Well Positioned to Enter US $1.56 Billion Canadian Cardiology Devices Market
REDWOOD CITY, CA / ACCESSWIRE / February 29, 2024 / Biotricity Inc. (NASDAQ:BTCY) ("Biotricity" or the "Company"), a leading medical diagnostic and consumer healthcare technology company, proudly announced its Health Canada approval for expansion into the US$1.56 billion Canadian Cardiology Devices market. Cardiovascular disease imposes a staggering US$21.2 billion annual cost in Canada alone, accounting for 11.6% of the entire Canadian health care cost, the approval of Biotres by Health Canada comes at an opportune time.
Biotricity's mission to develop innovative diagnostic solutions that engage and empower individuals to take control of their health starts with the deadliest chronic disease and one of healthcare's largest cost drivers: cardiovascular disease. Health Canada approval of Biotres, Biotricity's flagship product, is a critical step in the Company's quest to address the needs of more than 2.4 million Canadians living with heart disease and related conditions. This milestone achievement underscores Biotricity's dedication to reshaping healthcare through innovation.
"We are thrilled to bring our cutting-edge health solutions to Canada to play a significant role in enhancing the well-being of millions of Canadians," said Dr. Waqaas Al-Siddiq, Biotricity Founder and CEO. "Our mission is to empower individuals with the tools and support needed to proactively manage their cardiovascular health and enjoy healthier lives."
Cardiovascular disease remains one of the most significant health issues in Canada, affecting approximately 1 in 12 adults and leading to more than 2.6 million hospitalizations in the past decade. Alarmingly, 40% of these patients required readmission one or more times due to complications related to cardiovascular disease. Studies suggest that up to 80% of premature heart attacks and strokes can be prevented with timely intervention, highlighting the importance of accessible and efficient healthcare services.
As the global wearable technology market gears up for an impressive 18% growth, with healthcare wearables projected to reach US$30.1 billion by 2026, Biotricity is well-positioned to capitalize on this momentum. The digital treatment and care market in Canada is projected to grow at 9% annually, reaching US$2.29 billion by 2028. Biotricity is at the forefront of this transformative wave, delivering unmatched cardiac monitoring devices and a remote monitoring platform that not only ensures precision but also equips individuals at risk of heart conditions with actionable measures tailored to their specific needs. By consistently pushing the boundaries of innovation, Biotricity reaffirms its unwavering commitment to transforming patient care, enhancing outcomes, and ultimately, improving lives.
To discover more about Biotricity, visit www.biotricity.com today.
About Biotricity Inc.
Biotricity is reforming the healthcare market by bridging the gap in remote monitoring and chronic care management. Doctors and patients trust Biotricity's unparalleled standard for preventive & personal care, including diagnostic and post-diagnostic solutions for chronic conditions. The Company develops comprehensive remote health monitoring solutions for the medical and consumer markets. To learn more, visit www.biotricity.com.
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Contacts
Investor Relations
Biotricity Investor Relations
Investors@biotricity.com
SOURCE: Biotricity, Inc.
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