Recall issues with its top competitor have helped ResMed get ahead.
👉 Background: ResMed is the sleep apnoea machine giant that launched just over 40 years ago in Sydney, but headquartered in San Diego. Put simply, ResMed machines stop painfully loud snorers from snoring.
👉 What happened: Over the past year, ResMed’s revenue and profit has absolutely boomed. We're talkin' a 64% increase in profit to nearly $100 million. It's largely due to competitor Phillips being forced to recall its product.
👉 What else: Now, with its life-saving machines and its data, ResMed reckons it can become more than just a sleep apnoea company... It wants to become a sleep tech therapy company!
💡The sleep-tech industry has awoken and it's drawing startups and big tech companies to the fore. The Western world is in constant sleep deficit - the average American adult snoozes almost two hours less than their great grandparents did.
💡 This problem has pretty significant implications for our health and wellbeing. It’s linked to Alzheimer’s disease, anxiety, dementia, depression and type 2 diabetes. And that’s why sleep tech devices are so hot right now.
💡It's an industry growing at over 17% per annum and it's expected to be worth more than $60 billion USD by 2030. So, it makes sense why ResMed is keen to sink its nose into this one.
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