The medical devices industry is expected to grow significantly in the coming months due to an uptick in demand for devices for essential and elective surgeries. Furthermore, technological advances and the adoption of IoMT and metaverse should propel the medical device industry’s growth. Therefore, Wall Street analysts expect medical device stocks Boston Scientific (BSX) and Zimmer Biomet (ZBH) to gain substantially in the upcoming months.The United States accounts for over half of all worldwide healthcare spending. While the COVID-19 pandemic has increased the significance of the healthcare industry, it posed significant challenges on medical devices companies, as treating COVID-19 gained priority over regular surgeries. However, with the gradual recovery in demand for medical devices, the global medical devices market is expected to reach $603.5 billion by 2023, registering a CAGR of 6.1%.
According to a Deloitte report, medical device companies have started using IoMT (Internet of Medical Things) for smart patient monitoring, diagnosis, treatment, and managing data distribution channels. Moreover, medical device companies are using metaverse components, mixed reality (MR) to assemble surgical tools and design operating rooms. This should also fuel the growth of the industry.
Therefore, Wall Street analysts expect quality medical device stocks Boston Scientific Corporation (NYSE:BSX) and Zimmer Biomet Holdings, Inc. (NYSE:ZBH) to rally by more than 35% in the near term.