Healthcare is one of the fastest growing sectors of the US economy; According to Statista, it has grown at an average of 5% per year over the past few years. Demand for healthcare services is growing faster than providers can expand capacity, which has driven up operating costs and left many hospitals with old and inefficient equipment that needs to be replaced. However, new technologies such as telemedicine, remote patient monitoring, and wireless monitoring systems have expanded the scope of industrial healthcare devices. Newer technologies can help reduce costs while improving operational efficiencies and patient outcomes. In this article, we’ll discuss in more detail some top industrial healthcare equipment stocks to buy today.
Ascension is a healthcare services company operating across the continuum of care. The company serves patients at home, in settings such as hospitals and doctor’s offices, and through an expanding network of retail clinics. Ascension’s main product is care management for hospital patients. Once a patient is admitted to a hospital, an Ascension Care Manager visits the patient and their treating physician to assess what medical services the patient needs, how long it will take to provide those services, and the cost of providing those services. The care manager then follows the patient throughout their stay and ensures that the patient receives all the services to which he or she is entitled. The management services offered by Ascension include home nursing, skilled nursing, hospice and other services provided in patients’ homes. Ascension Health is a non-profit health services organization. The company operates as a subsidiary of the holding company Healthcare Services Corporation. It is an integrated healthcare services provider in the United States. Its activities include acute care, post-acute care, sub-acute care, ambulatory services and home care services.
The B. Brown Company is a manufacturer of air fluid bed therapy equipment. B. Brown Air Fluidized Beds are used to treat a variety of conditions including stroke, lung disease and pressure ulcers. B. Brown has a large share of the industrial healthcare equipment market, which has helped it remain profitable. B. Brown’s flagship product line is the Monarch air bed, which can be used for wound management and hyperbaric oxygen therapy (HBOT). The Monarch is one of the most widely used air fluidized beds in the world. It is also one of the most used HBOT devices. B. Brown’s other products include an air turbulent knee pad, gravity boot system and vibrating platform.
Cardio’s core products are cardiopulmonary diagnostic imaging devices such as heart and lung CT scanners. Cardio’s products are used to scan patients for cardiovascular diseases such as coronary artery disease and lung diseases such as COPD and interstitial lung disease. Cardio’s flagship product is the ProCreo CT system, which is used for coronary CT angiography. The ProCreo is integrated with diagnostic software that supports advanced real-time image post-processing, image acquisition, and image guidance. Cardio’s customers include hospitals, clinics and medical imaging centers. The company also sells its products through distributors.
CareFusion is a developer and manufacturer of healthcare products and services. The Company provides products and services for clinical and critical care operations, surgical care, infection prevention and control, and neonatal care. CareFusion’s core products include patient monitoring, surgical solutions, infection prevention and control solutions, critical care solutions and neonatal products. Its core technologies are real-time heart assessment and sensors that can be integrated with artificial intelligence (AI) and machine learning. The company employs more than 7,800 people and has more than 1,200 customers.
Hologic is a medical technology company specializing in biopsy devices and imaging equipment for breast and other medical imaging, genetic testing, and surgical instruments. Hologic’s core products include the Genius Breast Biopsy System, the Comet ix Breast Biopsy System, the Sentio Breast Biopsy System, the Genius ix DNA Breast Biopsy System, the Discover Genetic Testing System, the Gendia Breast Biopsy System, and the GeneScreen DNA Test for Heredity Breast and ovarian cancer. The Genius and Comet systems are used for core biopsies, which are the most common type of breast cancer biopsy. The Genius ix is used to perform a combination of core biopsy and targeted biopsy, and the GeneScreen test screens patients at high risk of breast or ovarian cancer.
Hill-Rom, a Berkshire Hathaway company, is a provider of patient care equipment and related services. The Company has three business segments: Patient Care, Diagnostic Imaging and Surgery. HMR’s Patient Care segment designs, manufactures and sells equipment, including bed products, diagnostic imaging systems and related accessories, to acute care hospitals and other healthcare facilities. The Diagnostic Imaging segment provides equipment, services and software for use in medical imaging, including mammography, computed tomography, fluoroscopy, digital radiography and magnetic resonance imaging. The Surgery segment sells medical equipment and services used in surgical procedures and related procedures such as cryosurgery, endoscopy, hyperthermia and others.
Investors may consider investing in any of the three industrial healthcare device stocks listed above. Each of them has a strong product portfolio and is expected to grow in the years to come. However, before you invest, you should do extensive research on each company to ensure you are investing in a strong company.