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According to a Deloitte report, medical device companies have started using IoMT (Internet of Medical Things) for smart patient monitoring, diagnosis, treatment, and managing data distribution channels. Moreover, medical device companies are using metaverse components, mixed reality (MR) to assemble surgical tools and design operating rooms. This should also fuel the growth of the industry.
Therefore, Wall Street analysts expect quality medical device stocks Boston Scientific Corporation (NYSE:BSX) and Zimmer Biomet Holdings, Inc. (NYSE:ZBH) to rally by more than 35% in the near term.