Industry Intelligence’s recently published report supports the notion that investors in the healthcare market stand to grow their portfolio for the foreseeable future. Perhaps most exciting for Toronto-based Wearable Health Solutions (OTCMKTS: WHSI) is the continued rise in the use of remote monitoring devices and personal emergency response systems. The report shows that as more seniors stay at home rather than long-term facilities, it is technologies like WHSI’s mPERS devices that keep them safe and secure.
GLOBAL AND US HEALTHCARE MARKET IN DOLLARS
Globally, the healthcare market will hit more than $665 billion annually, with much of that being spent on:
– Health insurance
But the US outpaces the rest of the world in healthcare costs. According to this report, US national healthcare costs hit $4 trillion in 2020 and is projected to reach $6.2 trillion in 2028. In fact, nearly one dollar out of every five spent in the US goes to healthcare. A whopping 19.7% of the US GDP is healthcare related. Wearable Health (OTCMKTS: WHSI) is creating its products to outdo the competition and position itself as a top firm in a key growth sector of the healthcare market.
REMOTE MONITORING AND TELEHEALTH
While aggregate healthcare expenses have traditionally comprised those items listed above, a new segment of the market seems to be on the rise. Healthcare technology, which includes things like telehealth and wearables, is a growing piece of an already massive market. This growth is exceptional news for WHSI and its mPERS devices, like the newly announced iHelp 4G MAX. These devices that remotely monitor patients’ health and well-being are growing both in adoption and the resulting expenses.
GROWTH IN REMOTE MONITORING
The insider report projects that remote patient monitoring (RPM) will account for some 30 million US users by 2024 and will create an account for $1.7 billion of the global healthcare expenses by 2027. As it currently stands, WHSI’s most recent twelve months of operations brought them more than $1.2 million in sales, a considerable increase over their $1.1 million at the close of 2020.
Several factors are driving this growth of the telehealth and remote monitoring segments of the healthcare market. The pandemic has introduced telehealth to much of the population and has made it ideal, if not a necessity, for many. The behavior shift WHSI benefits from the most may be the surge in the senior population and their desire to stay at home. With this desire to stay home comes the purchase of remote monitoring equipment and devices. One of the easiest to operate and most dependable are medical alert devices. WHSI’s devices allow seniors to call for help with the press of a button, in the event of a fall, emergency, or accident. These devices and the services provide by firms like WHSI are a growing market, accounting for more than $7 billion of the global healthcare expense in 2020.
A growing firm like Wearable Health Solutions (OTCMKTS: WHSI) that exists in such a growing market could easily be poised for substantial growth. These growth factors paired with WHSI’s focus on a superior technology that keeps its users safer and allows them to communicate quicker, clearer, and less encumbered, is just another reason investors should add it to their watchlist.
This article is part of a sponsored investor education program.