NEW YORK, August 30, 2016 /PRNewswire/ --
A new segment of the wearable devices market is emerging and it
is with a focus on medical and diagnostic purposes. The diagnostic
wearable medical devices are using technology to remotely monitor,
control, and track individual's vital signs. According to a recent
report by Researchmoz, the global diagnostic wearable medical
devices market is set to grow at a CAGR of 14.01% during the period
2016-2020. Biotricity Inc. (OTCQB: BTCY), DexCom,
Inc. (NASDAQ: DXCM), Siemens AG (OTC: SIEGY),
Alphabet Inc. (NASDAQ: GOOGL), Fitbit Inc.
(NASDAQ: FIT).
The report explores the different types of devices that can be
used as wearable medical devices, and the different types of data
that can be monitored by them. These are autonomous, non-invasive
devices that help assess specific blood pressure, body temperature,
respiratory rate, glucose quantity, heart rate, and blood oxygen
saturation. While most companies try to appeal to various segments
of the wearable devices markets, some focus on medical devices
alone. A relatively new start-up company, Biotricity Inc.
(OTCQB: BTCY) is focusing on biometric monitoring solutions for
medical, healthcare and consumer use.
Biotricity Inc. has two devices under development that
will launch into the market later this year, Bioflux - a
heart-rhythm monitoring device that connects to an industry leading
ECG (Electrocardiogram) FDA cleared software component and Biolife
- designed to provide health and lifestyle solutions by monitoring
ECG, respiration rate, calories, temperature, physical activity and
more.
DexCom, Inc. (NASDAQ: DXCM) is a medical device company.
The Company is focused on the design, development and
commercialization of continuous glucose monitoring systems for
ambulatory use by people with diabetes and for use by healthcare
providers for the treatment of people with and without
diabetes.
In Europe, the German based
company Siemens AG (ADR) (OTCMKTS: SIEGY) has produced
several innovative products and software for the medical wearables
sector. For example, Siemens developed a software that enables
images from their Freestyle ultrasound unit to be projected on the
Alphabet Inc. (NASDAQ: GOOGL) Glass display.
Developing apps for wearable devices that can then be used for
medical purposes is an intriguing proposition. In 2014 Google Glass
was used during a surgery removing a tumor from a patient's
abdominal cavity. The surgeon used voice commands to view the
patient's MRI scans and X-ray images during the operation,
essentially making it hands free.
Fitbit Inc. (NASDAQ: FIT) fitness trackers have
been successful until the company failed to innovate, and sales
started to drop. Shares of the company are down about 50% year to
date. The company's CEO, James Park,
explained why he thinks why wearable medical devices should one of
Fitbit's future devices. "We are learning that lack of consumer
engagement is a critical missing element in many broad healthcare
efforts such as population health and disease management," he said,
"…Since our devices and services are already engaging, Fitbit has
incredible opportunity to serve as the consumer healthcare
engagement engine."
Playing a wider role in medical wearable devices is becoming a
major priority for companies. Despite the impressive growth
expectations for this segment, there are some challenges to deal
with in the near term, like high costs and lack of insurance
policies. These challenges however are expected to be resolved
overtime and are normal to new technologies in the medical
field.
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