As of September 2023, rising demand for precision and personalized medicine has driven the adoption of artificial intelligence (AI)-enabled medical devices, transitioning from experimental to operational use. Key applications include generating synthetic medical images and simulating disease progression, which aim to expedite the drug development process.
Three notable stocks in this sector are: Intuitive Surgical Inc. (ISRG), which has an expected revenue growth rate of 16.7% and an earnings growth rate of 20.3% for 2023; Tempus AI Inc. (TEM), with projected revenue growth of 25.5% and earnings growth of 55.7%; and Thermo Fisher Scientific Inc. (TMO), expecting revenue growth of 7.3% and earnings growth of 9.9% for the current year. These companies have outperformed the S&P 500 in the past month, delivering over 5% returns compared to the index’s 1.2% return.
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