Medical wearable devices are to become more popular, patient monitoring devices in particular. There is a need for such devices, and it is only expected to grow. According to the Centers for Disease Control Foundation, cardiovascular disease related costs will cost the US healthcare system 1.1 trillion by 2030.
An article on Forbes recently indicated the difference between Fitbit Inc. (NYSE: FIT) heart monitoring/fitness tracking wearable devices, and medical devices. Koninklijke Philips (NYSE: PHG) for example has introduced a wearable biosensor that automatically and continuously measures heart rate, respiratory rate, skin temperature, single-lead ECG, posture and activity data for at-risk patients in low acuity settings in hospitals.
In an article on ihexecutive.com, CEO and Co-founder of Biotricity Inc. (OTCQB: BTCY) Waqaas Al-Siddiq, explained, “Patient monitoring devices are poised to disrupt the healthcare industry in part due to their ability to aid in the self-management and prevention of chronic disease. In fact, adoption of wellness tracking and virtual care solutions will reach 60 million households and 74 million users by 2019 according to Parks Associates. There is also significant dialogue around wearables and their potential to revolutionize healthcare and support the growing trend towards preventative care.”
Biotricity Inc.is a healthcare technology company dedicated to delivering innovative, medically relevant biometric monitoring solutions. The company also has a new device called Bioflux, which allows mobile remote viewing of human heart beat and instantly transmits heart data to patients and their doctors.
The challenge wearable medical devices need to overcome to be used in healthcare is to ensure that they provide precise medical grade or clinically relevant data for physicians, which then could be used in the patient care process. The good news is that the technology evolves with each new device.