ResMed

ResMed’s moat is multi‑layered. Intangible assets: trusted brand in sleep therapy, deep clinical integration, and roughly 10,000 patents/designs protect key device and mask features (score ~80).

Switching costs: AirView embeds into provider workflows, automating monitoring, triage, compliance reporting, and over‑the‑air updates; moving an installed base of patients and staff training away from this stack is costly (score ~75).

Network effects/data: 30M+ connected patients and 10M+ myAir users create a data feedback loop for algorithms, adherence coaching, and payer/provider reporting; while not a classic two‑sided network, scale advantages are real (score ~70).

Cost advantages: global scale and procurement, optimized manufacturing in Australia/Singapore/US, and logistics normalization have restored margins (score ~65). Efficient scale: U.S. market temporarily concentrated due to Philips’ consent decree, but long term the market supports multiple players (score ~55).

Weighted by importance (switching and data heavier), we arrive at ~78. Key erosion paths include: Philips’ eventual return to the U.S., aggressive mask competition (notably Fisher & Paykel), and AI‑assisted diagnostics commoditizing certain software layers.