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The medical equipment industry suffered a big decline in demand amid the pandemic last year due to the postponement of several elective surgeries as hospitals focused overwhelmingly on treating patients with COVID-19. However, with the success of a widespread vaccination program this year, which has reduced COVID-19 cases significantly, the demand for elective surgeries is on the rise. Consequently, medical equipment companies are benefiting. And investors’ keen interest in the medical equipment stocks is evident in the SPDR S&P Health Care Equipment ETF (XHE) 14.1% returns so far this year.
According to a Fortune Business Insights report, the global medical devices market is projected to grow at a 5.4% CAGR to $657.98 billion in 2028. As such, ASXC and SRGA could witness increasing demand for their products and services.
