MyFiziq says this is the key to the success of its body measurement tech
Special Report: Ask almost anyone who’s ever tried to lose weight – the scale is often your worst enemy.
You read the health books, started a new diet, enrolled at a gym and yet, the numbers don’t budge.
It’s a common frustration that’s fuelled a boom in health and fitness – an industry now worth US$80 billion globally.
But one ASX-listed company wants to end our tumultuous relationship with the bathroom scale and other outdated body measurement tools. It has a new solution is revolutionising the way we assess and track health and fitness.
Perth-based MyFiziq has developed a simple, cost-effective, AI-driven solution that enables individuals to accurately capture, track and visualise changes in their body measurements – right from their smartphone.
Instead of focusing on weight, which can fluctuate or stagnate depending on your fat loss and muscle growth, the company (ASX:MYQ) offers users a crystal clear picture of their body, records specific measurements and tracks progress over time.
What’s more is that the tech can easily be integrated into other apps and digital platforms, unleashing endless opportunities for personalised body tracking across a number of applications.
UFC legend Conor McGregor and heavyweight champion Floyd Mayweather have both signed on to add MyFiziq’s technology to their respective fitness apps and companies like Prudential Singapore are also now using it to supercharge their corporate wellness programs.
But the real punch for MyFiziq (ASX:MYQ) and a key opportunity for investors is the accuracy of its tech.
The rocket science behind body measurements
Despite the array of wearables, body scanners and apps available to help users measure everything from steps to sleep, MyFiziq CEO Vlado Bosanac says getting an accurate body or fitness measurement is harder than most people think.
“Measuring one’s body circumferences is actually far more difficult than people think. Measurements can vary between moments simply because remembering the exact location of the tape is near on impossible. Even ISAK trained technicians allow a 2.5% variance.”
“The human body is always in a state of continuous change – your food intake, activity and even something as simple as your breathing or body position can dramatically affect your results.We track you digitally, so the location is a fixed position, therefore, eliminating the human error.”
“Jumping on a scale really only tells you if you’re losing mass. What people really want to know is whether they’re losing or gaining in the areas they care about.”
Tape measurements are often used to establish a baseline for waist or hip measurements, but studies show results can vary greatly depending on the measurement protocols used, the type of tape measure, who measures you, and when.
Getting a truly accurate reading takes some serious effort – an issue that’s long frustrated scientists and clinicians.
MyFiziq’s body measurement tech, however, takes just a few minutes with an average accuracy of 97.5%, a great result considering that body measurement Experts strive to achieve a 2.5 percent inter-tester technical error of measurement, which also equates to an accuracy of 97.5%.
A recent study of more than 800 people by the University of Western Australia confirmed this finding, showing the tech was highly accurate across the four circumference measures (chest, waist, hips and thigh).
The study also tested a new feature developed by MyFiziq in conjunction with Body Composition Technologies which is capable of measuring one’s body fat percentage – another key health metric that can be frustratingly tough to pin down.
The study found the body fat scores to be 89 percent accurate when compared to iDXA X-ray scan results, which is significant when you consider that MyFiziq’s measurements are created from just two smartphone selfies in the comfort of your own home.
MyFiziq says it’s not done yet, however and has set a target of 95 percent accuracy.
“The question we get asked the most is ‘Just how accurate is technology?’”
“It’s easy to understand the scepticism because until now, there simply wasn’t a solution that was accurate as well as simple to use, accessible to anyone and able to be integrated into other platforms.”
“I’m glad to say that we’re winning over more sceptics every single day. Once you see it in action, it’s hard not to imagine the potential applications.”
Sizing up the opportunities
Body composition is an important health and human performance indicator.
It’s used to assess risk levels for health issues such as diabetes, pre-diabetes, heart disease, osteoporosis, osteoarthritis and sarcopenia (muscle loss).
With a quick, easy and cost-effective way to record and track body composition measurements, we’re likely to see stronger health outcomes for users and numerous commercial opportunities for MyFiziq and its customers.
“We give businesses the ability to integrate different parts of our technology into a solution that fits their needs, which means we can maximise the technology’s commercial applications.
“Online apparel brands want to improve the accuracy of sizing and improve loyalty, insurers want to better understand their policy holders and the level of risk they take on and businesses, especially in the US where they’re responsible for employee health coverage, want to improve adoption and engagement in corporate wellness programs – our technology can do all of that and more.”
MyFiziq is a Stockhead advertiser.