After hitting a record high in October, IHI has succumbed to profit taking and is scuffling along side diversified healthcare ETFs such as XLV and VHT.

Industry observers argue that medical technology companies can tap into increased healthcare spending among emerging economies while the U.S. market has matured and could experience slower growth. Looking ahead, in the years through 2024, spending growth is projected to average 5.8% and peak at 6.3% in 2020.

SEE MORE: A Checkup With the Medical Device ETF

“The medical equipment group seems to be rolling over to the downside one stock at a time and that is not a good place for investors to look for bargains. Healthcare in general is in trouble and that is one more argument to hold more cash than normal in this tumultuous election season,” according to Barron’s.

For more information on the biotech sector, visit our biotechnology category.

Health Care Select Sector SPDR