Abbott Laboratories (ABT) in Abbott Park, Ill., develops, manufactures, markets, and sells health care products worldwide. The company operates through four segments: Established Pharmaceutical Products; Diagnostic Products; Nutritional Products; and Medical Devices. In comparison, Edwards Lifesciences Corporation (EW) manufactures heart valve systems and repair products. The Irvine, Calif.-based company engages in patient-focused innovations for structural heart disease and critical care monitoring.
The medical device industry achieved a stellar recovery last year, driven by robust demand amid surging cases of chronic diseases, an aging population, and the emergence of new home monitoring medical devices. Furthermore, industry’s significant technological advances, including smart sensors, robotic surgery, 3D printing, and IoMT (Internet of Medical Things), should provide medical device companies with new growth opportunities. According to a report by SkyQuest, the global medical devices market is expected to reach $557.42 billion by 2027, growing at a 4.8% CAGR. Increasing investments by leading companies in the R&D to develop technologically advanced medical equipment should boost the market’s growth, which should benefit both ABT and EW.
