Masimo Corporation is expanding its iconic brand, HEOS platform globally to empower consumers with an enhanced health tracking experience. The software upgrade will allow seamless integration of Masimo’s medical wearable devices, such as the Masimo W1 advanced health tracking watch and Stork baby monitor, with HEOS-enabled sound bars and wireless speakers worldwide. The new feature is expected to transform individual lives through innovative technology and personalized insights, fostering self-care as an essential part of life. With the patient monitoring devices market projected to reach $44,861.56 million by 2027, Masimo’s latest expansion is a positive step forward for the company, solidifying its position in the niche market on a global scale.
Significance of the Expansion
The HEOS ecosystem platform integration with wearable health and wellness devices is set to revolutionize telehealth innovation, enhancing telemedicine, and cohesive care. The seamless connection between devices and the Masimo Health secure cloud for 4 million devices worldwide will enable users to track their health and wellness while sharing data with family and clinicians.
Recent Developments
Recently, United Kingdom’s Cambridge University Hospitals NHS Foundation Trust adopted the Masimo W1 advanced health tracking watch for use in their telehealth and telemedicine programs. Masimo also launched Stork in May 2023, an innovative home baby-monitoring system, expanding their installed base.
Industry Prospects
The global patient monitoring devices market is anticipated to reach $44,861.56 million by 2027 at a CAGR of 4.4%. Technological advancements and growing preference for telehealth services are driving the market’s growth. Therefore, Masimo’s expansion is expected to be a significant boost for their business globally.
Price Performance
In the past year, Masimo Corporation’s shares have gained 13.8%, outpacing the medical instruments industry’s 0.1% rise and S&P 500’s 2% growth.
Zacks Rank & Other Key Picks
Masimo Corporation currently carries a Zacks Rank #2 (Buy). Other top-ranked stocks in the broader medical space include Hologic, Inc., Merit Medical Systems, Inc., and Boston Scientific Corporation. Hologic has an estimated growth rate of 5.1% for fiscal 2024, whereas both Merit Medical and Boston Scientific have an estimated long-term growth rate of 11.5% and 11%, respectively.
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