Yahoo Finance Abbott's (ABT) New Launch to Boost Blood Donation Experience
Abbott Laboratories ABT recently unveiled an advanced new mixed reality experience for use during blood donation along with Blood Centers of America. Currently, the experience is being piloted on a limited basis at select Blood Centers of America locations nationwide.
As part of the effort to launch this new technology, Abbott and Blood Centers of America are asking people to pledge to donate blood now and sign up to be notified when the mixed reality experience becomes available in their local area.
The latest development is expected to fortify Abbott’s Medical Device business.
More on Mixed Reality
The mixed reality technology is an immersive digital experience intended to enhance the blood donation process, attract new donors and motivate a younger generation to give blood. It was designed based on research that natural settings are the most favored environment as donors give blood.
The mixed reality experience enables blood donation professionals to safely conduct the donation and interact with donors at every step of the process. During the donation, donors' eyes are always visible to ensure constant monitoring and assessment. Participants wear lightweight mixed reality headsets to enter a digital world but remain fully aware of their surroundings, ensuring a seamless, convenient and safe donation.
The mixed reality journey utilizes Microsoft HoloLens 2 — the world's first self-contained holographic computer, enabling hands-free interaction with three-dimensional digital objects and a library of applications.
Benefits of Mixed Reality Experience
Per Abbott’s management, mixed reality experience tends to tackle the global challenge of sustaining a reliable blood supply. Not only is it an immersive and exclusive use of mixed reality controlled completely through eye tracking, but it is highly technology-enabled and creative way to enhance the donation experience and make it more alluring for people to participate.
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It is worth mentioning that as the need for blood is constant, companies are looking for creative new ways to cultivate the next generation of blood donors and find younger people interested in giving. By attracting people who have never donated before or may be apprehensive, the mixed reality experience is a tremendous way to get those interested in participating as it adds a fun, interactive element to donation and it's easy and convenient for blood centers to use.
Industry Prospects
Per a report by GlobeNewsWire, the demand for global Blood Transfusion Market size & share was valued at nearly $4.1 billion in 2021 and is anticipated to reach over $6.1 billion by 2028 at a CAGR of 6.90%.
Recent Developments
In December 2022, Abbott announced that its FreeStyle Libre 3 sensor integrated with the mylife Loop solution — building a smart, automated process to deliver insulin based on real-time glucose data. This automated insulin delivery system (AID) solution is now available in Germany and will be accessible in other European countries starting in 2023.
In the same month, Abbott received FDA approval for its Eterna spinal cord stimulation (SCS) system for treating chronic pain. The Eterna SCS system is the smallest implantable, rechargeable system that is currently available on the market for this indication.
Price Performance
Shares of the company have lost 17% in a year compared with the industry’s fall of 40.9%.
Zacks Rank and Key Pick
Abbott currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are AMN Healthcare Services, Inc. AMN, Boston Scientific Corporation BSX and Merit Medical Systems, Inc. MMSI.
AMN Healthcare, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 3.3%. AMN’s earnings surpassed the Zacks Consensus Estimate in all the trailing four quarters, the average beat being 10.9%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
AMN Healthcare has lost 10.6% compared with the industry’s 30.3% decline in the past year.
Boston Scientific, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 10.3%. BSX’s earnings surpassed estimates in three of the trailing four quarters and missed the same in one, the average beat being 1.9%.
Boston Scientific has gained 6.8% against the industry’s 42.6% decline in the past year.
Merit Medical, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 11%. MMSI’s earnings surpassed estimates in all the trailing four quarters, the average beat being 25.4%.
Merit Medical has gained 13.7% against the industry’s 8.7% decline in the past year.
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