The global vital signs monitoring device market size is currently a $4.95 billion-dollar industry with expected growth to over $6 billion by 2025. Increasing demand for home healthcare services, a rising number of healthcare settings and rising prevalence of chronic disorders are the key drivers responsible for the lucrative growth of the market. Also, there is a lack of a viable solutions for continuous monitoring and acquiring of vital sign data, especially in borderline cases e.g. heart failure, child labor, heart disease, and a lack of a system for easy access, storage, updating and safekeeping patients’ medical records.

We offer an ecosystem of software and hardware solutions e.g. an all in one data monitoring/management system that is secure, cost efficient, mobile and user friendly; We offer a wireless medical device paired with a web application, and a real-time online cloud database for continuously recording vital signs and storing/accessing medical records and imperative personal health information.

 
 

Some of the key players in the vital signs monitoring device industry include Koninklijke Philips N.V., Medtronic, Nihon Kohden Corporation, GE Healthcare, Masimo, Omron Healthcare, Contec Medical Systems Co. Ltd, A&D Company Ltd., Nonin Medical Inc., and SunTech Medical, Inc.

New product developments, collaborations, regional expansion, and mergers are key strategic initiatives in the industry.

Our device reps work directly with customers providing online support and sales demos to educate and personalize to meet their needs.

We are projecting sales of $200,000 in year 1, $600,000 in year 2 and $1.5 million by year three. Our cost for production of one device is approximately $100.00 and we anticipate the sale price for the devices to be $200.00.  This gives a healthy profit margin to allow for further investment into the brand and company.

We are looking for a board investment of $500,000 dollars to cover inventory and startup costs.

Vital signs monitoring devices have evolved over a short duration of time from individual devices measuring blood pressure (BP), pulse, and the temperature to a combined all-in-one device which measures all three. In addition to this, there has been increased innovation in this product category which is fueling the growth of products in this category.

According to Grand View Research, the global vital signs monitoring devices market size was valued at  $4.1 billion in 2016 and is expected to grow at a CAGR of 6.5% through  2025,(exceeding $6 billion). Constant innovation in products, increasing demand for home healthcare services, rising number of healthcare settings primarily hospitals and rising prevalence of chronic disorders are the key drivers responsible for the lucrative growth of the market. 

We offer an all in one monitoring device that is cost efficient, mobile and user friendly.  Our devise monitors a patient's BP, pulse, & temperature, can be used in multiple medical facilities and settings and can be purchased for just $200 per unit. Unites paired web app and cloud database provide all in one aces, ability to real time monitor and get notified about irregularities, have a clearer picture of personal/patient condition, which makes our ecosystem a revolutionary personal/patient care system that will reduce both the cost of medical equipment for monitoring patients, needed onsite personnel, simplify and speed up the process of diagnosis, care, and aces to patients medical records and improve on overall care and healing process of patients.

Target Market

Hospitals will form the largest end-user with share of around 35.0%.  This is contributed to their large patient pool, and greater financing capability for these devices.  Physician's offices and ambulatory centers will be the second and third largest users. 

The demand for vital signs monitoring devices in home healthcare settings will continue to grow as patients are preferring to take treatment this way as it is more comfortable, convenient and cost efficient for the patient and their family as compared to an extended hospital stay. 

Additionally, developed regions such as the U.S. and UK have streamlined policies for the reimbursement of home healthcare medical devices including vital signs monitoring devices. Thus, as the burden of NCDs (non-communicable disease) is increasing, there may be an increase in demand for these devices for the home healthcare sector.

 

 
 

Some of the key players in vital signs monitoring devices industry include Koninklijke Philips N.V., Medtronic, Nihon Kohden Corporation, GE Healthcare, Masimo, Omron Healthcare, Contec Medical Systems Co. Ltd, A&D Company Ltd., Nonin Medical Inc., and SunTech Medical, Inc. New product developments, collaborations, regional expansion, and mergers are key strategic initiatives.

For instance, in May 2017, Masimo announced a partnership with Midmark Corporation. This partnership is based on the inclusion of Masimo SET technology in the IQvitals Zone devices. This is expected to increase the product reach and product diversity of the company.

North America is currently the dominant region for vital signs monitoring devices market. Expanding base of geriatric populace, rising occurrences of interminable disorders, developing interest for remote and wireless devices combined with streamlined coverage policies are main considerations crediting to its bigger piece of the market. 

Europe, particularly the Western European nations, because of higher death rate and rising demand for cost efficient treatment, is projected to remain the second most profitable region over the forecast period.

The Asia Pacific regional market is likely to develop at the speediest rate over the forecasted time. This can be attributed to the extensive unmet needs in this region including primary healthcare. This is especially true in the developing markets such as India and China. Furthermore, rising medical tourism and improving healthcare sectors in this region will have a lot to offer for the market players over the forecast period.

We offer an all in one monitoring device and software that is cost efficient, mobile and user friendly.  Our devise monitors a patient's BP, pulse, & temperature, can be used in multiple medical facilities and settings and can be purchased for just $200 per unit.  Our device reps work directly with customers providing online support and sales demos to educate and personalize to meet their needs.

We plan to market our product online using a website, social media, e-mail, phone and direct to customer campaigns.  Through these channels we will reach the key decision makers using information blasts, instructional video adds, Web-ex and in person demonstrations.

Our plan is to establish a direct sales team that will be paid a commission of no more than 10% per sale.  The commission rate could vary depending on if the rep is inside sales or outside sales.

BIOX was founded incorporated in 2019. BIOX raised funds from its founding team who also donated their time and content expertise. It is the first time BIOX is seeking government funding to take its efforts to the next step. NSF SBIR grant program fits perfectly in BIOX’s overall vision and plans. With NSF SBIR funding we plan to further BIOX’s technology and achieve the following: a) Build a product road map, b) Build intelligent data management to illuminate data blind spots and enable innovation at scale, c) Complete self-service cloud platform and accelerate sales, d) Create HIPAA-compliant data storage with ID and record management, e) Expand engineering team, f) Undergo 510(k) Review and submission, and g) Contract 10 new enterprise customers.

BIOX will not have sub awardees. We currently have an extensive resource network. Our plans include a third-party consultant to conduct independent lab testing to confirm proof of concept and verify product results. In addition, we plan to hire a consultant for FDA 510(k) review and submission. FDA approval will be an important milestone in our product commercialization. Beyond Phase I, our plans include hiring an IT security consultant whose role will be to ensure the security of our platform, protection of sensitive patient information, BIOX IP, and client systems.