REDWOOD CITY, CA - Biotricity Inc. (NASDAQ:BTCY), a technology-as-a-service company focusing on medical diagnostics and consumer healthcare, has announced plans to expand its Cardiac AI Cloud platform.
The company is developing a cardiac AI clinical model designed to assist clinicians in making decisions for cases requiring intervention or review. With the expectation to file for FDA clearance by year-end, Biotricity aims to enhance the precision and efficiency of patient care.
The healthcare AI market is forecasted to reach $208.2 billion by 2030, according to Grand View Research. The remote patient monitoring (RPM) market is also expected to grow, with projections reaching $96.67 billion by the same year. Biotricity's expansion comes at a time when the industry is witnessing an increase in patient data due to the growing number of individuals enrolled in RPM programs.
Biotricity's AI automation engine, already in use, has shown to improve operational efficiency and support the company's growth, as reflected in its improving margins. The company's further development of its automation engine and clinical engine is set to empower healthcare providers to manage larger patient volumes amid resource shortages and a rising population of chronically ill patients.
The company is collaborating with key partner technologies like Google (NASDAQ:GOOGL)'s TensorFlow and Amazon (NASDAQ:AMZN) Web Services to build its cardiac AI clinical model. This model will utilize a vast anonymized dataset, including over 500 billion heartbeats, to develop predictive analytics for early detection of cardiac conditions and improve diagnostic accuracy and patient outcomes once FDA clearance is obtained.
Dr. Waqaas Al-Siddiq, Ph.D., Founder, Chairman, and CEO of Biotricity, expressed enthusiasm about the expansion of their Cardiac AI Cloud platform. He highlighted the company's commitment to revolutionizing medical diagnostics and consumer healthcare through proprietary AI technology and strategic partnerships.
Biotricity's mission is to bridge the gap in remote monitoring and chronic care management, particularly in cardiology. The company is recognized for its preventive and personal care solutions for chronic conditions and continues to develop remote health monitoring solutions for both medical and consumer markets.
This expansion and the anticipated FDA filing are based on a press release statement from Biotricity Inc.
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