Long-term care costs for seniors is on the rise. According to a 2021 Cost of Care Survey by Genworth, assisted living facilities rates increased by 4.65% to an annual median cost of $54,000. With these costs on the rise, consumers are scrambling to find affordable at-home solutions for Senior Care. At home solutions, such as wearable medical monitoring systems, are looking to be a larger piece in the overall healthcare industry.
The wearable medical device market is driven by the need for consumers to monitor their own health and keep track of their own vital signs. For seniors in at-home care, these vital signs are integral to their daily health.
Wearable Health Solutions Inc (OTC:WHSI) looks to gain traction in this market with their device, the iHelp Max. This device is not only an emergency alarm for the user, but also communicates vital signs, including, but not limited to, blood pressure, oxygen levels, and temperature, in real time, via Bluetooth technology, to medical personnel.
WEARABLE HEALTH SOLUTIONS INC. SEES BRISK DEMAND
Peter Pizzino, president of Wearable Health Solutions recently spoke of the successful launch,"The feedback from our dealer network has been extremely positive regarding the robust functionality of our new PERS product offering and the marketing support from our staff has been well received."
Marc Cayle, VP of Innovation and Development at WHSI, is confident in the demand for the new wearable device, "We have placed a second and larger order with our primary factory and anticipate brisk sales of that inventory by our distribution network when received,”. Cayle continued, "The battery life and precision of the automatic "fall detection" feature has far exceeded expectations in our 4G iHelp Mini device. Our dealers are also very pleased with the marketing materials provided in order to assist them in their sales efforts. All systems go is the sentiment at WHSI."
Masimo (Nasdaq:MASI) another major player in the personal medical device market, announced recently that it will begin its full market release of its Masimo W1 health watch for consumer use. The device takes 86.400 measurements a day for a second by second data trending, paired through Bluetooth to the Masimo Health app. The Masimo W1 watch, which is still pending FDA clearance for use in medical applications.
The market for wearable medical technology continues to grow, with companies like iRhythm Technologies jumping in. iRhythm (Nasdaq:IRTC) producing the Zio Patch, a wearable biosensing, ambulatory cardiac monitoring solution. The company recently hosted their Analyst and Invest news day, where Officials from iRhythm outlined how their solution could potentially serve millions more patients, tripling revenue by 2027.
The growing geriatric population, the increasing cost of senior care, and the increasing frequency of chronic diseases, are some of the key drivers in increasing the demand for wearable medical. As demand for wearable health technology continues to grow, investors should put these stocks on their radar.
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