Wearable heath technology is quickly becoming the next big thing. From step counters worn around the wrist to at devices that conduct medical tests in the comfort of our own homes, the industry is expected to make a huge leap within the next four years. A report from Transparency Market Research estimated that by 2020, the industry will reach US$0.98 — a 14.2% CAGR growth.
According to PR NewsWire, this industry is on the rise due to convenience. Patients who have difficulty with mobility, or who simply do not want to go to a doctor’s office, can keep their health in-check at home. Test results of the medical devices are not only delivered quickly, but are accurate, helping patients to improve diagnosis and find better treatment options. The devices that assist in confirming diagnosis and treatment plans, especially for chronic diseases such as arthritis, are the ones causing a growth in the industry.
Specifically, PR NewsWire mentioned that, “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. (OTCQB: BTCY) is focusing on biometric monitoring solutions for medical, healthcare and consumer use.” Biotricity will be launching two new products by the end of 2016, Bioflux and Biolife. Similar to other wearable devices, these two monitor calories and physical activity, but also monitor ECG.