The Shift of Medical Devices to a Home Setting
NEW YORK, November 2, 2016 /PRNewswire/ --
www.Financialbuzz.com - One of the major changes in the medical device sector is the continuously growing emphasis on home health care through wearable device and remote monitoring devices. Technology now allows patients a much more flexible approach to therapy, one that does not diminish their life styles as previously. A recent research report by Meticulous Research estimates that the global home medical devices market is expected to reach $48.47 billion by 2022 with a CAGR of 7.8% over the period of 2016 to 2022. Biotricity Inc. (OTC: BTCY), Zimmer Biomet Holdings Inc. (NYSE: ZBH), Baxter International Inc. (NYSE: BAX), Boston Scientific Corporation (NYSE: BSX), Abbott Laboratories (NYSE: ABT)
As a result, a recent trend of sophisticated wearables with remote monitoring capabilities has emerged. In addition, medical devices and home healthcare equipment originally designed for exclusive use in hospitals and clinical settings by trained professionals are being redesigned for use by patients at home. The report by Meticulous Research also points out that the shift to home healthcare is one of several strategies being deployed to reduce the inevitable growth in the cost of delivering healthcare services.
Biotricity Inc. (OTCQB: BTCY) is focusing on biometric monitoring solutions for medical, healthcare and consumer use. Biotricity's remote patient technologies a beneficial for a variety of chronic illnesses that provide doctors with diagnostic tools. Earlier in October, the company announced that it has received a 510(k) clearance from the U.S. Food and Drug Administration (FDA) for a key component of one of its solutions - Bioflux, an ECG monitoring device that will monitor a patient's heart rhythm and send data in real-time to a 24-hour monitoring lab.
On November 1st, Biotricity Inc. announced appointment of Dr. Rony Shimony to its Board of Advisors. Shimony is an internationally recognized clinical cardiologist who brings to the company over twenty-five years of experience in cardiac patient care and related technology. Dr. Shimony is the director of Clinical Cardiology at Mount Sinai West, which is part of the internationally renowned Mount Sinai Health System that encompasses a full range of cardiovascular services, including cardiovascular prevention, complex cardiac interventions, full electrophysiology services, heart failure and heart transplant program and more.
Waqaas Al-Siddiq, president and CEO of Biotricity Inc., said in a statement, "As heart disease remains the #1 killer globally, representing 31 percent of all deaths worldwide, we are thrilled to have Dr. Shimony bring his expertise to our advisory board where he will collaborate with other talented and accomplished members to help drive our strategic vision of evolving the healthcare industry." In additional news, on October 10th, 2016, Capital Ladder Advisory Group in their comparative analysis and valuation report, assigned a $6 price target to Biotricity Inc.
Zimmer Biomet Holdings Inc. (NYSE: ZBH) is a medical device company engaged in manufacturing and marketing a wide range of medical solutions, like orthopaedic reconstructive products, sports medicine, biologics, extremities and trauma products, spine, bone healing, as well as dental implants, and related surgical products. Zimmer Biomet recently announced the acquisition of RespondWell, an award-winning telerehabilitation technology designed to provide personalized, clinician-supervised post-surgical physical therapy in the comfort of a patient's home. The technology's capability designed to enhance patient compliance with physical therapy and improve the quality of recovery remotely.
Baxter International Inc. (NYSE: BAX) provides a portfolio of essential renal and hospital products, including acute and in-center dialysis, sterile intravenous (IV) solutions, infusion systems and devices, and more. Last month the company was named a winner of the 15th annual Chicago Innovation Awards for its recently launched AMIA automated peritoneal dialysis (APD) system with SHARESOURCE remote patient management platform. The system is a two-way, cloud-based telehealth platform designed to promote home peritoneal dialysis (PD) therapy. Currently the AMIA is the first and only APD medical device to include patient-centric features that help guide end-stage renal disease (ESRD) patients through their home therapy, while allowing their healthcare providers to remotely view and manage their therapy.
Boston Scientific Corporation (NYSE: BSX) is a developer, manufacturer and marketer of medical devices that are used in a range of interventional medical specialties. The company has several remote patient monitoring devices in catalog - the BodyGuardian Remote Monitoring System for example helps physicians refine patients' care giving patients freedom to do so remotely from home. The small discreet repositionable wireless sensor offers full convertibility between mobile cardiac telemetry (MCT) and cardiac event monitoring (CEM).
Abbott Laboratories (NYSE: ABT) is one of the largest science-based, diversified healthcare companies, and has recognized the importance of wearable and remote monitoring devices. Abbott's Diabetes Care business worked on glucose monitoring systems such as the FreeStyle® Libre Flash Glucose Monitoring System, a sensor-based glucose monitoring solution that's currently available to people with diabetes in Europe. It is not clear when the device will launch in the United States, as the company awaits an approval from the FDA.
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