The Company has designed and developed a portable, multi-parameter, non-invasive, hand-held emergency vital signs monitor, called COREMED X. COREMED X measures electrocardiogram, heart rate, respiration rate, peripheral capillary oxygen saturation, capnography, blood pressure and body temperature. The vital signs data collated by the monitoring device are then relayed to a server that encloses the running of the web application and the relevant database when the device is connected either manually or via Bluetooth to an internet connection.
The Company has also developed a secondary device, called COREMED M, which is a mobile remote vital-sign monitoring device based on GPS/GPRS. This technology incorporates the Company’s proprietary sensing technologies and software algorithms. The intended users of this portable technology are clinicians working in rural, remote, or extreme environments. Due to the size of incumbent technologies currently available, remote clinics and medical military corps invariably use makeshift tents to provide medical treatment, therefore space is a premium.
The Company has identified a number of potential primary revenue streams:
- Direct global sales to pre-hospital assessment healthcare service,
- Direct global sales to the defence sector, particularly military medical corps
- Partnering with a medical devices distributer.
COREMED is marketed primarily at the demand for emergency and out-of-hospital care monitors. The U.S. market for advanced patient monitoring systems has grown from US$3.9 billion in 2007 to US$8.9 billion in 2011 and is forecast to reach US$20.9 billion by 2016, according to a study by Kalorama Information.