Comparing Fitbits To Medical Devices? This Company Says Things Aren't Even Close

The health and wellness industry focused on the well-being of the body, mind and spirit has captured the globe's attention. According to management consulting firm, Mckinsey & Co., the global wellness market is estimated 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 preventive medicine, consumers are looking for healthy options for their lifestyle and the guidance to maintain those choices. That effort is also being accelerated by the growth of chronic diseases, including diabetes, asthma and high blood pressure.

The wellness industry has long been dominated by companies such as Bayer AG BAYRY, Herbalife Nutrition Ltd. HLF and Procter & Gamble Co. PG. The industry has also given birth to wearable wellness devices such as Alphabet Inc.’s GOOG Google Fitbit to monitor daily activity.

But going beyond wellness supplements and fitness trackers, the global medical device market is valued at $448 billion as of 2019, and is expected to grow more than 5% per year for the next decade. This segment represents any apparatus, instrument, appliance or machine used to prevent, diagnose, treat, monitor or alleviate disease.  These devices are regulated by the US. Food and Drug Administration and are used by patients to manage a health condition through the detection, measurement, restoration and modification of the structure or a function of the body resulting from health problems or chronic medical conditions. They can range from wearable devices, such as ECG and blood pressure monitors, to invasive solutions, such as pacemakers and blood glucose monitoring devices, and from wheelchairs to X-ray machines, MRIs and CT scans.

Traditional invasive device market leader DexCom Inc. DXCM, which develops glucose monitoring systems for diabetes management, is an example of a company in a market that could be pushing the $50 billion range.  Recently, DexCom has made the headlines with rumors of a potential acquisition of Insulet Corporation PODD, a medical device company focused on providing unique alternatives to traditional insulin delivery methods.

The New Leader in Noninvasive Medical Diagnostics?

 

Don’t call Know Labs Inc. KNWN a wellness and Fitbit company. It reports that it’s emerging as a leader in developing noninvasive medical diagnostics. Know Labs says its technology effectively identifies and monitors analytes that could only previously be performed by invasive and/or expensive and time-consuming lab tests. 

Its Bio-RFID (radio-frequency identification) technology, which it states has potentially more than 100 applications, initially will be marketed as a noninvasive glucose monitor, providing real-time information on blood glucose levels. Know Labs says it is working toward U.S. Food and Drug Administration approval before its market introduction.  

The technology uses radio waves to identify and measure what is going on inside your body. The Company has announced two products, the KnowU, which is an on-the-go spot blood glucose monitoring device and the UBand, a wearable option, which is worn on the wrist to deliver continuous glucose concentration readings through a proprietary app.  The devices are medical grade with a reportedly high level of accuracy. Internal trials indicate a level of accuracy that is superior to currently available options

Transforming The Industry

 

The company states its primary goal is to fully transform noninvasive medical diagnostics with a platform that shuns needles and pinpricks to perform the same level of accuracy.

The blood glucose monitoring market is currently assessed at between $35 billion and $40 billion. The long-term goal for Know Labs is to get into what it calls the “predictive health” market and will become a priority focus.

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

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Photo by Hush Naidoo Jade Photography on Unsplash

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