The Global Remote Patient Monitoring Market Is Presently In The Early Stages Of Adoption, And Is Projected To Reach USD 117.1 Billion By 2025 From USD 23.2 Billion In 2020, At A CAGR Of 38.2% Between 2020 And 2025 1
MIDI Has Previously Partnered With Johnson & Johnson And The Texas Medical Center, And Is An Award Winning Strategic Turnkey, FDA And ISO Compliant Medical Device Development Consulting Firm With Over 45 Years' Experience Servicing Domestic And International Clientele Representing Medical, Life Sciences, And Home Healthcare Markets.
KING OF PRUSSIA, PA / ACCESSWIRE / October 5, 2021 / Wearable Health Solutions Inc. (OTC PINK:WHSI) (Wearable Health Solutions or the Company), a manufacturer of multiple lines of proprietary personal medical alarm and home security devices for Seniors and emergency response systems for employees that work alone, and that markets its products to and through its national distribution network of independent dealers who re-sell direct to consumers, to hospitals and other related providers in the home healthcare and home security markets, today announced that it has engaged an internationally renowned R&D firm, MIDI Product Development Corporation (MIDI), an expert in medical innovation, to develop and commercialize a biometric sensor to communicate with the Company's new 4G iHelp MAX™ product platform, the iHelp Next Generation Platform (NGP).
MIDI has previously partnered with Johnson & Johnson and the Texas Medical Center , (world famous institutions), and is an award winning strategic turnkey, FDA and ISO compliant medical device development consulting firm with over 45 years' experience servicing domestic and international clientele representing medical, life sciences, and home healthcare markets. MIDI's dedicated teams of research, design and engineering professionals offer a unique combination of talent and experience, consisting of key personnel working together with a record of outstanding achievement in developing Class I, II and III products.
MIDI's mission will be to deploy the steps of its DevelopmentDNA™ process to the program and discern the Next Generation Platform's (NGP) : design, engineering, system innovation, functionality, usability, procedural performance, usage ceremony, intuitive operation procedures, human factors engineering, supporting App and Cloud components, considering all outlined circumstances. The primary goal of the collaboration is that the NGP adds health monitoring and medication reminders to the existing safety monitoring capability. The Next Generation Platform is currently underway for the collection and routine measurement of a user's vitals such as monitoring of blood pressures, oxygen levels and more to integrate into its existing platform. (See prior PR for more info : https://finance.yahoo.com/news/whsi-acquires-cutting-edge-backend-123000564.html).
MIDI's team of experts in electronics, firmware, software and user interface design will generate innovation for the advanced NGP. MIDI will define optimized human interface tied to procedure, while leveraging their knowledge of HMI to generate the optimal usage ceremony for caregiver and dealer. Their methodologies will provide a fresh and novel framework for innovation. The NGP will be technologically advanced, affording a seamless experience that is rapid/efficient/effective. MIDI's DevelopmentDNA™ process will achieve the optimum technology and integration, procedural performance with enhanced physiological capture interface.
Peter Pizzino, the President of Wearable Health Solutions Inc. said: "As MIDI utilizes its deep understanding of VOC (Voice of the Customer) and HMI (Human Machine Interface) to the NGP, MIDI will be cross‐pollinating and applying their expert engineering and design disciplines to the effort. MIDI will follow through the program with the execution of optimum engineering and innovative design, highlighting an essential NGP, generating performance advancements targeting technology, and UI designs to meet the various needs of the target market applications including medication reminders. Additionally, MIDI will generate design and engineering system approaches so that we can target innovative technology applications, procedure, HMI/GUI, reliability, accuracy, COTS product integration and usability, considering all end‐user procedural conditions."
He continued: "This partnership will allow us to release several wearable technologies (body-mounted sensors that monitor and transmit biological data for healthcare purposes) and to launch the iHelp 4G device platform, to be able to plug into multiple devices to enable remote monitoring and data collection of essential vital signs in real-time and with historical values via Bluetooth, NFC, and Wi-Fi technology. The global remote patient monitoring market is presently in the early stages of adoption 2, and is projected to reach USD 117.1 billion by 2025 from USD 23.2 billion in 2020, at a CAGR of 38.2% between 2020 and 20251. There is a lot of room for the market to expand in the coming years and we will be continuing to acquire a larger market share as the industry grows."
Preliminary Goals of MIDI, as related to the iOS/Android App include the development of a Caretaker App which will provide a simple, easy to use method of accessing and displaying the physiological data across all the Company's devices in its next generation platform for remote patient monitoring.
Christopher Montalbano, Co-Founder & CEO of MIDI Product Development Corporation, said: "We intend to deploy our Discovery Research™/System Analysis™ procedures to define, qualify and quantify all variables and alternatives of this next generation platform.
About Wearable Health Solutions:
The Company manufacturers medical alarm devices that are used to summon help in the event of an emergency for users. The product is designed and marketed primarily to the elderly, physically disabled and individuals living alone.
We provide mobile health (mHealth) products and services to dealers and distributors throughout the globe. As a leader in the rapidly growing medical alarm device and eHealth sector, we provide innovative wearable healthcare products, tracking services, and turn-key solutions that enable our users to be proactive with their health, as well as safe and protected at all times. Our products and services are always state-of-the-art and cost effective. Through our culture, our drive, and the expertise of each individual employee, we are uniquely positioned to build shareholder value by setting the highest standards in service, reliability, and safety in our rapidly growing industry.
Our Flagship product 4G iHelp MAX™ is a personal emergency alarm that is used to summon help in the event of an emergency at home. Currently approximately 60 % of all medical alarms sold in the USA are first generation technologies that require the user to speak and listen through a central base station unit. Medipendant® however offers a speaker in the pendant enabling the user to simply speak and listen directly through the pendant in the event of an emergency. This device is a cellular medical alert system, blue tooth and WI-FI enabled, that operates on a 4G network. Operating capabilities commence on AT&T network (GSM-Global) with further capability on Verizon (CDMA-USA) as well.
The 4G iHelp MAX device showcases new features, functionalities, fall detection and geo-fencing referencing the ability to pre-set an area and alert loved ones if the device user enters or leaves a pre-determined area.
Forward-Looking Statements
Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential," and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Wearable Health Solutions and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to (i) Wearable Health Solutions ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Wearable Health Solutions ability to maintain existing, and secure additional, contracts with users of its solutions; (iii) Wearable Health Solutions ability to successfully expand in existing markets and enter new markets; (iv) Wearable Health Solutions ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Wearable Health Solutions business; (viii) changes in government licensing and regulation that may adversely affect Wearable Health Solutions business; (ix) the risk that changes in consumer behavior could adversely affect Wearable Health Solutions business; (x) Wearable Health Solutions ability to protect its intellectual property; (xi) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent quarterly report on filed by Wearable Health Solutions with the Securities and Exchange Commission. Wearable Health Solutions anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Wearable Health Solutions assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law.
Wearable Health Solutions Inc.
2300 Yonge St. Suite 1600
Toronto, ONT M4P1E4
Canada
www.WearableHealthSolutions.com
855-226-4827
[email protected]
Go to www.WearableHealthSolutions.com
1https://www.marketsandmarkets.com/Market-Reports/remote-patient-monitoring-market-77155492.html
2Source: LEK Consulting https://www.lek.com
SOURCE: Wearable Health Solutions Inc.