NEW YORK – 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. Top players are Biotricity Inc., Abbott Laboratories, Apple, Alphabet, Business Machines Corp.
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. 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. 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. 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 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, Alphabet, and International Business Machines Corp. 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.