Standing on the threshold of 2015, if you have appetite for ‘big game' stocks in a volatile market, you ought to first screen the broader sector for the prized catches.

Various studies and historical data have proved beyond doubt that average stocks that belong to top-performing industries have greater probability to outperform the so-called ‘blue-chips' in a relatively poor-performing industry. And what best way to narrow down your search than to resort to some expert advice – in this case the Zacks Industry Rank.

Zacks Industry Rank

An industry is an assortment of stocks in a similar business. The Zacks Industry Rank is obtained by first calculating the average Zacks Rank for all the stocks within that industry and then assigning an ordinal rank to it. For example, an industry with an average Zacks Rank of 1.4 is better than an industry with an average Zacks Rank of 2.2. So the industry with the better average Zacks Rank would get a better Zacks Industry Rank.

Within the Zacks Industry classification, we have divided the business world into 16 sectors comprising 60 industries (at the medium or M-level) and 260 plus industries at the expanded or X-level. We rank all 260 plus X-level industries in the 16 sectors based on the earnings outlook for the constituent companies in each industry.

Short-Listing 3 Industries with Zacks Industry Rank

Leveraging on the indigenous Zacks methodology, we have shortlisted three broader industries that consist of a few X-level industries having a strong Zacks Industry Rank. These suggest their inherent sector strengths and potential to outperform in the long term. These include the Medical Devices, Semiconductor and Staffing.

Medical Devices are an integral part of the healthcare sector. The industry boasts of the most sophisticated technology products such as pacemakers, imaging instruments, dialysis machines and implants along with mundane items like thermometers and gloves.

The U.S. accounts for the lion's share of the Medical Devices industry. However, grappling challenges and gradual slowdown in mature markets due to factors like the controversial 2.3% medical device excise tax have forced the MedTech firms to focus on other emerging economies. These include countries like Brazil, Russia, India and China (BRICs) as well as Turkey, Mexico, Malaysia, South Africa, South Korea and the Czech Republic.