Biotricity Inc. (OTCQB: BTCY) is a healthcare technology company focusing on developing innovative wearable medical devices. The devices provide biometric remote monitoring solutions. The company had demonstrated its revolutionary Internet of Things (IoT)-connected medical device at the Shape, an AT&T (NYSE: T) Tech Expo event, which was held on July 15–16 in San Francisco, CA.
Medical wearable devices is an evolving segment of the wearable devices industry, which is currently dominated by mostly fitness trackers, like the Fitbit (NYSE: FIT) devices. Analysts expect however that IoT will likely be used more on the medical side. As the technology evolves, and medical devices will be capable to deliver large amounts of data to physicians in real time, the medical devices market is expected to increase in popularity.
A focus of Biotricity at the AT&T Tech Expo event was on the role telecoms will play in this market. Waqaas Al-Siddiq, CEO of Biotricity inc. explained, “As chips get smaller, wearables will stop trying to connect to the phone and instead will connect directly to the cloud through a built-in IoT and then push data back down to the phone. The process will be offered in a total package plan that a telecom would give a user.”
As projected by the IDC the global market for the Internet of Things will nearly triple by 2020, reaching $1.7 trillion in value.