NEW YORK, March 3, 2020 /PRNewswire/ -- The wearable technology ecosystem continues to rapidly evolve around the world, as several technological developments help stir up demand. Wearable technology presents the potential for significant transformation in many industries, like consumer electronics, communications and even healthcare. In terms of wearable technology evolution, we see body area networks becoming a larger factor along with Internet of Things (IoT) integration involving sensors and user-friendly interfaces to provide a feedback loop of various data. Furthermore, and particularly in the medical field, the accuracy of the data provided back to the consumer is of critical importance. Therefore, medical device manufactures have to focus on continuously improving sensor technology as well as the accuracy of data. The anticipated 5G network development will likely help in that regard and may also change how miniaturization of electronics enables the design of more reliable and adaptable wearables. Overall, the global wearable medical device market size is expected to reach USD 29.6 Billion by 2026 and at a Compound Annual Growth Rate (CAGR) of 17.7%, according to Transparency Market Research. Nemaura Medical, Inc. (NASDAQ: NMRD), Livongo Health, Inc. (NASDAQ: LVGO), DexCom, Inc. (NASDAQ: DXCM), Koninklijke Philips N.V. (NASDAQ: PHG), Garmin Ltd. (NASDAQ: GRMN)
Within the healthcare industry, several major factors influence the innovations behind the medical wearable device market. For example, the increasing prevalence of obesity, as well as the subsequent rising awareness about physical fitness is encouraging people to adopt fitness-related devices like smart bands and smartwatches, which help monitor fitness parameters including calories burned, footstep count, and distance covered while walking or running. Another major component of this market is the demand for blood glucose monitoring devices, which are used for effective diabetes diagnosis and treatment. Obesity is also considered as one of the major factors contributing to the disease, primarily Type 2 diabetes. Among the advancements made in blood glucose level monitoring is the development of continuous glucose monitoring (CGM) devices, which were designed to help in tracking glucose levels in the interstitial fluid as a basis for improving metabolic control and contribute to better diabetes management. Additionally, the CGM devices give beneficial insights into the impacts of meals, exercises, and illnesses that have on an individual's glucose level and reduce the risk of hyperglycemia & hypoglycemia. According to a report by Reports and Data, the Continuous Glucose Monitoring devices market was valued at USD 437.0 Million in 2018 and is estimated to reach USD 1.25 Billion by 2026 while growing at a CAGR of 13.9%.
Nemaura Medical, Inc. (NASDAQ: NMRD) announced today breaking news that it has, "launched its sugarBEAT® App for Android devices on the Play Store in preparation for the planned launch of the Company's BEAT®diabetes subscription based service expected for next month.1
'We believe that the launch of our app is a big step towards our commercial milestones, and we are looking forward to launching the BEAT®diabetes subscription service shortly during Type 2 Diabetes Prevention Week in the UK. This is a very exciting time in our company's development' stated Dr. Faz Chowdhury, CEO of Nemaura.
'The sugarBEAT® app includes time-in-range profiling features which we believe is rapidly being adopted as the primary metric for managing individual daily blood glucose profiles'.
BEAT®diabetes is a subscription based service which, we believe, over time will provide both people with prediabetes and Type 2 diabetes with a number of affordable and empowering tools to better manage, prevent and potentially even reverse their condition.
The first phase of the commercial launch of sugarBEAT® began in the UK after the Company received CE Mark approval in 2019. In this initial phase, devices were supplied to a limited cohort of users while the Company focused on scaling up its manufacturing operations. The UK licensee of sugarBEAT®, DB Ethitronix, is currently in the process finalizing the launch of online sales of sugarBEAT®.
The Company is currently planning a user study comparing sugarBEAT® directly against a highly successful major incumbent CGM sensor with the goal of positioning sugarBEAT® as a non-invasive, daily/flexible, cost-effective alternative to traditional, expensive and invasive CGM.
The global total addressable market for CGM is estimated at $82 billion per annum, consisting of $12.7 billion for Type 1 insulin users (5% of diabetes), $38.0 billion for Type 2 insulin users (15% of diabetes) and $31.4 billion for Type 2 non-insulin users (80% of diabetes). These numbers exclude the prediabetes population which is estimated at nearly three times as large as the diabetes population.2
PiperJaffray Company Note DXCM Sep 5, 2018
About Nemaura Medical, Inc.: Nemaura Medical, Inc. (NMRD), is a medical technology company developing micro-systems-based wearable diagnostic devices and currently commercializing sugarBEAT® and BEAT®diabetes. sugarBEAT® is a non-invasive and flexible continuous glucose monitor (CGM) providing actionable insights derived from real time glucose measurements and daily glucose trend data, which help people with diabetes and prediabetes to better manage, reverse and prevent the onset of diabetes. BEAT®diabetes is a planned health subscription service providing 1-on-1 lifestyle coaching and behavior change recommendations driven by personalized data provided by sugarBEAT®. People with diabetes who take insulin can also adjunctively use sugarBEAT® for insulin dosage purposes when calibrated by a finger stick reading. For more information visit: www.NemauraMedical.com."
