VCYT - Buy 5 Medical Instruments Stocks to Enhance Your Portfolio | Benzinga
The Medical Instruments industry has been witnessing a gradual transition from remote healthcare and contactless services during the pandemic to its original space of point-of-care testing, heavy as well as minimally invasive implants, elective procedures, and so on. This industry is highly fragmented, with participants engaged in research and development (R&D) in therapeutic areas.
The Zacks defined Medical Instruments industry has advanced 8.9% in the past year and 9.7% year to date, respectively. Since the Medical Instruments industry ranks within the top 38% of Zacks Ranked industries, we expect it to outperform the market over the next three to six months.
The medical instruments space has been benefiting from the ongoing merger and acquisition trend. The smaller and mid-sized industry players have been trying to compete with the big shots through consolidation. This trend is more visible after the pandemic-led downturn. The big players are also attempting to enter new markets by acquiring niche products.
Moreover, since the beginning of 2023, this industry has been witnessing a massive adoption of artificial intelligence and the Internet of Medical Things in the form of digital healthcare options in hospitals and other healthcare settings. Digital enhancement, amid cost optimization proves to be better for clinical outcomes.
With an increase in the adoption of digital platforms within the medical device space, robotic surgeries, big-data analytics, bioprinting, 3D printing, electronic health records, predictive analytics, real-time alerting and revenue cycle management services are gaining prominence in the United States.
An October 2023 report of Precedence Research suggested that the global digital health market size is anticipated to reach around $939.54 billion by 2032, up from $262.63 billion in 2022, at a CAGR of 13.1%.
However, the Medical Instruments players are suffering from logistical challenges and higher unit costs. The pandemic-led devastation of the global supply-chain management ...