Vuzix delivers remote servicing solutions to the medical device market to assist in compliance with COVID-19 travel and site visit restrictions
Vuzix® Corporation (NASDAQ: VUZI), ("Vuzix" or, the "Company"), a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products, announced that it is working with medical device company BioSig Technologies, Inc. (NASDAQ: BSGM) to offer remote servicing for BioSig's PURE EP™ System for electrophysiology, expanding the Company's remote support solutions for the medical device market to help customers adapt to COVID-19 travel and site visit restrictions. Vuzix' M400 Smart Glasses will enhance the utility of BioSig's PURE EP™ Systems in advance of their accelerated commercialization and rollout to hospitals nationwide. This remote servicing solution is intended to enable BioSIG's continued installations, upgrades, and training during COVID-19 travel restrictions and lockdown limitations.
The size of the global medical devices and diagnostics (MD&D) market was estimated at $460 billion in 2019 according to a 2020 report by Life Science Intelligence (LSI) and Health Research International (HRI). The same report indicates that MD&D revenues are expected to increase by a 4.9% annual rate through 2024. Entry into this market segment expands the Company's healthcare opportunity substantially.
Equipped with Vuzix Remote Assist (VRA) software, Vuzix Smart Glasses products provide physicians and clinicians with quick remote access to technical experts who can assist with servicing unique hardware architecture and digital modality for a wide range of medical devices being utilized in the field. Enterprise use of Vuzix Smart Glasses enables technicians to eliminate the necessity of most on-site visits, dramatically decreasing time and expense for both the Company and its customers. For support during the COVID-19 pandemic, Vuzix Smart Glasses has been providing much needed maintenance and service options for medical device companies. Vuzix products also offer a key COVID-19 compliance solution for medical centers and hospitals operating at maximum bed capacity that require rapid servicing for HVAC, electrical and technical needs, among others.
Vuzix President and Chief Executive Officer Paul Travers commented, "Vuzix continues to support numerous medical and healthcare organizations that are relying on our smart glasses to perform a wide range of services in healthcare ranging from performing surgeries, providing patient care, training, remote learning, remote field services, and much more. Vuzix Smart Glasses have been deployed successfully around the world to support healthcare and solve operational challenges. We are happy to support BioSig as they continue their plans for commercialization of their PURE EP™ System."
"It is clear that remote technologies like this have been critical to many industries, especially healthcare in areas like telemedicine and remote service as of late. Using the Vuzix smart glasses-based solution brings greater flexibility to BioSig as well as to our customers, potential customers, and their respective teams," said Kenneth L. Londoner, Chairman & CEO of BioSig Technologies, Inc. "This opens up numerous new avenues for us as we continue the rollout of our PURE EP™ System nationwide."
About BioSig Technologies
BioSig Technologies is a medical technology company commercializing a proprietary biomedical signal processing platform designed to improve signal fidelity and uncover the full range of ECG and intra-cardiac signals (www.biosig.com). The Company's first product, PURE EP (tm) System, is a computerized system intended for acquiring, digitizing, amplifying, filtering, measuring and calculating, displaying, recording and storing of electrocardiographic and intracardiac signals for patients undergoing electrophysiology (EP) procedures in an EP laboratory.
About Vuzix Corporation
Vuzix is a leading supplier of Smart-Glasses and Augmented Reality (AR) technologies and products for the consumer and enterprise markets. The Company's products include personal display and wearable computing devices that offer users a portable high-quality viewing experience, provide solutions for mobility, wearable displays and augmented reality. Vuzix holds 184 patents and patents pending and numerous IP licenses in the Video Eyewear field. The Company has won Consumer Electronics Show (or CES) awards for innovation for the years 2005 to 2021 and several wireless technology innovation awards among others. Founded in 1997, Vuzix is a public company (NASDAQ: VUZI) with offices in Rochester, NY, Oxford, UK, and Tokyo, Japan. For more information, visit Vuzix website, Twitter and Facebook pages