NEW YORK, October 14, 2016 /PRNewswire/ --
October 14, 2016 - A major
development in the wearable technology and devices market is
quickly becoming popular. According to a research report conducted
by Transparency Market Research indicates that the wearable devices
market, or the remote patient monitoring devices market, is
anticipated to reach US$0.98 billion
by the end of 2020. This represents a growth of 14.2% CAGR rate.
Biotricity Inc. (OTC: BTCY), Abbott Laboratories (NYSE: ABT), Apple
(NASDAQ: AAPL), Alphabet (NASDAQ: GOOGL), Business Machines Corp.
(NYSE: IBM)
Remote patient monitoring is the latest innovation in the
healthcare industry, as it allows patients to keep a check on their
own conditions, eliminating the need for repeated visits to the
physician's office. The precision of such devices have the
potential to improve diagnosis, and a more customized treatment or
post-treatment recuperative plan. The most significant growth
drivers for the markets are the growing role these devices will
play in diagnosis and treatment plans of chronic diseases such as
diabetes, arthritis, and osteoporosis.
While most companies try to appeal to various segments of the
wearable devices markets, some made innovations in the healthcare
industry to help physicians better monitor patient goals. A small
company in the heart of this sector, Biotricity Inc. (OTCQB:
BTCY) is focusing on biometric monitoring solutions for medical,
healthcare and consumer use. The company has two devices which are
expected to be launched into the market by the end of this year,
Bioflux and Biolife.
Bioflux includes an ECG (heart-rhythm) monitoring device,
software and access to a monitoring lab. The software component is
already FDA approved and a standard for ECG monitoring in hospitals
and cardiac clinics. Bioflux is by all means, a medical wearable
device, and is only available with a prescription. Biotricity
Inc. (BTCY) explains that it performs remote MCT diagnostic
monitoring for up to 30 consecutive days and is a solution that
enables physicians to diagnose Cardiovascular Disease (CVD) or
Coronary Heart Disease (CHD).
Biolife is a much more easily accessible device. According to
Biotricity Inc. (BTCY) it is designed to provide health and
lifestyle solutions by monitoring ECG, respiration rate, calories,
temperature, physical activity and more. The product is currently
in development stages and will be ready to hit the market in the
near future. Essentially, Biolife is a medical device designed to
facilitate disease management, example Cardiovascular
monitoring.
Abbott Laboratories (NYSE: ABT) is engaged in the
discovery, development, manufacture and sale of a line of
healthcare products, including diagnostic products and medical
devices. Joel Goldsmith who is a
Senior Director of New Product Innovation of Abbott, has spoken
about the importance of wearables in the medical field, and how it
changes the environment of the workforce. "The introduction of
wearables as a category-plus the startups fueled by the growing
awareness of mobile and consumer health technology-has changed the
game. A lot of what we do looks more similar to a mobile app
company than a traditional medical device company." Goldsmith
said.
This merge between medical devices and advanced mobile
technology has created need for new talent. The new talent that
wearable medical devices already bring into the medical industry
and their influence was also noted by Abbott's vice president of
Abbott Global Talent Acquisition, who said, "Increasingly, new
types of expertise are in demand, including informatics, software
engineering, and digital data strategy."
It is not surprising then that tech industry giants like
Apple (NASDAQ: AAPL), Alphabet (NASDAQ: GOOGL), and
International Business Machines Corp. (NYSE: IBM) are
increasingly moving into the healthcare and medical arena. These
companies have major resources and the talent needed to change the
direction of the industry. This August for example, Apple has
revealed that it has a new patent application with the US Patent
and Trademark Office, according to which Apple wants to own a new
wearable health device that could be fashioned into different
accessories. It could be a watch, a ring, a brooch or something
else entirely.
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