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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