Choked Telehealth Market: How Do You Choose the Right Product? This Device Might Do Everything

The Prizma G2 device. (Source: G Medical Innovations)

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

The COVID-19 pandemic has introduced new mores to the world. To avert the further spread of the deadly virus and save lives, people have less contact now and get things done remotely.

As social distancing has become the new normal, getting essential services and products from the comfort of one’s home or at a specific location has also become the new norm. This has prompted a boom in e-commerce activities, with companies like Amazon.com Inc. AMZN, Shopify Inc. (NYSE: SHOP) and eBay Inc. EBAY seeing mammoth growth.

This analogy could also apply to the healthcare sector. Through the power of the internet and technology, telehealth has become indispensable in delivering healthcare in a pandemic era to both regular and at-risk patients who need to self-isolate or avoid in-person hospital visits.

Thanks to the COVID-19 pandemic, the telehealth market is growing at an astonishing rate. The market size was $144.38 billion in 2020 and in 2021 rose by 26.5% compound annual growth rate (CAGR).

It is projected to reach $475.50 billion by 2026 and grow further to $636.38 billion by 2028 at a CAGR of 32.1%. There is a positive demand for the stocks of companies in the sector.

As the U.S. continues to battle challenges in the healthcare sector, telehealth presents a unique opportunity to expand access and cut down spending. The U.S. is currently one of the countries with the highest healthcare costs globally, spending about $3.6 trillion on healthcare in 2019 alone — an average of about $11,582 per person.

A Complex Telehealth Market

While technology is enhancing and bridging the healthcare gap, the telehealth market seems choked with companies offering homogenous products and services with no differentiative factor.

As similar or same products and services fight for attention in a market with tremendous opportunities, choosing the right product or service can be an uphill task for consumers.

For example, choosing between these 2 products — Bioflux® from Biotricity Inc. BTCY and Prizma G2 from G Medical Innovations Holdings GMVD may be confusing. They are 2 known products on the telehealth market that provide mobile medical testing services.

For some time now, Bioflux has been in the news as a device that provides real-time active monitoring — 24 hours, 7 days a week. Biotricity touts the device as a high-precision, single-unit mobile cardiac telemetry (MCT) device that provides real-time monitoring and transmission of patients’ electrocardiography (ECG) information.

The company has developed the Bioflux system, a mobile cardiac telemetry device that is a 3-channel ECG monitor. The monitor enables continuous data collection and data transmission to a call center in the case of anomaly detection. A clinician can contact a patient if an issue is detected.

G Medical’s Prizma G2 Does More

While Biotricity’s Bioflux offers only mobile cardiac telemetry, G Medical’s offering goes beyond that device and others in that class.

G Medical was established in 2014 with a clear focus on developing vital sign technologies and monitoring services. The technologies and services are designed to reduce the cost of healthcare and increase the quality of life and quality of care.

The company makes medical testing and care from home affordable — particularly for uninsured people — with an advanced product lineup like the G Medical PATCH, Prizma Monitor with Universal Case and Prizma G2.

Prizma G2 is the world’s 1st multitest smartphone medical accessory, and just like Bioflux, it gives patients or users the ability to take medical tests anywhere at any time. They can share at a moment’s notice electronic medical records with doctors, specialists and other healthcare providers to have a deeper insight to make proactive treatment decisions.

It is a light portable, intuitive device that is easy to use and carry in a pocket or on a phone. But where G Medical’s device shines is its ability to measure several vital signs like electrocardiogram, body temperature, oxygen separation, heart rate and stress from the comfort of home or on the go.

Another unique feature of the device is that it allows users to manually enter their blood pressure, body weight, glucose level and symptoms. These offerings go above and beyond what Bioflux offers. An individual needs a Biokit, a wirelessly connected personal medical device kit that comprises 3 devices, to perform most of Prizma G2’s tests.

Prizma G2 and Bioflux have a mobile app or a web platform that works with both devices. Prizma G2, which is also available as a standalone device, also helps keep track of users’ health data over time, allowing them to spot trends and assess their condition at any moment.

Both devices have a 24-hour, 7-days-a-week call center available for all patients who have questions or concerns.

Each patient activation generates revenue with G Medical with Current Procedural Terminology-coded insurance reimbursement $55 per patient per month for each 30-day remote patient-monitoring report.

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.