Medtronic's restorative therapies group, which includes devices and implants for spine, musculoskeletal, brain and nerve conditions, will likely see its revenue steadily rise over the next few years, according to Trefis.
Trefis is an interactive data and analysis platform that analyzes trends, forecasts and insights related to some of the most popular stocks in the U.S.
Five takeaways:
1. Medtronic's total revenue has grown 6 percent since fiscal year 2016. The company's revenues could increase from $30.6 billion in 2019 to $33.6 billion by fiscal 2021, Trefis forecasted.
2. Medtronic's restorative therapies group accounts for 26.8 percent of Medtronic's total revenue.
3. The segment's revenue rose from $7.2 billion in fiscal year 2016 to $8.2 billion in fiscal year 2019, an increase of $1 billion.
4. Growing demand for Medtronic's brain and pain therapies could drive the restorative therapies group to reach $9.1 billion in revenue in 2021. Medtronic's Intellis spinal cord stimulation platform and StealthStation surgical navigation systems have led strong growth in recent quarters.
5. Medtronic's cardiac and vascular group accounts for 37.7 percent of total revenue. The minimally invasive therapies group accounts for 27.7 percent, and the diabetes group accounts for 7.8 percent. Trefis predicts that all four segments will see steady revenue growth through 2021.