Digital Health Market Could be Worth up to $220.94 Billion
Millions are turning to digital health solutions, which can reportedly help manage diabetes, improve sleep, monitor heart health, encourage weight loss and track whether patients are sticking to regimens, as noted by The Wall Street Journal. With demand only growing, analysts at Facts & Factors say the global digital health market could be worth nearly $220.94 billion by 2026 from about $84 billion in 2019. “From mobile medical applications and tools that assist clinical evaluations doctors make every day to machine learning and artificial intelligence, emerging technology has driven a revolution in health care. Digital health platforms have a lot of promise in terms of enhancing our efforts to accurately detect and manage illness, as well as enhancing consumer health care delivery,” they added. That’s could be a major catalyst for companies, like AI/ML Innovations (CSE:AIML)(OTC:AIMLF) and its Health Gauge subsidiary, a leading digital health solutions provider.
Other companies to keep an eye on in this space include XORTX Therapeutics Inc. (CSE:XRX)(OTC:XRTXF), Reliq Health Technologies Inc. (TSXV:RHT)(OTC:RQHTF), CloudMD Software & Services Inc. (TSXV:DOC)(OTC:DOCRF), and Fobi AI Inc. (TSXV:FOBI)(OTC:FOBIF).
AI/ML’s Health Gauge Collaborates with Trinity Western University to Validate the Use of the HG Solution for Performance Athletics Programs
AI/ML Innovations Inc. (CSE - AIML; OTCQB - AIMLF; FWB - 42FB), a company committed to acquiring and advancing Artificial Intelligence/Machine Learning technologies that address urgent societal needs, is pleased to announce that its majority-owned subsidiary, Health Gauge has undertaken a 12-month Pilot Project and collaboration with Trinity Western University. This collaboration will be spearheaded by Dr. Anita Cote, a cardiovascular physiologist who holds a Canada Research Chair in Cardiovascular Adaptation to Exercise at TWU.
The purpose of this collaboration is to study the efficacy of health data aggregated via HG’s remote monitoring solution. The data collected will help to define and establish a program to quantify how personal health monitoring solutions may improve performance specific to selected sports.
HG’s goal is to validate the benefit of its solution as a productive tool to help improve performance of athletes, allowing HG to then capitalize on commercial opportunities within the lucrative high-performance athletic market. As part of this collaboration, TWU will be supplied with 150 HG smartwatches for several CIS athletic focus groupings including men and women’s Soccer, Hockey, Basketball, Volleyball, Track & Field, and Basketball.
Other related developments from around the markets include:
XORTX Therapeutics Inc., a biotechnology company focused on developing therapeutics for the treatment of progressive kidney disease, is pleased to advise that further to its press release of April 6, 2021 that announced the intention of grant, the Company has now received receipt of the patent grant “EPO National Stage of PCT International Application for Compositions and Methods for Treatment and Prevention of Hyperuricemia Related Health Consequences” by the European Patent Office. The patent covers compositions and methods for the prevention and treatment of diabetic nephropathy (DN) using uric acid lowering agent and specifically xanthine oxidase inhibitors. Aberrant purine metabolism and specifically, chronically increased serum uric acid concentrations have been associated with kidney disease progression.
Reliq Health Technologies Inc., a rapidly growing global telemedicine company that develops innovative Virtual Care solutions for the multi-billion dollar Healthcare market announced that it has signed contracts with six new US primary care physician practices to provide its iUGO Care platform to their chronic disease patients. “We are pleased to announce that we are adding six new US physician practices and over 4,000 new patients to our iUGO Care platform,” said Dr. Lisa Crossley, CEO of Reliq Health Technologies, Inc. “These primary care physician practices will be using our iUGO Care Remote Patient Monitoring (RPM), Chronic Care Management (CCM) and Behavioural Health Integration (BHI) modules. The average revenue from these contracts will be >$40 USD per patient per month. Onboarding with all six clients will begin this month and is expected to be completed in October. New client acquisition and patient onboarding has been accelerating significantly through July and we expect to continue to experience rapid growth in the business through the remainder of the year, and for the foreseeable future beyond 2021. The current quarter will be Reliq’s first full profitable quarter, which is a major milestone for the company.”
CloudMD Software & Services Inc., a healthcare technology company revolutionizing the delivery of care, announced its financial results for the second quarter ended June 30, 2021. Q2 2021 revenue was $15.7 million, compared to $8.8 million in Q1 2021 and $2.8 million in Q2 2020. The increase is primarily attributable to acquisition growth with 4 acquisitions completed in the quarter, and 14 acquisitions completed in the last twelve months. Excluding the impact of Q2 2021 business acquisitions, the Company achieved a 9% organic growth rate from its existing businesses over Q1 2021.
Fobi AI Inc., a global leader in providing real-time data analytics through artificial intelligence to drive customer activation and engagement is pleased to announce a data aggregation and analytics partnership with Lightspeed Commerce Inc., the one-stop commerce platform for merchants around the world to simplify, scale and create exceptional customer experiences. Fobi CEO Rob Anson stated: “Lightspeed’s support of Fobi’s integration to their platform cannot be understated as it speaks volumes about their confidence in Fobi as a premiere retail data solution provider. With our integration now complete, both Fobi and Lightspeed are positioned to generate new sales opportunities through this successful partnership. And, being selected as their “Featured Partner” in the Lightspeed ecosystem for the month of October is another validation of the value that Fobi brings to Lightspeed retailers.”
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