Täydellinen seuranta: Sijoituskohteina olevat kannettavat terveysseurantalaitteet

Terveydenhuolto taskussasi

The miniaturization and decline in prices of electronics have already given us GPS navigation, smartphones, and omnipresent connectivity. One sector that has been lagging a little behind is health.

On yhä selvempää sekä potilaille että lääkäreille, että parempaan terveydenhuoltoon tarvitaan enemmän terveystietoja. Yksi helpoimmista tavoista on käyttää kannettavia laitteita, jotka seuraavat terveystietoja jatkuvasti päivittäin.

Nämä laitteet voivat olla joko omistettuja terveysseurantaan tai suorittaa näitä toimintoja muiden, kuten älykellojen, päällä. Ne voivat tallentaa päivittäisiä liikkeitä, verenpainetta, pulssitaajuuksia, unen seurantaa, happipitoisuuksia jne.  Muut laitteet voivat myös seurata tarkempia lääketieteellisiä tietoja erityistilanteissa, kuten verensokeria.

Useimmat kannettavat yritykset eivät toimi pelkästään terveyslaitteiden parissa, vaan valmistavat myös muita elektronisia laitteita.

Alaa hallitsevat tällä hetkellä muutama suuri teknologiayritys. Vaikka niillä on valtavat resurssit ja kyvyt, terveysseuranta on usein vain pieni sivutuote näille yrityksille.

Taustalla muut muutamat erikoistuneet valmistajat pyrkivät myös osoittamaan, että keskittyminen ja omistautuminen asiakkaiden tarpeisiin voivat voittaa teknologiajättien hajanaisen lähestymistavan.

The market for wearable medical devices odotetaan kasvavan 13,67 % CAGR:lla vuoteen 2027 asti.

Parhaat kannettavat terveysseurantalaitteiden Osakkeet

1. Apple Inc.

AAPL Hintakaavio

Apple (AAPL ) is best known for its iPhone smartphone series, as well as computers, laptops, tablets, and other consumer electronic products. It is also a leader in wearables, especially smartwatches.

The health App coming with the Apple Watch can monitor your sleep, record medications, record movements and activity, measure hearing, heart health, mental health, and more.

Apple is also selling the Withings smart thermometer, which is able to connect to health apps and record all temperatures measured on the device. Apple also offers Fitness+, providing support to stay fit and practice a healthy level of physical activity.

Lähde: Apple

Apple’s main strength in this market is its well-known capacity for seamless integration with other Apple devices. This reinforces its ecosystem and gives its smartwatches extra capacities that a stand-alone product can struggle to replicate.

Apple Watch is omistaa tällä hetkellä lähes kolmanneksen älykellojen markkinoista. This gives Apple a good chance to stay a leading brand in the health monitoring sector and gives it access to millions or even billions of people’s health data.

2. Alphabet Inc.

GOOGL Hintakaavio

Another smartphone giant, Google (now Alphabet (GOOG )), is aggressively expanding in the health & fitness wearable markets through its Android operating system. The largest move in the segment was the 2021 acquisition of market pioneer FitBit.

Lähde: FitBit

Google is a very rich and powerful company. It has also struggled to venture out of its main niche of search engine and smartphone OS. Concerns about privacy and its handling of private data are also recurrent with the company.

So it may not be a complete surprise that the acquisition of FitBit and Google getting access to the users’ data has generated mixed reactions and even useita tutkintapyyntöjä virallisilta tahoilta kuten Euroopan unionilta.  Some users also claim that FitBit products suffered from Google interference, including sovellusten poistaminen, yhteys kolmansien osapuolten kanssa ja yleinen avoimuus, joka alun perin teki FitBitistä suositun

Nevertheless, FitBit is a very popular product. It is estimated to sell more than 18 million devices in 2022, and in 2020, it has already reached vaikuttavan virstanpylvään, kun 17,72 % Yhdysvaltojen aikuisista internetin käyttäjistä käytti FitBitiä.

Google’s holding company, Alphabet, is also active in other health fronts. It notably owns Verilyn, a leader in “precision health.” The company has, for now, been loss-making and näyttää pyrkivän kustannusten leikkaamiseen. Still, Alphabet’s growing knowledge and experience in health data from Verily could translate into radical innovation for its wearables, something any other manufacturers would have to partner with a biotech or healthcare company to achieve.

3. Samsung Electronics Co., Ltd.

PHG Hintakaavio

Samsung’s wearable and health offerings closely mimic the ones of Apple with its Galaxy Watch series. It similarly covers heart rate, sleep, activity, etc…

Lähde: Samsung

While lagging behind Apple, Samsung is no pushover, having ranked 2^nd for 3rd in smartwatch sales in most quarters in the last years.

Once again, similarly to Apple, the company has many activities, of which smartwatches are just one among many, with bendable smartphones the latest innovation from the Korean firm and ranking #1 in global smartphone shipments by volume.

