Align Technology, Inc. (NASDAQ:ALGN) has been underperforming in the healthcare sector, despite the overall growth of the industry.
The healthcare services industry is projected to grow at a compound annual growth rate (CAGR) of 6.3% through 2027.
Global healthcare spending reached $9.8 trillion in 2021, with high-income nations investing more in healthcare than low-income nations.
The Centers for Medicare and Medicaid Services (CMS) projects that national healthcare spending in the United States will reach $4.8 trillion in 2023.
The rise of technology in healthcare, including telehealth services and genomics-driven precision medicine, presents opportunities for companies to innovate and adapt.
Artificial intelligence (AI) is also playing a transformative role in the healthcare sector.
The global market for remote patient monitoring (RPM) is valued at $71.9 billion in 2023, driven by advancements in wearable technology.
Align Technology must reassess its strategies to remain relevant and competitive in the evolving healthcare market.