%, has risen 2,500% in the last five years to help drive a total return of 242% in that time frame.

Some of the keys to Costco's continued success are its membership-fee based model and its low-cost bulk products. Both are integral to Costco's business, and are also interrelated. Because most shoppers need to be members to enter a store warehouse, this means that 1) if a shopper is in store they are likely there to make a purchase, thereby weeding out simple foot traffic, and 2) Costco generates consistent, recurring revenue from membership dues.

In fact, most of Costco's net income is entirely attributable to the money it makes from membership fees. And those membership fees are one of the key reasons Costco is able to offer such competitive prices on its products. For the end consumer, the ability to access the wide range of Costco's products and services at below-average costs is a sticky buying proposition in any economic environment, and even more so in a murky one.

Costco does operate a growing e-commerce segment that non-members can use. But the considerable price differences between some products found online versus in-store continue to drive buyers to its flagship warehouse locations. Case in point: Membership renewal rates are 93% in the U.S. and Canada, where Costco operates most of its locations. In short, if you're looking for a steadily growing and profitable business that serves a consistent consumer need and offers dividends to boot, Costco is a no-brainer buy to add to your basket as you kick off the new year.