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Milestone takes aim at $116 billion healthcare market
2 minute read
Milestone Sports has announced it will expand beyond its target running market and try to get into the $116 billion Australian healthcare market – with a prototype due by the end of the year.
The reverse takeover target of Victory Mines (ASX:VIC) told its investors this morning that it was now actively seeking a way to apply its shoe-worn sensor technology to the healthcare sector – in particular to predict falls for at-risk people.
Milestone already makes a shoe-worn sensor to measure factors in a runner’s stride including stride length and gait – and the plan is to apply this technology to the feet of those at-risk of a fall.
It says it is confident that by analysing the data from the device it would be able to accurately predict when a person is at risk of a fall.
This can then be sent as an alert to a healthcare provider.
VIC told its shareholders that in the US alone the indirect cost of falls in 2013 reached up the $US30 billion ($A40.16 billion), according to the US Centres for Disease Control and Prevention.
“The healthcare sector represents a significant opportunity for our technology and another one of the countless potential capabilities of the MileStone Pod and platform,” Milestone Sports’ CEO, Yaron Garmazi, said.
“We have a real opportunity to help professional healthcare providers manage their patients’ injuries and conditions with a solution that isn’t yet available to the market.”
It said it would aim to have a prototype of a device tailored to the healthcare market ready by the end of the year.
It is not guaranteed to hit this deadline, though.
It also said that it had appointed an expert in the health field to act as a consultant in the development of the device.
More on Victory Mines and Milestone Sports
VIC is in the middle of a reverse takeover of Milestone Sports, which has developed a shoe-worn sensor which is designed as a clip-and-go solution, which measures metrics such as foot strike, cadence, rate of impact, and leg swing.
This differs from other similar products on the market as it actively measures these metrics to give the user feedback on running style – instead of simply using GPS data to tell a user how far they’ve run.
The upshot is that Milestone is able to use its analytics platform to tell a user how to improve their run and diagnose problems rather than simply telling a user how far they’ve run.
Milestone has also opened the system up to retailers, meaning they will have insight into when a user may potentially need a new pair of running shoes – giving the retailer another shot at creating a loyal customer rather than losing them entirely after the first transaction.