Healthcare becomes major focus for Apple
Apple (AAPL) quietly bought digital health solutions startup Tueo Health, according to a report by CNBC. Tueo Health, founded in 2015 and based out of Redwood City, California, focuses on providing digital solutions for asthma management. It has built an app that parents can use for asthma monitoring in their children when they are asleep.
The purchase of Tueo comes at a time when healthcare has become a major focus for Apple. The company has been adding health features into its range of products. For example, Apple’s smartwatch can be used to monitor heartbeat and track other vital health indicators.
Companies pursuing $504 billion revenue opportunity in digital health market
Last year, Apple was tapped alongside Fitbit (FIT), Samsung (SSNLF), Verily, and several other companies to participate in an FDA pilot program on digital health. Fitbit is a leading maker of fitness devices. Verily, a member of Alphabet’s (GOOGL) corporate family, is working on solutions for a variety of diseases, including diabetes and cancer.
Adding Tueo to its portfolio is expected to boost Apple’s efforts to build its digital health business. The global digital health market was valued at $86.4 billion in 2018 and is projected to grow to $504.4 billion by 2025, according to Global Market Insights.
Comcast (CMCSA) also has its sight on the digital health market. The cable giant is developing a device that hospitals could use to remotely monitor the health condition of their patients from home, according to a CNBC report.