What Is The Growth Expected Of Markets Served By 3M’s Health Care Segment Over The Next 5 Years?
3M’s (NYSE:MMM) Health Care segment is expected to be a key growth driver for the company in the coming years. The company has witnessed an historically higher growth rate in this segment, as compared to its other segments, and has taken a number of steps to bolster growth in the future. The company made a decision to invest and further grow its Health Information Systems (HIS) business, instead of selling or spinning it off. This will be beneficial to the company in the long term due to the high growth expected from the Health Care IT market in the future. Further, the company has made significant investments to boost its presence in the health care field. 3M completed the acquisition of Ivera Medical Corp., which develops innovative products to reduce complications for patients with I.V. catheters, in 2015. Ivera had annual sales of $30M before acquisition and will help 3M enter this market at an opportune time, as healthcare facilities are looking for cost-effective solutions that improve patient health outcomes.
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Notes:
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