Partnership with Dexcom
Fitbit (FIT) has recently partnered with Dexcom in the healthcare space. Dexcom manufactures CGMs (constant glucose monitors), which are attached to the skin and measures real-time glucose levels. Fitbit will be transferring this data via a Bluetooth chip onto their own devices, which can help track and manage diabetes in customers.
Connected health and wellness market expectations
According to a research report from Grand View, the global connected health and wellness devices market is expected to reach $612 billion by calendar 2024. The shift of consumer preference toward healthier lifestyles is expected to drive demand for wearable medical devices and remote patient monitoring systems.
According to the Grand View report: “The rising demand for greater access to patient health information is the key factor contributing towards the market growth. In addition, the raised awareness levels as a result of the supportive initiatives undertaken by government and non-profit organizations, such as the Healthcare Information and Management Systems Society [HIMSS], are anticipated to serve this industry with future growth opportunities.”
Smartwatches such as Fitbit’s Ionic and the Apple Watch Series 3 (AAPL) that have GPS (global positioning systems) offerings help monitor several physical parameters like respiratory and pulse rate. These devices are expected to drive demand in the wellness product segment and grow at a CAGR (compound annual growth rate) of ~24% in the forecasted period.