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The growing prevalence of chronic diseases such as cancer and diabetes is driving increasing innovation in medical device technology.

As of mid-December 2020, 49 new devices had been approved by the US Food and Drug Administration for the year, slightly up from the 46 approved in 2019.

Wearable medical devices and the integration of artificial intelligence into medical technology are two big trends in this life science sector. Moving forward, the global medical device industry is expected to grow from US$447.63 billion in 2019 to US$671.49 billion by 2027.

For investors interested in getting exposure to this wave of growth, there are a number of NASDAQ medical device stocks worthy of attention. With 2020 nearing its end, here the Investing News Network takes a look back at the top-performing NASDAQ medical device stocks year-to-date.

All data was compiled on December 16, 2020, using TradingView’s stock screener, and the medical device makers listed below had market caps of between US$50 million and US$500 million at that time.

1. Pro-Dex (NASDAQ:PDEX)

Market cap: US$157.5 million; current share price: US$40.796; year-to-date gain: 132.46 percent

Pro-Dex’s main medical device is the Pro-Dex Surgical Driver, which is used on small bones and the spine.

In late August, Pro-Dex released results for its 2020 fiscal year, reporting a net sales increase of 28 percent over the same period last year; net sales clocked in at US$34.8 million, mainly due to increases in medical device revenues. Then, in early November, Pro-Dex released results for its first fiscal quarter of 2021, highlighting a year-on-year revenue increase of 19 percent from US$7.2 million to US$8.6 million.

2. Cytosorbents (NASDAQ:CTSO)

Market cap: US$385.83 million; current share price: US$8.94; year-to-date gain: 131.43 percent

Cytosorbents is the business of researching, developing and commercializing medical devices with its blood purification technology. The company’s CytoSorb blood purification technology is used to treat cytokine storm and deadly inflammation in cardiac surgery and critically ill patients.

In April, the US Food and Drug Administration granted emergency use authorization for CytoSorb as a treatment for COVID-19 patients; two months later, the medical device company announced the commercial launch of CytoSorb to treat COVID-19 patients in Latin America. A few months later, Cytosorbents announced partnerships to commercialize the product’s use in various COVID-19 hotspot regions across the US.

3. ClearPoint Neuro (NASDAQ:CLPT)

Market cap: US$154.8 million; current share price: US$9.84; year-to-date gain: 105 percent

ClearPoint Neuro is a medical device company with a portfolio of products focused on enabling therapies for neurological disorders, including minimally invasive surgical procedures. The company’s commercialized ClearPoint system uses intra-procedural magnetic resonance imaging (MRI) to guide surgical procedures in the brain, and is designed to work in a hospital’s existing MRI suite.

In November, ClearPoint Neuro announced record-breaking profits of US$3.5 million for its third fiscal quarter, a 20 percent increase over the same quarter last year.

4. DarioHealth (NASDAQ:DRIO)

Market cap: US$325.56 million; current share price: US$89.42; year-to-date gain: 98.78 percent

DarioHealth is a global digital therapeutics company that designs medical hardware and mobile applications. These applications offer personalized solutions for patients with chronic conditions such as diabetes and hypertension, helping with management for these chronic conditions.

In September, DarioHealth announced a sales and distribution partnership with HMC HealthWorks, a 40 year veteran in healthcare management. The next month, DarioHealth scored another partnership, this time with wellness company Vitality Group, which has chosen DarioHealth’s digital therapeutics solutions for inclusion in its new Gateway Flex offering. In November, DarioHealth revealed a contract with a US-based Fortune 500 technology company to provide its digital therapeutics solution to eligible employees.

5. Zynex (NASDAQ:ZYXI)

Market cap: US$477.28 million; current share price: US$13.72; year-to-date gain: 74.97 percent

Zynex is a medical device manufacturer that produces electrotherapy devices for use in pain management, physical rehabilitation, neurological diagnosis and cardiac monitoring.

Zynex has seen dramatic increases to its quarterly earnings this year. In fact, the company was ranked 13th in revenue growth among all medical device companies in the US and Canada on Deloitte’s 2020 Technology Fast 500 list, which was released in November.

The company reported net revenue of US$15.2 million in the first quarter, a 66 percent increase over the year-ago period. In the second quarter, Zynex achieved net revenue of US$19.3 million, an 87 percent increase over the second quarter of 2019. Finally, in the third quarter, the company reported net revenue of US$20 million, a 69 percent increase year-on-year.

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Securities Disclosure: I Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.