The phase-out of 3G wireless service across the US brings with it a host of challenges and loss of function for many companies. However, firms looking to grab a larger share of the market in the midst of this economy-wide shift can do so by using the advantages of 4G and 5G to make their products better. The medical alert device industry can improve the lives of their customers by improving the quality and functionality of their products to be more in line with 4G and 5G features.
MEDICAL ALERT DEVICES ON THE RISE
The senior population is growing, as is the number of lone workers. Both segments of the market looking for reliable mobile alert devices to keep them safe. Life Alert and other industry giants like Bay Alarm Medical and Nortek have long been the foregone conclusion for customers, families, and employers looking to stay safe. But the advent of new technology brings with it a great opportunity for smaller firms, like Toronto-based Wearable Health Solutions (OTCMKTS: WHSI), to make a name for themselves and provide strong value to investors.
With more infrastructure dedicated to 4G and 5G services, medical alert device manufacturers and service providers are awash in new opportunities. The upgrade from 3G to 4G allows firms like WHSI to bring more innovative and customized solutions to the market for their customers. In doing so, the medical device alert industry (also referred to as the personal emergency response system or PERS industry) has a unique opportunity for its players to introduce faster, more accurate devices.
According to Verizon Wireless, there are several benefits to be had by upgrading from 3G. By switching to 4G and 5G, device companies and their customers can reap benefits like:
- A more connected national network of coverage
- A major reduction in “lag time” or latency
- Increased bandwidth
- Higher data transmission speeds
- A stronger, more reliable network
NEW OPPORTUNITIES FOR SMALLER PROVIDERS
A recently released report of the industry highlights major players like Phillips Lifeline and Life Alert and offers guidance on the trends and market segments within the industry. These mammoth firms certainly have the largest share of the market, but it’s hard to eat more when you’re bloated. This means the greatest opportunity for investor returns may be in smaller firms like WHSI, whose market share and stock price can skyrocket with the announcement and release of new products.
Because 4G and 5G offer such strong benefits, firms like Wearable Health Solutions (OTCMKTS: WHSI) are creating better, more attractive products. For customers in the PERS market, ease of use, quick response times, highly accurate location information, and reliable communication services are paramount.
In fact, with the release of its much-anticipated iHelp 4G MAX, WHSI plans to do just that. Its telehealth-ready product, will provide “better coverage, faster response times, and pinpoint accurate location tracking.” The new product builds on the success of their 3G model and will allow dealers to grab new customers by competing more aggressively with the well-established large firms in the PERS space. This would not have been possible under now outdated 3G technology.
New technology makes it easier for Wearable Health Solutions (OTCMKTS: WHSI) to take on the old guard of PERS device companies. With this increased competition comes a big upside for investors. WHSI’s current stock price of $0.0103 provides little downside for investors, but exponential upside, with even the slightest gain in market share. Once their iHelp 4G MAX hits dealers’ shelves, their track record of year-over-year growth in sales looks to continue and their stock price should follow suit. WSHI is a must-watch for 2022.
More on WHSI here: https://topnewsguide.com/2022/01/24/whsi-inks-marketing-deal-to-drive-revenue-growth/
This article is part of a sponsored investor education program.
