- Apple reached a market value of $2 trillion amid its expansion into digital health.
- And its Watch will help cement its presence in the digital health space.
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The tech titan is the first US public company to transcend $2 trillion in market value, according to a Wall Street Journal article cited by Becker’s Hospital Review.
Apple’s $2 trillion valuation comes amid its aggressive expansion into the US digital health space — in which it’s made in-roads with players across the healthcare ecosystem. Apple’s push into digital health has been largely predicated on its popular consumer-facing products — namely the Apple Watch and iPhone. For example, health insurance giant Aetna — which covers approximately 22 million US citizens — offers an Apple Watch app, dubbed Attain, employers can incorporate into their benefits packages to track workers’ fitness and incentivize them to meet health goals.
And Apple has myriad endeavors outside the insurance realm: The tech giant dove head-first into the clinical research space when — in less than a year — it enrolled 400,000 participants into a Stanford-led study that measured the Watch’s ability to properly detect AFib. The tech titan has since partnered with leading medical institutions to conduct auditory and reproductive health research.
Further, in April, Apple partnered with fellow big tech bellwether Google to embed a coronavirus-tracking feature into the heart of both iOS and Android operating systems. These digital health-focused endeavors have helped lay the groundwork for the tech giant to rake in anywhere between $15 billion and $313 billion in healthcare-related revenue by 2027, per a pre-pandemic Morgan Stanley report shared with Business Insider.
Amid a surging valuation, Apple is poised to cement its presence in digital health — and we think it’s positioning the Watch as a key component of its healthcare play. Apple recently signaled its commitment to building out the Watch’s health-focused capabilities with a slew of new features — including a long-awaited sleep tracking feature and an update that enables users to send EKG recordings to clinicians in PDF format for remote monitoring.
Given the omnipresence of the Apple Watch — with nearly 31 million shipped worldwide in 2019 — we expect to see Apple lean on its popular wearable to further entrench itself in both the clinical research and remote patient monitoring spaces. And we think leveraging this approach would be a wise bet, considering the coronavirus pandemic is driving even self-identified later adopters to buy or try new digital health tech for the first time.
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