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Rapid advancements in artificial intelligence (AI) technology, remote monitoring, and connected devices have allowed medical device companies to efficiently respond to a growing demand for crucial equipment. In addition, the increasing prevalence of chronic diseases and growing demand for devices used in elective procedures, such as knee replacement surgeries and cosmetic surgeries, are expected to drive growth for medical devices suppliers. Indeed, the global medical devices market is expected to reach $767.68 billion by 2027, growing at a 6.1% CAGR.
Given this backdrop, we believe medical device makers Hill-Rom Holdings Inc . (HRC) and Integra LifeSciences Holding Corporation (IART) are well-positioned to benefit based on their solid fundamentals and sustained focus on innovation. Both stocks have been rated A by our proprietary POWR Ratings system.
