Its rapid tech integration and huge spending on research and development position the healthcare industry well to generate sustainable growth over the long term. So, we think it could be wise to bet now on cheap healthcare stocks Hologic, Inc. (NASDAQ:HOLX) and Owens & Minor, Inc. (OMI). They possess immense growth potential. Read on.The unprecedented advancements made in the field of healthcare over the past year—including virtual care solutions for patients—have made it one of the most rapidly evolving industries with tremendous growth potential.
According to Statista, the U.S. healthcare industry's profits are expected to grow approximately 5% per annum through 2024, with the fastest growth in medtech and healthcare IT. Analysts expect the global digital health monitoring market to grow at a 39% CAGR over the next three years to exceed $254.50 billion.
However, given the fast-paced macroeconomic recovery and bullish stock markets, investors have rotated out of healthcare to invest in technology and outdoor stocks. Consequently, promising healthcare stocks Hologic, Inc. (HOLX) and Owens & Minor, Inc. (OMI) are currently trading at discounted valuations despite possessing solid growth attributes. So, these two stocks could be solid bets now.