Apple (NASDAQ:AAPL) announced some exciting news for health care investors last week by unveiling its new HealthKit platform, which aims to serve as a single repository for health care data from a variety of compatible devices. A variety of companies with partnered devices were named, including Nike (NYSE:NKE) (with Fuelband), privately-held Epic Systems (a major EHR player), and the well-known Mayo Clinic.
The goal of this single repository is to remove the issue of health care information in devices that don't communicate with each other. Apple Senior VP Craig Federighi noted that when data is stuck in those silos, "you can't get a single, comprehensive picture of your health situation."
HealthKit and Apple's related app, called "Health", will both be part of iOS 8. And Apple's work at providing this central information hub really highlights the opportunity in wearables, and why competitors like Samsung (NASDAQOTH:SSNLF) are working so hard to get in on the action quickly. And considering that the wearables market is estimated by research firm Canalys to reach 8 million annual shipments by the end of 2014 (before promptly tripling to 23 million in 2015), this is a hot area for investors to watch.
In the video below, from Where The Money Is, the Motley Fool's investing show, health care analysts Michael Douglass and David Williamson talk about the opportunities HealthKit opens up for Apple in health care and what investors should be watching for from the tech giant.
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David Williamson and Michael Douglass own shares of Apple. The Motley Fool recommends and owns shares of Apple and Nike. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.