NEW YORK, July 13, 2016 /PRNewswire/ --
http://www.FinancialBuzz.com - New data published this month
by Future Market Insights reveals the global shipments
for medical wearable devices in the first half of 2016. According
to the report shipments of such devices will surpass 106 million in
2016. Revenue for the devices are expected to cross $US 23,980 million, which is a 4.8% growth year
over year. Biotricity Inc. (OTC: BTCY),
SiemensAG (OTC: SIEGY),
Fitbit Inc. (NYSE: FIT), Medtronic
PLC (NYSE: MDT), Koninklijke Philips NV
(NYSE: PHG)
The report explains the increase in popularity of medical
wearable devices by pointing out that the new technology, for the
first time, is allowing patients with diseases that require
round-the-clock monitoring, to be more flexible. Devices are now
able to deliver crucial data to physicians from afar, in real
time.
The report indicates that the main obstacle for such devices are
the high cost. This too is temporary, as competition is expected to
grow in this field, which drive prices down and making the devices
more affordable.
As a result of high growth potential in an expanding segment of
an already popular sector, start-ups and SMEs (small and medium
size enterprises) have appeared. Companies like Biotricity
Inc. (OTCQB: BTCY) have been active in development and
innovation of medically relevant biometric remote monitoring
solutions.
Biotricity's first medical solution, the Bioflux will
combine a proprietary mobile ECG monitoring device and an ECG
viewer software package. The combination will enable physicians to
remotely monitor and diagnose patients with cardiovascular disease
and coronary heart disease by detecting arrhythmias, using an
accredited 24-hour, 7 day per week, ECG monitoring facility.
Earlier in June, Biotricity has filed for a 510(k) with the U.S.
Food and Drug Administration (FDA), and expects to receive a
response submission by early fall.
An upcoming catalyst for the company was released on
July 5th, Biotricity
Inc. announced that it "will be demonstrating its
revolutionary Internet of Things (IoT) -connected medical
device at Shape, an AT&T Tech Expo being held on
July 15-16, 2016 at AT&T Park in
San Francisco, CA."
The leading player in the wearable devices sector remains
Fitbit Inc. (NYSE: FIT), yet their devices are more fitness
trackers than medical devices. As competition intensified however,
Fitbit was forced to rethink its business and what their next step
will be. As was expected, in April the company announced that it
will venture into medical devices. This is an important catalyst
for Fitbit, as the FDA will test the company's technology and
comment on it.
Other major players in this sector include Medtronic plc
(NYSE: MDT), Siemens AG (OTC: SIEGY), and
Koninklijke Philips NV (NYSE: PHG) all of which have medical
wearable devices of some kind in their product portfolios already,
and plan to expand further their presence in this sector. Medtronic
plc in particular has released impressive technology. The company's
devices manufactured with sophisticated sensors, which monitor
metabolic changes and generate results in seconds.
The popularity of such devices is expected to gain traction
globally, but for now North
America is still the largest market, followed by
Western Europe and then by the
Asian Pacific region.
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