Biotricity (NASDAQ:BTCY) is reforming the healthcare market as one of the fastest-growing companies in medtech. The company bridges the gap in remote cardiac monitoring, preventive and chronic care management by using the power of IoT (internet of things), wearables, and connected devices.
Not only does the company offer real-time, comprehensive monitoring and diagnostic services for cardiac-related healthcare and comorbidities, but its devices are also built with features that can dispatch emergency care services should any anomalies or arrhythmias occur when a device is worn.
Continuing Innovation in Medtech
Biotricity strikes again, unveiling its new user-centric Biokit, September 14, 2021.
Launching a suite of 3 new personal medical devices, the company prepares to expand its cardiac disease management capabilities by adding these innovative new tools to the Biotricity ecosystem.
Unlike the doctor-prescribed Bioflux device, the Biokit is a bundled series of tools and management devices that’s been designed for home-use and is comprised of:
A digital thermometer
A pulse oximeter
A blood pressure cuff
All three devices are FDA-cleared, wireless compatible and easily integrated into the Biotricity ecosystem, a platform developed for the seamless interconnectivity of monitoring devices and data management platforms. The Biokit itself was developed to address the challenges that exist with currently offered home-based medical devices.
According to its recent announcement, this is the next step in the evolution of the Bioflux solution, where other available tools are fully integrated and will, together, act as a complete solution for at-home remote cardiac monitoring.
“Biokit is a natural extension of our Bioflux heart-monitor, cardiac-diagnostic offering. For patients with cardiac disease, a personal medical device kit is ideal for long-term monitoring,” stated Dr. Waqaas Al-Siddiq, CEO and founder of BioTricity. “After speaking with both patients and physicians, it was clear that a product like this was an immediate need.”
The kit is currently in its final stage of production, and the company expects the new personal devices to hit consumer markets by early 2022.
The Biokit will also expand the company’s total addressable market, which now includes over 2.2 million customers served at more than 1,000 doctors offices per year. In fact, it is likely that the Biokit will actually surpass Bioflux within the healthcare market, as it reaches customers at home well before a Bioflux has actually been prescribed.
The combination of the Bioflux and Biokit is possibly poised to break records for innovation within the healthtech and medtech markets. Biotricity will soon offer a comprehensive cardiac diagnostics product line for effective, accurate and economic long-term disease management, in addition to personal home monitoring and remote cardiac monitoring for post-diagnostic care.
“We created the Biokit to strengthen our long-term vision of supporting diagnosed cardiac patients throughout their cardiac health journey,” Al-Siddiq explained. “I am pleased with how quickly we have been able to develop a solution to fulfill this customer feedback, which is a testament to the team here.”
Devices within the Biokit are able to directly integrate with other tools and platforms within the Biotricity ecosystem and include the following:
Biokit BP: A wireless digital blood pressure cuff, enabling blood pressure data collection
Biokit TP: A wireless digital thermometer, allowing patients to collect temperature data
Biokit 02: A wireless digital pulse oximeter, facilitating the collection of blood-oxygen data
These tools enable patients to track and store their data within HIPPA-compliant data management solutions. Most importantly, this data is also stored and available for interim review by physicians prior to diagnosis and during preventative follow-up visits.
Why You Should Be Paying Attention
The company has shown triple-digit, quarter-over-quarter, year-over-year growth since its inception. This growth has led Biotricity to be self-sufficient and innovative as it grows. With an existing customer base, a well-respected footprint within the medical community and a high rate of retention, Biotricity might be well-positioned to dominate this space for years to come.
Some people consider Biotricity to be a “mash-up” of Doximity (NYSE:DOCS), Livongo (NASDAQ:LVGO) and Teladoc (NYSE:TDOC), but with a focus on cardiac disease and monitoring, the number one killer and one of the biggest healthcare markets..
To learn more about Biotricity’s suite of remote cardiac monitoring tools, please visit https://www.biotricity.com. To find out more about Dr. Waqaas Al-Siddiqand why his wearables could be among the most crucial devices ever seen, be sure to check out this recent article by Benzinga.
The author of this article owns shares in one or more of the stocks mentioned.
