Well Positioned to Enter US $1.56 Billion Canadian Cardiology Devices Market
REDWOOD CITY, Calif., Feb 29, 2024 (ACCESSWIRE) — 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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Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words “may,” “should,” “would,” “will,” “could,” “scheduled,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “seek,” “project,” or “goal” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements may include, without limitation, statements regarding (i) the plans, objectives and goals of management for future operations, including plans, objectives or goals relating to the design, development and commercialization of Bioflux or any of the Company’s other proposed products or services, (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, capital structure or other financial items, (iii) the Company’s future financial performance, (iv) the regulatory regime in which the Company operates or intends to operate and (v) the assumptions underlying or relating to any statement described in points (i), (ii), (iii) or (iv) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company’s current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company’s inability to obtain additional financing, the significant length of time and resources associated with the development of its products and related insufficient cash flows and resulting illiquidity, the Company’s inability to expand the Company’s business, significant government regulation of medical devices and the healthcare industry, lack of product diversification, existing or increased competition, results of arbitration and litigation, stock volatility and illiquidity, and the Company’s failure to implement the Company’s business plans or strategies. These and other factors are identified and described in more detail in the Company’s filings with the SEC. There cannot be any assurance that the Company will ever become profitable. During the three months ended June 30, 2020 the Company incurred a net loss attributable to common stockholders of $3.4 million. The Company assumes no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.
Contacts:
Media relations:
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greg@STiR-communications.com
Investor relations:
Biotricity Investor Relations
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