ORLANDO, Fla., Jan. 29, 2020 (GLOBE NEWSWIRE) -- When we first published regarding medical diagnostic and consumer healthcare technology company Biotricity (BTCY) back in December, our focus was on the Company’s innovation and aspirations in the vast sensor market. As you may recall, we believe that the sensor market on the whole is a gamechanger like drones, cannabis, bit-coin, and the like. Mighty Forbes makes a compelling argument as to how technology could revolutionize preventative medicine.
We agree.
And a recent announcement from Biotricity puts the company ever closer to a real opportunity to participate in the compelling sensor market in a truly significant way. Just last week the Company announced that it is finalizing its FDA filing for its next generation, advanced ECG analysis software with an expectation to file a 510(k) application with the US FDA by the end of February 2020.
Without getting too pedestrian regarding the aforementioned application, essentially what a 510(K) is a premarket submission made to the FDA to demonstrate that the device to be marketed is at least as safe and effective, that is, substantially equivalent, to a legally marketed device that is not subject to premarket approval.
Biotricity is clearly at a precipice, now awaiting approval to enter a market expected to reach $1.8 billion by 2026. If approved, the Company’s product could be a game changer. This approval could help accelerate growth, which is already at triple digits year-over-year.
According to Biotricity, current, traditional ECG monitoring requires significant human oversight to review and sift through incoming patient data for the purposes of determining which data is actionable and relevant. As such, it is imperative for biotechnology companies to build software that can analyze and synthesize this data with the purpose of distilling it down to the important information that requires clinical intervention.
Biotricity’s new ECG Analysis Software is purposefully engineered to improve analytic performance and identify anomalies by parsing through data trends and pinpointing information from which actionable insights can be gleaned. When fully cleared and implemented, the new software will significantly reduce the current human capital requirements for such tasks, reducing analysis time from 5 minutes to 30 seconds.
It is not expected to take long for the FDA to render an opinion and for this company to discover just how quickly and with what products it gets to enter this highly attractive industry.
About Biotricity Inc.
Biotricity is a modern medical technology company focused on delivering innovative, remote biometric monitoring solutions to the medical and consumer markets, including diagnostic and post-diagnostic solutions for chronic conditions and lifestyle improvement. Biotricity’s R&D continues to focus on the preventative healthcare market, with a vision of putting health management into the hands of the individual. The company aims to support the self-management of critical and chronic conditions with the use of innovative solutions to ease the growing burden on the healthcare system. To learn more, visit www.biotricity.com.