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Livongo Health, Inc. (NASDAQ: LVGO) an Applied Health Signals company empowering people with chronic conditions to live better and healthier lives, announced last month that Livongo's Applied Health Signals platform will be available to New Jersey State and School Employee Health Plan Members. Livongo, in partnership with Horizon Blue Cross Blue Shield of New Jersey (Horizon BCBSNJ), will make the Livongo for Diabetes solution available to over 460,000 public employees and their dependents. "As the prevalence and cost of chronic conditions continues to rise, we are excited to be able to offer these new tools and services to make it easier for our members to manage their health," said Christin Deacon, Assistant Director for the State of New Jersey, Division of Pensions and Benefits. "Working within the partnership between Livongo and Horizon Blue Cross Blue Shield of New Jersey, we are now able to bring the industry leading Livongo benefit to the thousands of New Jersey State and School Health Plan Members living with diabetes." Livongo makes it easier for Members to manage their health by providing a connected ecosystem that includes cellular-connected devices and integration with continuous glucose monitors, 24/7 access to health coaches, and real-time health insights delivered through Health Nudges.
DexCom, Inc. (NASDAQ: DXCM) a leader in continuous glucose monitoring (CGM), had partnered with Tandem Diabetes Care in the UK, Sweden, Italy and Spain to distribute the Dexcom G6 CGM System integrated with the Tandem Diabetes Care t:slim X2 insulin pump for people with diabetes. Tandem's t:slim X2 insulin pump with Basal-IQ™ technology uses Dexcom G6 CGM readings to predict glucose levels 30 minutes ahead and suspend insulin delivery when glucose is predicted to go low. Insulin delivery resumes as soon as sensor glucose values begin to rise. Use of the integrated system reduced the time spent below 3.9 mmol/L (70 mg/dL) by 31 percent compared to use of a CGM-integrated pump without automated insulin suspension1. "Combining the Dexcom G6 with Tandem's t:slim X2 insulin pump will meaningfully improve diabetes management. Not only does the system eliminate the need for fingersticks, but it also helps patients reduce the frequency and duration of low-glucose events," said Erik Bjorkman, Dexcom's General Manager for EMEA.
Koninklijke Philips N.V. (NASDAQ: PHG) announced that NewYork-Presbyterian Hospital will expand its telehealth capabilities with Philips remote patient monitoring. The Hospital's affiliated physicians at Weill Cornell Medicine will use Philips eCareCoordinator and eCareCompanion remote patient monitoring software solutions for patients who are under their care. The program will help clinicians monitor patients' health from a distance, and enable timelier consultations with physicians when needed. "NewYork-Presbyterian is pleased to collaborate with Philips to empower patients, who don't need to be in the hospital, to actively monitor their health from the comfort of their home," said Dr. Peter Fleischut, Senior Vice President and Chief Transformation Officer at NewYork-Presbyterian. "As a national leader in telemedicine, we are committed to adopting innovative technologies that make it easier for patients to access our high-quality, compassionate care." Philips eCareCoordinator telehealth software platform allows clinicians to remotely monitor patients' vital signs and send patients short surveys about their health status, while eCareCompanion allows patients to share health information – such as blood pressure, weight, blood oxygen levels, and glucose levels – with their care team via a tablet and connected medical devices on a daily basis.
Garmin Ltd. (NASDAQ: GRMN), Garmin International, Inc., announced last year a breakthrough initiative with SCOR Global Life to inspire consumers around the world to lead healthier lives. The collaboration supports an initial launch of SCOR's enhanced Biological Age Model BAM™ solution with Taiwanese insurer Nanshan. The algorithm leverages Garmin wearables data to compute a person's biological age, providing a clear, easy-to-understand health indicator useful for both consumers and insurers. "Garmin is continuously expanding its smartwatch lineup and developing new technologies to promote active and healthy lifestyles," said Joe Schrick, Garmin vice president fitness segment. "Garmin is eager to work with SCOR Global Life on an innovative underwriting solution that helps insurers leverage objective data from Garmin wearables and responds to the needs of health-conscious consumers." When combined with the Good Life app – built by SCOR's InsurTech solution provider, ReMark – the user-friendly ecosystem supports and encourages consumer lifestyle aspirations. White-labelled for quick, convenient and affordable deployment, Good Life is a lightweight, modular and versatile platform for continuous underwriting and sustainable consumer engagement – complementing the Biological Age Model BAM™ to offer insurers a one-stop, full-service wellness platform. Combined with Garmin's long battery life, impressive array of biometric data, and water-resistant wearable product range, the unique insights generated by consumers deliver a pro-active approach to health management and risk models.
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