Published on 26 Feb 2021 on Zacks via Yahoo Finance

5 Soaring MedTech Stocks to Buy for More Growth in 2021

Through 2020, the MedTech industry faced a sizable drop in elective and non-COVID-19 procedures. However, the tables turned in the second half of 2020. This change came on the back of the launch of several COVID-19 diagnostic tests, shift of consumer preferences toward digital healthcare options as well as a steady uptick in emergency medical procedures.

Major MedTech players like Abbott Laboratories ABT in particular reported a significant sequential rebound in its third-quarter 2020 performances.

Demand for diagnostic tests reached a record level this year, translating into all-time highs for makers of these tests. We may take the example of diagnostic testing majors, Quest Diagnostics and its peer LabCorp. In the course of expanding their COVID-19 testing capacities, these stocks reached their all-time highs of $131.81 and $218.77 on Aug 3 and Nov 5, respectively. Further, Hologic HOLX, banking on its significant progress in the line of SARS-CoV-2 based molecular diagnostic testing, reached an all-time high of $76.67 on Nov 5.