NEW YORK, April 1, 2020 /PRNewswire/ -- The healthcare industry has made significant progress when it comes to efficiency and scope in the last several years, yet many complex issues remain unsolved. However, wearable devices provide an innovative solution for various important problems within the healthcare industry, while companies like Apple and Samsung are heavily involved in the innovation of such devices. For instance, wearable technologies allow for constant and remote monitoring of biochemical parameters, as well as human physical activities and behaviors. The most commonly measured data include vital signs such as heart rate, blood pressure, and body temperature, as well as blood oxygen saturation and glucose levels. In the medical field, the accuracy of data provided back to the users is of critical importance. Consequently, medical device manufacturers have to focus on reimagining sensor technologies and improving accuracy of data. Furthermore, the highly anticipated 5G network development is expected to help in that regard and may also change how miniaturization of electronics enables the design of more reliable and adaptable wearables. Overall, the wearable medical devices market value is projected to reach USD 14.41 Billion by 2022 from USD 6.22 Billion in 2017 while expanding at a Compound Annual Growth Rate (CAGR) of 18.3%, according to a report by MarketsandMarkets. Nemaura Medical, Inc. (NASDAQ: NMRD), Masimo Corporation (NASDAQ: MASI), Abbott Laboratories (NYSE: ABT), Alpha Pro Tech Ltd. (NYSE: APT), Hologic, Inc. (NASDAQ: HOLX)
The recent pandemic, which has put a heavy toll on our economy and pushed the healthcare system into a severe scarcity problem, further illustrates the importance of wearable remote monitoring devices. As hospitals are desperate to make space for only the sickest patients, they are evaluating the use of new technologies to monitor patients from their homes. According to a recent report by STAT, U.S. medical personal are seeking to avoid the fate of Bergamo, Italy, where centralized care in hospitals seems to have caused to a sharp rise in the infection rate and death toll, and left health care workers overwhelmed. "Traditional health care delivery is inadequate in dealing with this pandemic," Raj Khandwalla, a physician and Director of Digital Therapeutics for the Smidt Heart Institute at Cedars-Sinai Medical Center in Los Angeles. "We have to use a health care strategy that deploys resources throughout an entire community, and that's where remote monitoring comes in." In addition, companies from various industries have had to step up and increase production of necessary equipment, such as testing kits and ventilators, as well as other necessary accessories like medical masks and gloves.
Nemaura Medical, Inc. (NASDAQ: NMRD) just announced breaking news that, "it immediately plans to repurpose and commercialise the CE approved sugarBEAT® platform as a CTM making use of the inbuilt temperature sensor which is capable of continuously tracking body temperature. Nemaura is considering various options to expedite the launch of a CTM, including potential partnerships and direct to consumer sales.
As a direct response to the COVID-19 pandemic, Google's Verily is developing a small body worn temperature patch that transmits data to a phone application to provide timely notification of fever and support earlier diagnosis and treatment of a viral infection like the flu or coronovirus1. Nemaura Medical sees a significant commercial opportunity to utilise the sugarBEAT® platform specifically for CTM purposes with data being automatically sent by low energy blue tooth to a mobile phone app from which it can be sent to a member of family or caregiver for remote tracking of body temperature.
Several diseases including COVID-19 are characterised by fever (an increase in body temperature) meaning that temperature monitoring is a vital tool in the detection of such a condition and consequently a means of containing the spread of the disease through isolation. Measuring body temperature on a continuous basis may also be used to track the course of a disease and so allow physicians to analyse the effectiveness of treatments and thus pro-actively adapt to improve outcomes.
Dr. Chowdhury, CEO of Nemaura stated, "body temperature can vary depending on the age of the person, their level of (recent) physical activity, the time the measurement is taken and importantly where on the body the temperature is taken. For this reason the ability to track the temperature continuously over time and measure the rate at which it is rising or falling would be a superior form of monitoring a person than sporadic measurements taken using a thermometer."
Nemaura recently announced that it is planning the launch of proBEAT™ in the USA, a wellness device and digital service targeting 88 million pre-diabetics and over 34 million diabetics2, to help them make informed decisions through prompts relating to blood glucose levels caused by individual diet and lifestyle to help prevent diabetes or manage Type 2 diabetes."
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Masimo Corporation (NASDAQ: MASI) and University Hospitals (UH), one of the largest health systems in Northeast Ohio, jointly announced last week that Masimo SafetyNet™, an innovative, economically scalable patient management system designed to help clinicians care for patients remotely. The COVID-19 health emergency has significantly increased the demand for remote monitoring and patient engagement solutions in multiple settings. To proactively prepare for a surge in COVID-19 patients while maintaining the safety of other patients and providers, this new solution allows UH and other hospitals to expand patient monitoring to the home or to other facility locations set up temporarily to care for the increased demand. Current WHO guidelines recommend the monitoring of suspected or confirmed COVID-19 patients' oxygen saturation (SpO2), respiration rate (RR), and temperature, and Masimo and UH are meeting this increased demand by adapting existing technology to deliver a secure remote solution.
Abbott Laboratories (NYSE: ABT) announced last week that the U.S. Food and Drug Administration (FDA) has issued Emergency Use Authorization (EUA) for the fastest available molecular point-of-care test for the detection of novel coronavirus (COVID-19), delivering positive results in as little as five minutes and negative results in 13 minutes. The test will run on the company's ID NOW™ platform, providing rapid results in a wide range of healthcare settings such as physicians' offices, urgent care clinics and hospital emergency departments. "The COVID-19 pandemic will be fought on multiple fronts, and a portable molecular test that offers results in minutes adds to the broad range of diagnostic solutions needed to combat this virus," said Robert B. Ford, president and chief operating officer, Abbott.
Alpha Pro Tech Ltd. (NYSE: APT) announced earlier this month an update to the status of orders booked for APT's personal protective equipment products in connection with the coronavirus (Covid-19) pandemic. As of March 11, 2020, APT has booked approximately $22.6 million in orders for the company's proprietary N-95 Particulate Respirator face mask since January 27, 2020, an increase of $8.5 million, or 60%, from the $14.1 million reported as of February 27, 2020, and demand for the product remains strong. As a result of a ramp up in production, the company maintains expectations to fulfill approximately $4.0 million of the currently booked orders in the first quarter of 2020, with the remaining $18.6 million in backlog of orders to be fulfilled by early in the third quarter of 2020. The company still expects the ramp up plan on N-95 face mask production to be completed by early May, which will enable the company to continue to fulfill current and expected future orders.
Hologic, Inc. (NASDAQ: HOLX) announced earlier this month that the U.S. Food and Drug Administration (FDA) has granted Emergency Use Authorization (EUA) for the Company's new Panther Fusion® SARS-CoV-2 assay, a molecular diagnostic test that detects SARS-CoV-2, the virus that causes COVID-19 disease. Hospital, public health and reference laboratories can perform the test on Hologic's Panther Fusion system, a fully automated, high-throughput molecular diagnostic platform that is widely used across the United States. Each Panther Fusion system can provide results in less than three hours and process up to 1,150 coronavirus tests in a 24-hour period. Using the Panther Fusion system, healthcare providers can test for SARS-CoV-2 from the same patient sample and collection vial that they currently use to diagnose other common respiratory viruses whose symptoms overlap with COVID-19, boosting efficiency and increasing clinical insight.
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