Medical diagnostics and technology company Lifespot Health (ASX: LSH) has announced the highly-anticipated launch of its patient self-management system for metabolic syndrome and diabetes.
The system is the result of 3 years of laborious development and sets the stage for Lifespot to start its “sales offensive” in one of the most rapidly emergent markets in Australia today: biosensors and self-managed care.
According to the latest Home Healthcare Study published last year, the global home healthcare market is projected to reach US$365 billion by 2022, with a compound annual growth rate (CAGR) of 8.8%.
Meanwhile, the International Diabetes Federation estimates that around 422 million people currently suffer from diabetes globally and forecasts this number to grow to around 640 million by 2040 — an alarming growth rate of 52% in less than 20 years.
Biosensing a growing market
As a means of assisting patients and healthcare providers to mitigate the effects of metabolic ailments such as diabetes, Lifespot set out to create a dedicated platform to improve monitoring of the chronic effects of diabetes, and to soften the effects of on-setting symptoms, in 2015.
Lifespot’s wholly-owned subsidiary BodyTel has created a way of monitoring key parameters in the human body such as blood sugar, blood pressure, blood coagulation rates and body weight.
The newly-launched system integrates software to combine enhanced sensor technology with self-learning algorithms, allowing patients to monitor chronic diseases and critical conditions with their smartphones.
The system works with Bluetooth sensors from several leading medical equipment manufacturers that deliver their data to the patient’s smartphone, whilst adding several layers of additional functionality.
Users can trace, edit and analyse their data at their discretion with additional functionality such as cloud-sharing, multi-user access and diary graphs also available.
The system is particularly useful for patients who require regular support and care from third parties such as family members and managed care professionals.
In the event of any deviations or problems, the system notifies registered users and thereby directly reduces response times to chronic health issues that arise unexpectedly.
Users are provided with a dedicated web portal to track all the data that’s generated, and Lifespot expects its range of features to expand over time as further developments are added.
In addition to the functionality already available, BodyTel intends to create further features for patients and healthcare providers with the intention of upscaling both the number of features as well as the system’s target audience over the course of this year.
According to Lifespot, the company is “currently engaged in ongoing negotiations with major companies from the medical device sector about the introduction and further development of the BodyTel infrastructure,” and is likely to update the market in due course.
“We are very proud that we can now start the sales offensive in this huge market,” said Heiner Emden, CEO and MD of Bodytel. “Today we have signed agreements with our existing client ‘B. Braun’ for further development projects to be completed within the first half of 2018,” added Mr Emden.