Wearable Medical Devices and the Internet of Things

Aug 16, 2016, 09:05 ET from FinancialBuzz.com

NEW YORK, August 16, 2016 /PRNewswire/ --

The Internet of Things (IoT) is the biggest technological revolution since the democratization of the internet itself. That is because of the wide range of applications for which IoT can be used. As of right now, the IoT mostly impresses us in combination with wearable technology, specifically fitness trackers and smart watches. But a new wave of wearable devices is becoming an important component of tech companies; medical wearable devices. Biotricity Inc. (OTC: BTCY), Fitbit Inc. (NASDAQ: FIT), Garmin Ltd. (NASDAQ: GRMN), Siemens AG (OTC: SIEGY), Alphabet Inc. (NASDAQ: GOOGL)

Wearable devices can now be used for medical purposes, and with the Internet of Things, provide new possibilities that can significantly improve monitoring and diagnosis. Hospitals and physicians can use such devices for heart monitors, blood pressure monitors, blood sugar detectors, and the IoT will be able to transmit data in near real time to physicians, alerting of potential abnormalities or health risks.

In recent news, a small company from California, Biotricity Inc. (OTCQB: BTCY) has announced that it selected AT&T as a network partner through which it will provide connectivity to the company's medical devices. The devices will be powered with near real time connectivity, transmitting data collected by the devices.

Biotricity Inc. 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.

Fitbit Inc. (NASDAQ: FIT) recently announced from the company's CEO, James Park, focused heavily on the potential in the medical device segment after Fitbit reported earnings earlier this year, "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."

Garmin Ltd. (NASDAQ: GRMN), another company popular for their fitness trackers, is venturing into the wearable medical devices segment of the market. The company has several sophisticated devices for athletes and physically active customers to closely monitor their heart rate. Then there is Siemens AG (ADR) (OTC: SIEGY), which has developed a software that enables images from their Freestyle ultrasound unit to be projected on the Alphabet Inc. (NASDAQ:  GOOGL) Glass display.

Google itself could not stay away from the medical wearable device segment, and being the innovative company it is, took the concept a step further. The tech giant devolved the Google Smart Contact Lens, a product that measures glucose levels in tears using a tiny wireless chip. Companies are only now starting to unpack the potential in wearable medical devices.

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