Samsung is very concerned about sen strategia kannettaville laitteille to turn smartwatches into “a personalized, holistic health experience.” This includes nurturing better lifestyle habits around sleep and exercise, going beyond just monitoring health data.

4. Koninklijke Philips N.V.

PHG Hintakaavio

Philips is a well-known small electronics consumer brand (shavers, electric toothbrushes), equally active in healthcare. It was the #1 for MedTech patent filing in Europe for 2022.

It is active in connected medical products, from wearables to imaging, respirators, or medical robots. The company is also active in semiconductors (including maglev technology) and high-tech/robotics/automation.

Lähde: Philips

Philips’ wearables offer covers cardiac, respiratory, and activity metrics. Its sensors can be integrated into smartwatches, health monitors, medical patches, and activity trackers.

Regarding wearables, Philips suosii kumppanuusratkaisua, where it develops for third parties “their” connected IoT (Internet of Things) medical devices fully compatible with the rest of Philips’ solutions. In that context, it offers its clients prototyping, regulatory advising, end-to-end product development, and industrial-scale production.

The company wants to create a fully integrated digital healthcare environment, where sensors match devices, and then use multiple connectivity solutions to integrate into the Philips HealthSuite Cloud solution and allow for in-depth data analytics.

Lähde: Philips

In Q2 2023, Philips has been growing sales by 9% year-to-year, for a total of $4.5B, and 1.82 billion people were directly affected by Philips’ products.

Being often a MedTech industry supplier, Philips is not as visible in the sector as other more prominent companies. It is nevertheless an expert in building high-performance electronic devices and sensors, often pushing forward what’s possible in its niche in healthcare and wearables.

With wearables increasingly integrated into healthcare and part of medical protocols, we can expect the Healthcare segment of Philips to be a growing part of the conglomerate.

5. Garmin Ltd.

GRMN Hintakaavio

Garmin is a leader in outdoor electronics, with an initial offering of GPS and navigation tools (automobile, marine, and planes), now expanded to fitness and health monitoring.

Fitness represents 23% of the company’s revenues and 10% of operating income, mostly driven by smartwatches.

Lähde: Garmin

It has shipped 15 million devices in 2022, for a total of $4.86B in revenues.

Garmin offers täysi ekosysteemi terveysdatasta tutkijoille, helping fields as different as research about uni, masennus, syöpähoidot, naisten terveys, or even unelias ajo.

Investors will be interested to know the company is debt-free, generated an operating income of $1.03B, and paid $679M in dividends in 2022.

Garmin might not be a tech giant, but it is razor-focused on the outdoor & fitness target, making half of its income beside navigation. This sector is also the main growth area for the company, with the segment most likely to become the main revenue source in the future.

The reputation of Garmin for sturdy, high-quality, and useful outdoor products converts well into the fitness and health segment. Interestingly,se johtaa premium‑segmentissä, with the greatest market share in the >$500 price range, beating Apple here despite it usually dominating the high-price segment of its markets of smartphones, computers, and tablets.

So Garmin might be confined to the niche market of fitness and sports “fanatics,” ready to pay more for the highest quality and a dedicated brand. This, nevertheless, can be a very profitable activity and might help investing in Garmin to pay off for its shareholders.

6. DexCom, Inc.

DXCM Hintakaavio

While health monitoring is often synonymous with smartwatches, such devices cannot yet handle some health data and conditions. One such case is diabetes. This is a quickly growing health condition driven by the rise in obesity and sedentary lifestyles. Just between 2019 and 2021, global expenditure for diabetes grew from $760B to $966B.

Lähde: Dexcom

The company is growing quickly, having doubled its sales force in 2021, and is expanding internationally by gaining reimbursement in new countries a mix of resellers globally, and direct entry into strategic markets.

Lähde: Dexcom

When it comes to serious and life-threatening conditions, the barriers to entry for wearables can be considerable. Regulatory requirements are much higher, more medical expertise is needed, and patients usually rely on their doctors’ opinions, whose trust can be hard to win. The need for reimbursement by public or private insurance is also another issue.

This creates a strong niche for specialized companies like DexCom (DXCM ), which can leverage its expertise and network to dominate its home market of diabetes monitoring.  So, while holistic health monitoring from a smartwatch or smartphone might be the future, there is a long time until this vision becomes true, and companies like DexCom are more likely than not to be profitable in the meantime. And eventually to be a prime target for merger or acquisition by more generalist wearable device companies.

7. OMRON Corporation

Omron is a Japanese company active in the sensors sector in multiple industries, from healthcare to industrial automation, energy, and infrastructure. Healthcare is the company’s second-largest segment, with $37.7M in revenues in Q1 2023 compared to a total of $184M. The segment grew 16.9% year-to-year, far quicker than any other company.

