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

“For instance, we see the greatest opportunity in Medical Devices and we remain bearish on Healthcare Providers (IHF). Elsewhere, Biotech’s basing attempt must start again but offers a greater chance of long-term recovery than Pharmaceuticals in our view,” according to the Oppenheimer note featured in Barron’s.

iShares U.S. Medical Devices ETF