In recent years, the world has become increasingly self-conscious with regard to health. Because of advances in technology, there are now a lot of wearable health devices that can track and monitor a variety of health-related biological signs. Progress in the fields of AI, big data, data analytics, and machine learning has been driving growth in the wearable health devices market.
According to a Research and Markets report, the shipment volume of smart wearables globally is estimated to reach 776.23 million units by 2026, signaling a CAGR of 19.48% during the period of 2021–2026.
Also, the most recent Gartner report says that the world will spend $81.5 billion on wearable devices in 2021, which is an increase of 18.1% from the previous year.
The introduction of fitness trackers and other wearable health devices has given the market a big boost in recent years. Here is a look at some companies involved in the sector.
WHSI (OTCMKTS:WHSI) - WHSI is a market leader in the production of personal emergency response systems, also known as PERS devices. These devices, also known as Medical Emergency Response Systems, let you call for help in an emergency by pushing a button. A PERS has three components: a small radio transmitter, a console connected to your telephone, and an emergency response center that monitors calls. Transmitters are light-weight, battery-powered devices that one can wear around the neck, on a wrist band, on a belt, or in one's pocket. WHSI’s device is known as the iHelpMax 4G.
The iHelpMax 4G pendant is a next-generation device, as it takes the PERS market into completely new territory. For example, the iHelpMax 4G is a device that is ready for telehealth. It also has an IOT platform that lets vital signs be monitored remotely and collected in real time. This makes the iHelpMAX 4G much more than just a standard PERS device.
The iHelpMAX 4G is sold directly to dealers, distributors, and retail customers. It has many advanced features like fall detection, geo-fencing, AI with Google Assistant and Alexa, notifications, daily check-ins, and medication reminders. The iHelpMax IoT backend platform is a cloud-hosted service. The result is state-of-the-art remote patient monitoring.
In its latest report on the $1.5 billion Remote Personal Care (PERS) market, published on November 2, 2022, Litchfield Hills Research reiterates its 'Buy' rating and $0.20 price target for Wearable Health Solutions, Inc. (OTC: WHSI). According to Litchfield Research, a "Buy" rating denotes that the stock is expected to deliver a total return of 15% or more over the course of a year.
Analyst Theodore O’Neill of Litchfield Research sees WHSI overcoming logistical headwinds, hitting triple-digit growth, and creating revenue of $2,650,000 in FY2023.
The iHelpMAX 4G from WHSI is a solid offering, and the company has a growing market and promising future prospects; these factors should make WHSI a top stock to watch this week.
Biotricity Ltd. (NASDAQ: BTCY) - Another medical device company that has carved a niche in recent times is Biotricity Ltd., which is involved in manufacturing wearable devices for pain management and rehab.
The products are specifically aimed at customers who suffer from chronic pain, needing around-the-clock pain management. The company has come up with a device that a patient can wear on the upper arm. The device is connected to a patch that you can wear, and it sends low-voltage electric currents to the patch regularly to stop the pain.
NeuroMetrix Inc (NASDAQ:NURO) - NeuroMetrix Inc is involved in the development of innovative medical devices which are meant for pain management and neurological problems.
Earlier in the month, on November 8, the company was in the news after it announced that it was going to introduce its product, Quell Fibromyalgia, at the American College of Rheumatology Annual Meeting. The event was going to be held from November 12 to November 14 in Philadelphia, Pennsylvania.
Medtronic PLC (NYSE:MDT) - Medtronic PLC is one of the largest worldwide healthcare technologies and is based in Dublin, Ireland. The company's main goal is to solve some of the most difficult health problems that people have been facing. Medtronic is involved in some of the more important healthcare spaces, like life extension, pain management, and health restoration.
Still, earlier this week, the company lowered its profit estimates for the year because the dollar is getting stronger. The profit projection was lowered from the $5.53 to $5.65 a share range to the $5.25 to $5.30 a share range.
Zomedica Corp. (NYSEAMERICAN: ZOM) - Veterinary healthcare company Zomedica Corp is another entity that may go on to become one of the major players in the industry. The company is involved in creating medical device products meant for animals, especially, dogs, horses, and cats.
The company makes products that try to meet the needs of veterinarians, which are still not being met. The company has come up with both innovative diagnostic products and medical devices.
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