The present deal will further help Samsung Electronics' to strengthen its healthtech business as it will streamline access to healthcare products and offer better connectivity between doctors and patients
Samsung Electronics entered into an agreement to acquire US-based healthcare platform Xealth to expand its mobile healthcare services business. The South Korean electronics giant said the two firms hoped to create “synergy between Samsung’s advanced wearable technology and Xealth’s digital health platform”, Reuters reported.
The move comes around a time when the company is ramping up its efforts to diversify beyond its core semiconductor and smartphone businesses. The giant is pinning its hope on the medical sector as one of its new growth engines besides consumer audio, cooling and heating systems, and robotics.
The US-based healthcare technology firm offers apps, services, and devices that facilitate patients managing their health at home. The tech platform acts as a link between doctors, hospitals, and patients.
Samsung has had its presence in healthcare tech for quite a few years now. The South Korean giant has smart devices like Galaxy smartphones and smartwatches, which offer features like heart rate monitoring, step and sleep tracking. The present deal will further help it to strengthen its healthtech business game as it will streamline access to healthcare products and offer better connectivity between doctors and patients. The development also comes at a time when healthtech is growing rapidly in America. Last year, the giant’s affiliate firm, Samsung Medison, acquired French medical AI company Sonio SAS, which offers AI-driven solutions for obstetrics and gynaecology ultrasound.
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The electronics manufacturer is also investing in research to enhance the digital health ecosystem. In 2023, Samsung Electronics collaborated with MIT to develop technology to support the healthcare industry.
“We are excited to be working with prestigious institutions to explore new health technologies and novel perspectives on wellness,” vice president and head of the digital health team, MX Business, Samsung Electronics, Hon Pak had earlier said, according to the company’s website.