Lähde: Omron

In the healthcare segment, Omron is the #1 brand recommended by cardiologists in the EU for home blood pressure monitors. The company sells blood monitors, EKGs, thermometers, nebulizers, scales, and electric pain relievers in the healthcare segment.

Its product, HeartGuide, is also the first wearable smartwatch to monitor blood pressure while also monitoring sleep patterns and tracking fitness.

Similarly to DexCom, patients suffering from a heart condition will want a dedicated product to monitor their health, ideally one recommended to them by their cardiologists.

Healthcare is a growing business for Omron, with its lead in blood pressure measurement likely to be possible to expand to other cardiology applications. Overall, Omron can capitalize on its technical know-how from industrial applications and expand it into healthcare, giving the company a new space for continuous growth.

8. Masimo Corporation

Masimo is a health-tracking company with products in the hospital and at home. This includes 200 million patients a year around the world monitored by Masimo SET pulse oximetry, by far the main driver of the company’s revenue for now.

It is also present in the home audio market, with smart speakers and HiFi systems.

Its healthcare offer is rather large, including a $499 health tracking watch, advanced baby monitor “Stork” (in the shape of a baby shoe), oximeter, wearable thermometer, or lattiatonta opioidin vieroituslaitteens, as well as a large range of hospital health monitors.

Lähde: Masimo

The company sees its opportunity to bring home a hospital-level quality of health monitoring, as illustrated by its baby monitor checking on pulse and oximetry. In most of its product verticals, Masimo sees a 20% long-term annual growth opportunity.

The very strong presence of Masimo in the hospital gives it the network and reputation to keep expanding its offer into home-based products.

The company stock price had increased massively during the pandemic before crashing like many other healthcare stocks. This can represent an opportunity for investors willing to see the potential of a large consumer health brand instead of a niche, hospital-based oxymeters company in Masimo.

9. iRhythm Technologies, Inc.

IRTC Hintakaavio

iRhythm (IRTC ) is a health monitoring company focusing on heart monitoring, especially ECG.

The company has grown rapidly, with revenues growing >30% CAGR in the last 5 years. It serves 1.5 million patients globally, representing 28% of the core U.S. ambulatory cardiac monitoring market.

This 6 million people market is only part of the company target, with another 26 million people that could be potential users of iRythm, possibly poorly diagnosed or undiagnosed, with further expansion possible in the field of sleep heart failure, apnea, hypertension, and international markets. International markets would represent an immediate TAM (Total Addressable Market) in ECG of 5+ million people in specific prioritized markets, as much as the current US market.

Lähde: iRythm

iRhythm toteutti rajoitetun lanseerauksen Zio Monitor -laitteelle vuonna 2023, kannettavalle biosensorille ja digitaaliselle alustalle, joka on 72 % pienempi ja 62 % kevyempi, lisäten merkittävästi potilaan mukavuutta. Alkuperäinen myyntisuoritus on ollut vahva, ja Yhdysvaltain kaupallinen lanseeraus odotetaan vuoden 2023 loppuun mennessä.

The company is also currently evaluating the potential of a smartwatch offering and is planning to launch clinical studies in 2024.

iRhythm on kasvanut hallitsevaksi ECG‑seurannan alalla ylivoimaisen teknologian ja suunnittelun, mukaan lukien käyttöliittymän, avulla. Sillä on suuri mahdollisuus kasvattaa tätä markkinaa kansainvälisen laajentumisen ja Yhdysvaltain markkinoiden syventämisen kautta. Se voi myös laajentaa TAM:ia kohdistamalla potilaita, jotka eivät ole vielä diagnosoitu, mutta joiden epäillään kärsivän sydämen rytmihäiriöstä.

Kaiken kaikkiaan tämä tekee iRhythmista kasvuyrityksen terveys‑kannettavien alalla, keskittyen laajentumiseen välittömän kannattavuuden sijaan.

10. Biotricity, Inc.

BTCY Hintakaavio

Biotricity’s product line is focused on real-time recording of cardiac data. This includes ECG and home monitoring, a remote patient consultation platform , and cardiac disease management software. Each of those has a massive TAM, with more than $43B in total.

Lähde: Biotricity

Biotricity is still a very recent company, early in the commercialization of its product. So far, it has managed to incorporate 2198 physicians in its network, with a customer retention rate of 98% and multiple innovation awards.

Biotricity is remarkably ambitious, looking to build a cardiac monitoring wearable company and a full clinical ecosystem integrating the collected data into a software solution. By doing so, it would help physicians and nurses deliver better healthcare, including through telemedicine.

This makes it a startup stock, and investors in Biotricity will want to closely monitor the company’s momentum, burn rate, and cash available.

In Q2 2023, the company had grown revenues by 50% year-to-year, to $3M, but also registered a net loss greater than its revenues. It will likely need fresh cash in this phase of quick growth, so shareholders should expect some level of dilution moving forward.