eWellness Healthcare Corporation (OTCMKTS:EWLL) shares jumped higher on Tuesday after news it has developed a new PHZIO MSK Plus platform as a new silo of business that focuses on the $4 billion North American musculoskeletal-treatment market.
In afternoon trading in New York, eWellness shares were 25% higher at $0.025.
In a statement, the company said its new platform is being rolled out this month and has been developed to support it becoming the leader in the new industry of digital telehealth within the musculoskeletal-treatment (MSK) market.
The company noted that the global musculoskeletal diseases-treatment market is expected to reach US$ 5.7 billion in 2025 from US$$3.8 billion in 2017, according to a report by The Insight Partners. That market is estimated to grow with a CAGR (compound average growth rate) of 5.3% from 2018-2025.
READ: eWellness Healthcare doubles down on $4 billion North American musculoskeletal treatment market
MSK disease affects the joints, bones and muscles and also back pain, and more years are lived with musculoskeletal disability than any other long-term human condition.
eWellness Healthcare is the first physical therapy telehealth company to offer real-time distance monitored assessments and treatments via a smartphone.
The company said its new digital adoption will lower employee treatment costs, expand employee treatment access and improve employee compliance.
Its PHZIO platform allows employees and physical therapists to cut the cord from the old-school, wait in line, brick and mortar clinical experience to an immediate response digital, in-home physical therapy (PT) experience.
The company noted that nearly 100% of all PT assessments and treatments can now be done on an employee’s smartphone in the privacy of their own home, and pointed out that digital MSK treatments are “clearly the next upgrade the industry needs to make.”
Culver City, California-based eWellness has operations in the US and Canada.
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