REDONDO BEACH, CA / ACCESSWIRE / March 23, 2016 / The global cardiac monitoring device market is expected to grow from $21.14 billion in 2015 to $26.65 billion by 2020, according to Markets and Markets, representing a 4.7% compound annual growth rate. While companies like Boston Scientific Inc. (NYSE:BSX), CardioNet Inc. (BEAT), and Medtronic Inc. (NYSE:MDT) control the lion share of the industry, start-ups like Biotricity Inc. (BTCY) are positioning themselves to capture market share with innovative new technologies.
Biotricity was founded in 2010 to focus on remote patient monitoring. After developing and perfecting a platform technology, the company aims to expand into a number of different vertical markets where there are established medical billing codes. The management team is well positioned to execute on these plans with a combination of both engineering and business development experience collectively launching over a hundred products across 35 countries.
SECFilings.com's Mike Elliott recent sat down with President and CEO Waqaas Al-Siddiq to discuss the company's goals within the remote patient monitoring industry:
In this article, we'll take a look at how Biotricity is applying its platform technology in the cardiovascular industry and some of its plans to expand in the future.
A Market in Need of Innovation
Cardiac arrhythmias are an important diagnosis to make for individuals from all walks of life - from athletes to surgery patients. In fact, a recent study using Biotricity's technology found that heart rate variability could be an early warning sign for the onset of illness and predict the likelihood of complications after surgery. Monitoring devices could help doctors evaluate these patients in real-time in order to reduce the chances of adverse events happening in the future.
Patients experiencing cardiac arrhythmias face a unique challenge. Since they do not occur regularly, patients can't simply have the test performed at a physician's office for diagnosis. In most cases, physicians send patients home with a monitor they wearwith a series of electrodes that connect to the chest and measure EKG readings. These readings are either recorded on the device over several days or sent to a third-party agency in real-time that reviews the data for abnormalities that are reported to physicians.
The majority of event monitors used these days are either Holters of Event loop recorders, that do not transmit data in real-time. Mobile Cardiac Telemetry (MCT) is a third type of monitor that transmit data in real-time and detects abnormalities. Under the MCT business model, the physician refers the patient to the MCT provider and completely outsources the EKG monitoring and diagnosis. The MCT provider then collects the reimbursement rather than the patient's physician. Unfortunately, this process takes more time and the billing process is a lot more uncertain for the physician.
Biotricity has created a cardiac monitor called bioflux that aims to solve a lot of these problems for patients and physicians. Unlike holter monitors or event loop recorders, bioflux is an MCT technology that monitors a patient's heart rhythm and sends the data in real-time to a 24-hour monitoring lab. Patients that are in cardiac distress are sent an alert that offers assistance, which lowers the patient's risk and reduces physician liability potential.
The bioflux solution has improved traditional MCT-based technologies by utilizing the latest technologies and implementing cutting edge software algorithms that effectively detect a wide range of problems, all within a better form factor for the patient to wear. While these changes make a significant difference in performance, they stay well within established billing codes, which means that patients and physicians don't have the uncertainty associated with other new medical devices.
On the business side, bioflux enables physicians to monitor patients in a way that fits within their existing workflow. These devices will target existing billing codes in order to sidestep many of the problems experienced by other biotechnology companies introducing new products into the market. Investors benefit from nearer term revenue, reduced execution risk, and the same high margins experienced by the biotech sector as a whole.
Focus on Patient Compliance
Biotricity's first product will be bioflux for cardiac monitoring, but its long-term goals are to expand into the broader remote patient monitoring (RPM) market. Biotricity aims to launch a second product called biolife, that focuses on disease management and patient compliance for consumers diagnosed with cardiovasculare disease (CVD). Just as FitBit Inc. (NYSE:FIT) has helped people stay active with its devices, the company helps those with chronic illnesses take health into their own hands with a simple and convenient device.
Cardiovascular disease is one of the leading causes of death in the United States and the company plans to launch the bioflux late this summer. Aside from cardiovascular disease, the company plans to target many different markets over time. For example, the company is exploring prenatal monitoring solutions that detect fetal heart rates in the womb and sleep apnea devices that could alert patients when they stop breathing.
M Pharmaceutical Inc.'s (CNSX:MQ) (MPHMF) blood glucose monitoring solutions and Cytta Corp.'s (CYCA) EBR technology platform demonstrates the tremendous number of opportunities in the remote monitoring space.
Biotricity is focused on innovating within the remote monitoring industry. Management has developed a platform technology that can be expanded into multiple vertical markets. By sticking to establishing billing codes, the team seeks to quickly bring products to market that help physicians in-source and patients monitor their health. The first product, bioflux, is expected to hit the market this year, which could unlock shareholder value in the stock.
In the meantime, the company has teamed up with numerous medical research organizations to test its technology in life environments. The firm's most recent agreement was with Rockyview General Hospital, where its remote monitoring technology will track heart rate variability in ICU patients. Researchers hope to use the technology to predict the onset of illness in instances where patient conditions can quickly change.
For more information, visit the company's website at www.biotricity.com.
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SOURCE: Emerging Growth LLC