NEW YORK, June 20, 2016 /PRNewswire/ --
While wearable technologies become more of a trend and more user
friendly, there is an entire segment of wearable devices that is
not being discussed often, but on the rise - medical wearable
devices. Such devices are used to monitor blood sugar level, sleep
apnea disease, blood pressure levels, heart rates, sleep patterns,
skin temperatures and more. Biotricity Inc. (OTC: BTCY),
Siemens AG (OTC: SIEGY), Fitbit Inc.
(NYSE: FIT), Alphabet Inc. (NASDAQ: GOOGL)
Medtronic PLC (NYSE: MDT)
Unlike Fitbit Inc. (NYSE: FIT) wearable fitness
tracking devices, not all wearable medical devices are intended for
mass consumption, and yet the value of this segment should not be
underestimated. According to a market research report conducted by
ResearchAndMarkets the medical wearable devices market is expected
to grow 21.3% by 2020, reaching revenues of $41.3 billion.
The report indicates that North
America holds the largest share in the global the medical
wearables market, which is explained by increasing awareness
regarding personal health, a growing elderly care market and
increasing governmental funding for innovation in the field. The
European market accounts for about 30% of the overall global
revenue, followed by the Asia
Pacific region.
In recent years the United
States and Canadian governments have been quite open in
helping small companies to invest in research and development.
Earlier this year Biotricity Inc.)
(OTCQB: BTCY), a healthcare technology company dedicated to
delivering innovative, medically relevant biometric remote
monitoring solutions, has been awarded a research grant from the
National Research Council-Industrial Research Assistance Program
(NRC-IRAP) of Canada. The grant
enables Biotricity to conduct research around the use of heart rate
variability (HRV) in various applications for preventative
medicine.
Biotricity has two devices under development that will launch
into the market 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.
In Europe, the German based
company Siemens AG (ADR) (OTCMKTS: SIEGY) has produced
several innovative products and software for the medical wearables
sector. An 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 surgeons voice commands to view the patient's
MRI scans and X-ray images during the operation, essentially making
it hands free.
Another example is Medtronic plc (NYSE: MDT),
headquartered in Dublin, Ireland,
is among the world`s largest medical technology, services and
solutions companies in this sector. At the moment, wearable medical
devices mostly depend on the user's intervention to start working
and record data, which then will be analyzed. Most of the devices
are manufactured with sophisticated sensors, which monitor
metabolic changes and generate results in seconds. The next
generation of wearable devices in the medical segment is expected
to provide a real time analysis of the data together with
appropriate feedback regarding the user's health. So there is a lot
to wait for.
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