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3 Stocks to Watch on Rising Demand for Smart Medical Devices

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The usage of smart medical devices has been on the rise, thanks to the many conveniences they offer, which in turn, are impacting how patients and medical practitioners interact. Notably, smart medical devices allow patients to keep a tab on their health conditions all by themselves, owing to the generally portable or wearable nature of such devices, thereby making it easier for patients to keep those devices with them at all times.

Markedly, medical practitioners can also remotely monitor and track live data from those devices, thereby allowing them to maintain health records of patients and offer faster diagnosis or take other essential steps in case any anomaly is detected in their patients’ health conditions. This, in turn, helps in ensuring a decline in patient visits to healthcare centers or hospitals. Moreover, since patients are responsible for collecting and sharing their health data, it allows medical practitioners to free up time and address more patients.

Markedly, the rising proliferation of smartphones and increasing Internet connectivity across the globe have been instrumental in aiding the demand for smart medical devices. Moreover, the outbreak of the COVID-19 pandemic last year catapulted the demand for such devices. This is because social distancing norms meant that medical practitioners had to reduce in-person visits of patients for safety, thereby increasing the reliance on teleconsultation. This is where smart medical devices became important as they allowed medical practitioners to remotely monitor their patients’ conditions and provide diagnoses as and when required.

Adoption of Smart Medical Devices Poised to Grow

Even as we move beyond the woes of the pandemic, the demand for smart medical devices seems set to grow. This is because the conveniences provided by such devices, like active monitoring, trumps traditional monitoring methods which require patients to be admitted to hospitals or healthcare centers first. Reflective of these benefits of smart medical devices, a report by Data Bridge Market Research stated that the smart medical devices market is expected to witness a CAGR of 20.1% during the forecast period of 2021 to 2028, as mentioned in a GlobeNewswire article.

3 Stocks to Keep an Eye On

The demand for smart medical devices looks poised to grow going forward, thanks to the many conveniences they provide like active patient monitoring, thereby allowing medical practitioners to provide a better diagnosis to their patients. Hence, this seems like an opportune moment to watch out for stocks that can make the most of this continued upswing. Notably, we have selected three such stocks that carry a Zacks Rank #2 (Buy) or 3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Apple Inc. (AAPL - Free Report) offers smart watches under its Apple Watch segment, which allows wearers to keep track of their health conditions. The company currently has a Zacks Rank #2. The Zacks Consensus Estimate for its current-year earnings increased 13.8% over the past 60 days. The company’s expected earnings growth rate for the current year is 55.5%.

Garmin Ltd.’s (GRMN - Free Report) fitness segment offers running and multi-sport watches; cycling products; activity tracking and smartwatch devices; and fitness and cycling accessories. The company currently has a Zacks Rank #3. The Zacks Consensus Estimate for its current-year earnings increased 1.5% over the past 60 days. The company’s expected earnings growth rate for the next five years is 6.8%.

Medtronic plc (MDT - Free Report) launched its smart insulin pen, named InPen, which allows diabetic patients to track insulin doses, among other usages, with the help of a smartphone app. Medtronic currently carries a Zacks Rank #3. The Zacks Consensus Estimate for its current-year earnings increased 0.2% over the past 60 days. The company’s expected earnings growth rate for the next five years is 7.6%.

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