Medxtractor Doubles Down on B2B Licensing & mHealth
August 3rd, 2021
Psychedelics, Top Story
Medxtractor Corp. (CSE: MXT) (OTCQB: MXTTF) is known for its award-winning extraction equipment, but recently, the company refocused its efforts on its proprietary health-related databases, machine learning analysis, and plans to engage in B2B licensing and mHealth.
Mental health disorders are notoriously difficult to diagnose and treat. Unlike most other ailments, there isn’t a simple test that physicians can use to diagnose a patient with a disorder. Many mental health disorders have treatment options, but they aren’t nearly as safe and efficacious as conventional pharmaceuticals or therapies.
Medxtractor Corp. (CSE: MXT) (OTCQB: MXTTF) aims to address these problems by pairing biometric interviews with brainwave data to create a proprietary mental health reference database. Using machine learning algorithms and qualified practitioner input, the company is leveraging that data to build tools that deliver digital diagnostic opinions.
The company’s initial focus is on predicting the potential benefits of psychedelic drugs on various mental health conditions and developing an mHealth consumer health application, called YMI, to predict an individual’s current and future mental and physical health conditions. The company anticipates launching both programs this year.
Data Bridge Market Research believes that psychedelics will grow at a 13.3% compound annual growth rate from $2.8 billion in 2020 to $7.6 billion by 2028. But, of course, the growth in the market will depend mainly on accurately diagnosing patients with certain mental illnesses and successfully treating those conditions with psychedelics.
Data Bridge sees strong psychedelics growth. Source: Data Bridge
“As the reference database was being developed, it became apparent that there were additional applications that could benefit from the same database,” said President James Durward. “While the original ‘business-to-business’ application anticipates licensing the database to researchers, practitioners, and developers in the psychedelics field, the YMI application targets the far broader consumer mHealth market.”
GM Insights projects that the market for mHealth products will grow at a 30% compound annual growth rate from $56 billion in 2020 to more than $805 billion by 2030. While wearables have driven adoption thus far, applications that can translate the data generated from these wearables into actionable insights could see the most future growth.
GM Insights sees massive market growth. Source: GM Insights
Medxtractor’s health platform could be the key to unlocking both of these massive and growing markets. By combining mHealth data from wearables with its reference database, the company hopes to provide actionable health insights to consumers. Meanwhile, the same reference database could help psychedelics companies deliver on their promises.
In addition to targeting large markets with a compelling solution, the company is cultivating an attractive business model. The reference data it collects and its constantly improving machine learning algorithms create a moat that prevents competitors from quickly stepping into the market. At the same time, the software-based nature of the business could translate to higher profit margins and easy scalability into different verticals.
Investors may want to look at the company as it gears up to launch its interactive website before August 31, 2021, and its business-to-business licensing before November 30, 2021. These catalysts could provide a key proof-of-concept and help the market better understand the story—ultimately setting it up for success.
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