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5 Medical Info Systems Stock to Buy for a Stable Portfolio

The medical info systems industry is set to thrive in the second half of 2024 due to the growing demand for contactless services. The industry witnessed exponential growth during the pandemic era. Even in the post-pandemic period, remote healthcare, a paperless environment and distant treatment paved the way for digital services. The medical info systems industry comprises companies that develop and market healthcare information systems. These companies offer software and hardware solutions to healthcare providers with secure access to real-time clinical, administrative and financial data in a time-efficient manner. Focus on patient satisfaction, security of patient data and  cost control has increased the need for big data, 3D printing, blockchain and artificial intelligence. The medical sector is one of the major adopters of AI, which is currently being used to synthesize new compounds for drugs and create devices for more precise measurement and faster and more accurate diagnosis. One common application of AI has been in diagnostic settings, where it quickly and precisely detects image abnormalities that might be challenging for the human eye to spot. Several medical device makers are also developing surgical robots with AI integration for complex and specialized procedures. Further, electronic health records, electronic medical records, predictive analytics and real-time alerting have been gaining prominence. AI systems have been successful in multiple medical imaging use cases, such as detecting mitosis in breast cancer histology images, classifying skin cancer with dermatologist-level accuracy, diagnosing diabetic retinopathy from retinal fundus photographs and predicting cardiovascular risk factors from retinal fundus photographs. Even though the pandemic is over, the need for contactless services is growing enormously. Within the medical information systems space, the telehealth and remote patient monitoring segments continue to grow at a fast pace. The Zacks-defined Medical Info Systems Industry is currently in the top 25% of the Zacks Industry ...