Philips (PHG Quick QuotePHG - Free Report) is leaving no stone unturned to bolster its patient monitoring solutions portfolio on the back of recent collaborations.

In this regard, the company partnered with smartQare to integrate the latter’s viQtor solution into its clinical patient monitoring platforms.

This partnership aims to improve continuous patient monitoring in and out of hospitals by enabling open communication between sensors and systems, making data and decision support accessible via user-friendly platforms.

Moreover, as a part of the deal, smartQare will acquire Philips' Healthdot business to combine its viQtor patient monitoring solution with the latter’s wearable biosensors, offering integrated remote monitoring to healthcare providers and patients.

Philips is expected to gain solid traction across hospitals and other healthcare organizations on the back of its latest move.

Strengthening Patient Monitoring Solutions

Apart from the smartQare partnership, the company recently introduced Philips Capsule Surveillance to strengthen its patient monitoring solutions portfolio.

This system offers a comprehensive view of patient status, enabling tailored alerts and decision-making, overcoming cognitive overload challenges in complex hospital environments.

Further, Philips unveiled Visual Patient Avatar, a new monitoring solution to help clinicians in the operating room with complex patient data and time constraints.

This new solution is designed to improve situational awareness in operating rooms by visualizing vital information about the patients through animations, colors and shapes. The user-friendly avatar display enhances the recall and processing of critical data, potentially saving lives and providing clinical teams with peace of mind.

Additionally, Philips received 510(k) clearance for its IntelliVue patient monitor software, including the award-winning Philips Sounds alarm package, making it available in the United States and over 200 countries worldwide. This will enable the company to create a more peaceful, healing environment for both patients and caregivers.

Wrapping Up

All the above-mentioned endeavors will enable Philips to capitalize on growth opportunities present in the global patient monitoring solutions market. A Vynz Research report predicts the global patient monitoring solutions market to reach $38.95 billion, implying a CAGR of 7.8% during the forecast period of 2023-2030.

Moreover, the strengthening patient monitoring solutions portfolio is expected to benefit the Connected Care segment, which, in turn, will likely aid the overall financial performance of the company in the upcoming period.

Philips expects 2024 comparable sales growth in the band of 3-5%.

The Zacks Consensus Estimate for 2024 sales is pegged at $20.12 billion, indicating growth of 2.4% from the year-ago quarter.

Zacks Rank & Stock to Consider

Currently, Philips carries a Zacks Rank #3 (Hold).

Its shares have lost 13.9% in the year-to-date period, underperforming the Zacks Medical sector’s growth of 4.2%.

Some better-ranked stocks in the broader medical market sector are DaVita (DVA Quick QuoteDVA - Free Report) , Cardinal Health (CAH Quick QuoteCAH - Free Report) , and AdaptHealth (AHCO Quick QuoteAHCO - Free Report) . While DaVita sports a Zacks Rank #1 (Strong Buy) at present, Cardinal Health and AdaptHealth carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.

DaVita shares have surged 27.5% in the year-to-date period. DVA’s long-term earnings growth rate is currently projected at 12.15%.

Cardinal Health shares have gained 9% in the year-to-date period. CAH’s long-term earnings growth rate is currently projected at 14.25%.

AdaptHealth shares have gained 43.6% in the year-to-date period. The long-term earnings growth rate for AHCO is currently projected at 14.90%.