Innovative MedTech (OTC: IMTH) Takes a Big Step Forward to Pioneer the Future of Healthcare With Its Latest Partnership for Innovative Vein Illumination Technology
https://www.newmediawire.com/news/innovative-medtech-otc-imth-takes-a-big-step-forward-to-pioneer-the-future-of-healthcare-with-its-latest-partnership-for-innovative-vein-illumination-technology-7074060
This marks a pivotal moment in medical technology, potentially revolutionizing vein visualization for enhanced patient care
BLUE ISLAND, IL - (NewMediaWire) - April 15, 2024 - Innovative MedTech, Inc. (the “Company”) (OTC: IMTH), a provider of health and wellness technology solutions and services, is excited to announce the execution of a distribution agreement (the “Agreement”) with Near Infrared Imaging, Inc. (“NII”) for Vein-Eye Carry, a patent-pending vein illumination technology whichemploys advanced optics and real-time imaging to precisely identify veins, reducing the need for multiple attempts and enhancing procedural accuracy.
This Agreement is another milestone for the Company following its mission to license, distribute or acquire leading medical devices and technologies, potentially positioning the Company as a leader in the rapidly growing vein illuminator market.
The global vein illuminator market is set for substantial growth, anticipated to grow from $19.74 billion in 2022 to a projected $24.05 billion in 2023, reflecting an impressive Compound Annual Growth Rate (CAGR) of 21.8%. This market's momentum is anticipated to continue, culminating in a valuation of $53.27 billion by 2027, with a CAGR of 22.0%. (See Research and Markets).
The home therapy, home infusion market is projected to grow to $380 billion by 2030 (see Markets and Markets). The Vein-Eye Carry is lightweight and portable and can be successfully carried into a home, up flights of stairs, carried into a clinic nursing home, placed in an ambulance or another emergency medical vehicle.
With over 2 billion vein punctures globally each year with failure rate as high as 69% in individual studies (See International Journal of Nursing Studies) vein puncture failure is a substantial adverse patient outcome and costly for healthcare facilities. NII’s technology is expected to decrease the failure rates by eliminating the guesswork associated with traditional vein identification methods, ultimately leading to improved patient outcomes and a more comfortable healthcare experience.
Commenting on the significance of this Agreement, Michael Friedman, President of Innovative MedTech stated, "We are excited to distribute NII’s technology as the first medical device in what we expect to be a portfolio of medical devices. This innovative technology has the potential to revolutionize how healthcare professionals perform venous procedures, ultimately improving patient care and streamlining healthcare workflows."
He continued, “With this strategic distribution agreement in place the Company is poised to deliver state-of-the-art solutions that address the evolving needs of healthcare providers and patients alike. The integration of NII’s technology into the Company’s product lineup reaffirms the Company's commitment to innovation and excellence in medical devices and technologies."
Michael Feeney, CEO of Near Infrared Imaging, also expressed enthusiasm about the partnership, saying, "We are delighted to collaborate with Innovative MedTech in bringing our Vein Eye Illumination Technology to the forefront of healthcare. This Agreement represents a significant milestone in our mission to advance medical imaging technologies and improve healthcare outcomes worldwide."
The Agreement gives the Company the non-exclusive right to distribute NII’s product(s) with no limitations on the territory. NII’s Vein-Eye Carry is a Class 1, 510-k exempt medical device, is TAA and FAR compliant, and is designed, engineered and manufactured in the U.S.
About Innovative MedTech, Inc.
Innovative MedTech, Inc. is a provider of medical technology and devices as well as health and wellness services through its wholly owned subsidiary SarahCare, an adult day care center franchisor with two corporate owned centers and twenty-six franchise locations across the U.S. SarahCare offers seniors daytime care and activities ranging from exercise and medical needs daily to nursing care and salon services. For more information, please visit: https://innovativemedtechinc.com/, and https://sarahcare.com/.
About Near Infrared Imaging, Inc.
Near Infrared Imaging invents, designs, and distributes medical solutions through its medical equipment distributors. NII’s corporate commitment is to provide the highest quality medical solutions at a price affordable to the worldwide community. NII's patent-pending vein illumination technology can be used for home infusion, EMS, medical evacuation vehicles, and non-contact vein recognition biometrics. NII’s products are built in conjunction with leading scientists, medical experts, blood drawing experts, and infusion experts. For more information, please visit: https://nearinfraredimaging.com/.
Safe Harbor Statement
Statements in this press release that are not historical are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are only predictions and are not guarantees of future performance and are based on certain assumptions and reflect management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations and are subject to change at any time. Some of these factors include: general global economic conditions; general industry and market conditions, sector changes and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify, develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, including codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. These and other important factors may cause the Company’s actual results, performance, or achievements to differ materially from any future results, performance, achievements or plans expressed or implied by these forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact: Media Relations:
Michael Friedman
708-925-9424
ir@innovativemedtechinc.com
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