4 Soaring Medical Device Stocks to Buy Now By StockNews

© Reuters. 4 Soaring Medical Device Stocks to Buy Now

The medical devices industry has been performing remarkably well over the past year. And we think this trend will likely continue, driven by rising demand for non-emergency medical procedures and tech integration. Thus, quality medical device stocks ResMed Inc. (RMD), Alcon Inc. (NYSE:), Terumo Corp (TRUMY), and West Pharmaceuticals (WST) should gain substantially. So, let’s take a closer look at these names.Increased capital investments and rapid technology integration have helped the medical devices industry to grow substantially over the past year. And as the economy recovers from the COVID19 pandemic, aided by a strong vaccination drive, non-emergency medical procedures are being rescheduled, driving up the nationwide demand for medical devices.

With breakthrough capabilities and tech integration, state-of-the-art medical devices are expected to drive the global healthcare industry’s growth. The medical devices sector is expected to grow at a 5.2% CAGR to $671.49 billion by 2027.

Investors are bullish on the medical devices industry, as evidenced by the SPDR S&P Health Care Equipment ETF’s (XHE) 37.6% gains over the past year versus the broader SPDR S&P 500 ETF Trust’s (SPY) 33.7% returns. Thus, we think fundamentally sound stocks in this space ResMed Inc. (RMD), Alcon Inc. (ALC), Terumo Corporation (TRUMY), and West Pharmaceutical Services, Inc. (NYSE:), are expected to keep soaring in price.

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