Apple AAPL recently teamed up with Healthvana, a health startup, to enable COVID-19 vaccine tracking in Apple Wallet. The offering will first be introduced in Los Angeles County, in the United States.
According to a Bloomberg report, a card with the digital vaccination record will be provided to the vaccine recipients on their Apple Wallet. They can display their cards on their iPhones as proof to get access to airlines and event venues in the future.
The new feature will also notify the users about their vaccination status and remind them to get their second vaccine dose on time. It will also help healthcare officials to track the user’s vaccination status and maintain the health records for easy access.
Expanding Healthcare Offerings to Drive Prospects
Apple’s shares have soared 87.8% year to date compared with the Zacks Computer – Mini computers industry’s growth of 86.7%.
Apple has come up with several new additions in the healthcare space to boost its presence in this segment. Moreover, the growing traction of Apple Watch among fitness enthusiasts due to rising health awareness globally is a major positive.
Notably, earlier this month, the company unveiled Apple Fitness+, a subscription service built for Apple Watch. The new capability tracks health and workout-related data from Apple Watch that users can view on their iPhones, iPads, or Apple TVs.
Moreover, a new update on Apple Watch enables users to examine their cardio fitness level in the Health application on iPhone. Also, with the help of watchOS 7, Apple Watch uses multiple sensors, which comprise the optical heart sensor, GPS, and the accelerometer to monitor the cardio health of the users and notify them if it falls to lower levels.
Additionally, in October, the company introduced the Health Records feature within the Health app for users in the United Kingdom and Canada. The feature aids them to access and store their medical records on their iPhone’s secured environment to safeguard their privacy.
Further, the company benefits from the solid adoption of its health-focused Apple Watch 6, which includes capabilities like motion sensors, fall detection, Emergency SOS, international emergency calling, the Noise app along with the Blood Oxygen sensor, which was added in September.
The additional features reflect this Zacks Rank #3 (Hold) company’s ongoing efforts to expand in the personal health monitoring space. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Solid Momentum in Fitness Tracker Market Aids Growth
Moreover, per Fortune Business Insights, the global fitness tracker market is anticipated to grow from $30.4 billion in 2019 to approximately $92 billion in 2027, reflecting a CAGR of 15.2%.
Apple along with key players in the global fitness tracker market like Fitbit FIT, Gramin GRMN, NIKE NKE, Xiaomi, Huawei and Samsung stands to benefit from elevated consumer demand for fitness monitoring products.
Apple’s Wearables, Home and Accessories segment, which includes Apple Watch, reported revenues of $7.88 billion, up 20.8% year over year in fourth-quarter fiscal 2020, primarily driven by significant momentum in Apple Watch. Moreover, more than 75% of customers who purchased Apple Watch during the fourth quarter were first-time customers.
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