Do you compare Fitbits with medical devices? This company says things aren’t even close

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The health and wellness sector, which focuses on the well-being of the body, mind and spirit, has attracted global attention. According to management consultancy McKinsey & Co., the global wellness market is valued at more than $1.5 trillion, with an annual growth rate of 5 to 10 percent.

From personal care, beauty and nutrition to fitness and preventative medicine, consumers are looking for healthy lifestyle options and advice on how to maintain those choices. These efforts are also accelerating the growth of chronic diseases, including diabetes, asthma and hypertension.

The wellness industry has long been dominated by companies such as Bayer AG BAYRY, Herbalife Nutrition Ltd. HLF on Procter & Gamble Co. PG. The industry also brought portable wellness devices such as alphabet inc‘s GOOG Google Fitbit to track daily activity.

But excluding wellness supplements and fitness trackers, the global medical device market is worth $448 billion as of 2019 and is expected to grow at more than 5% per year over the next decade. This segment represents any device, instrument, device, or machine used to prevent, diagnose, treat, monitor, or alleviate a disease. These devices are regulated in the United States. Food and Drug Administration and are used by their patients to manage their health by recognizing, measuring, restoring, and modifying the structure or function of the body as a result of health problems or chronic conditions. They can range from wearable devices like EKG and blood pressure monitors to invasive solutions like pacemakers and blood glucose meters, and from wheelchairs to X-rays, MRI and CT scans.

Market leader in traditional invasive devices DexCom Inc. DXCM, which develops glucose monitoring systems for diabetes management, is an example of a company in the market that could break the $50 billion mark. DexCom recently made headlines with reports of a potential acquisition Island Corporation PODD, a medical technology company focused on providing unique alternatives to traditional insulin delivery methods.

A new leader in non-invasive medical diagnostics?

Don’t call Do you know Labs Inc. KNWN Wellness and Fitbit Company. He notes that he is proving to be a leader in the development of non-invasive medical diagnostics. Know Labs says its technology effectively identifies and monitors analytes that previously could only be determined through invasive and/or expensive and time-consuming laboratory testing.

Its Bio-RFID (Radio Frequency Identification) technology, which is said to have potentially more than 100 applications, will initially be marketed as a non-invasive glucose monitor that provides real-time blood glucose information. Know Labs says it’s working to get U.S. Food and Drug Administration approval before it goes to market.

This technology uses radio waves to detect and measure what is happening inside your body. The company announced two products, KnowU, an on-site blood glucose monitoring device, and UBand, a wearable option worn on the wrist that provides continuous measurement of glucose concentration through a proprietary application. The devices are of medical quality with supposedly high accuracy. Internal testing shows accuracy better than currently available options.

industry conversion

The company states that its main goal is to completely transform non-invasive medical diagnostics using a platform that avoids needles and needles to achieve the same level of accuracy.

The blood glucose monitoring market is currently valued at $35-$40 billion. Know Labs’ long-term goal is to enter a market called predictive health, which will become a priority.

For more information about Know Labs Inc., visit www.knowlabs.co.

This post contains sponsored advertising content. This content is for informational purposes only and is not intended as investment advice.

Photo by Hush Naidoo Jade Photography on Unsplash

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