Patients Benefit From Rapidly Advancing Technology in Wearab
FinancialBuzz.com News Commentary
NEW YORK, May 12, 2020 /PRNewswire/ -- The future of the medical device market depends on rapid innovation and the continued development of medical infrastructure around the world. Some of the emerging technological trends in this market have potential for a significant impact on the dynamics of the medical industry; including the increasing use of AI-Optimized medical devices, increasing prevalence of wearable medical devices, and growing adoption 3D-Printing in the industry. Among these the trends, the wearable medical devices have benefited most from new technologies like the internet of Things (IoT) and it is due to the increasing trend of connectivity, as well as the spread of IoT, that wearable medical tech is now very popular. According to data published by Lucintel, the medical device market is expected to reach an estimated USD 432.6 Billion by 2025, and it is forecast to grow at a CAGR of 4.1% from 2020 to 2025. Nemaura Medical, Inc. (NASDAQ: NMRD), Apple Inc. (NASDAQ: AAPL), Medtronic plc (NYSE: MDT), Garmin Ltd. (NASDAQ: GRMN), Becton, Dickinson and Company (NYSE: BDX)
Wearable devices provide an innovative solution for various important problems within the healthcare industry. In fact, companies like Apple and Samsung are heavily involved in the innovation of such devices. Generally, there are two types of wearable devices that are used for studying health indicators. The first includes devices developed for healthcare professionals. Other devices have been developed for health consumers, like the on-wrist activity trackers (such as Fitbit) and mobile phone apps and add-ons. Wearable devices and data analysis algorithms are often used in conjunction, simplifying the user interface for both medical professional and patients. A report by the Healthcare Information and Management Systems Society, Inc. (HIMSS) indicates that, "The wearable applications can directly impact clinical decision making. Some believe that wearable technologies could improve the quality of patient care while reducing the cost of care, such as patient rehabilitation outside of hospitals. The big data generated by wearable devices is both a challenge and opportunity for researchers who can apply more artificial intelligence (AI) techniques on these data in the future."
Nemaura Medical, Inc. (NASDAQ: NMRD) announced yesterday breaking news regarding, positive initial user-volunteer data from its head-to-head comparison with a major incumbent CGM device.
Earlier this year Nemaura announced that following discussions with various healthcare insurers, it was planning head-to-head comparisons with one or more major incumbent CGM devices. The aim of these studies was to position sugarBEATÒ as a cost-effective, flexible alternative to marketed invasive CGM, allowing continuous glucose monitoring on days the user chooses, and therefore, we believe, reducing the overall cost burden to users and healthcare insurers alike. Today, the Company reported early results comparing data between sugarBEATÒ and a major incumbent CGM device, demonstrating sugarBEATÒ accuracy on par with the incumbent CGM device, using a single finger prick calibration. Further details can be viewed on a report published on the company's website at: https://nemauramedical.com/publications/
Dr Faz Chowdhury, CEO of Nemaura, stated: 'The primary objective of these user studies comparing sugarBEATÒ with marketed CGMs was to demonstrate that similar long term clinical outcomes can be achieved irrespective of whether CGM is used every day of the month or only on a few days of the week or month. We believe that the implications of this would be that the annual cost per user would dramatically fall, making it affordable for the 90% of the diabetic population that are Type 2, the majority of whom do not require continuous daily monitoring, and those persons with Type 1 diabetes who are not currently using any CGM for whom having an occasional daily glucose profile would provide a powerful insight into the control over their blood sugar levels and Time-in-Range profiles. Our overall goal is to empower users with data that helps them develop control over their glucose fluctuations and guide them towards improved Time-in-Range profiles to reduce the long term complications of diabetes and help potentially reverse Type 2 diabetes, and also help those with pre-diabetes from developing diabetes. We believe that sugarBEAT is uniquely positioned to be able to achieve these goals, given that existing invasive CGMs are costly and do not have the flexibility of wear and resulting cost-advantage that we believe sugarBEAT provides.'
Dr Chowdhury discussed the commercial rollout and unique positioning of sugarBEATÒ in an exclusive interview with Redchip, which can be viewed here: https://youtu.be/7Mujq9_wDOw
Nemaura also plans to launch proBEAT™ in the USA later this year, which is expected to help users improve their knowledge of how a range of lifestyle, dietary and health and wellbeing factors impact their sugar levels by deploying sugarBEATÒ to act like a black box flight recorder. It is planned that big data about the multitude of factors that affect glucose levels will be gathered from all users and employed in developing and subsequently "fine-tuning" predictive algorithms and artificial intelligence based feedback and prompts. We believe that these will then be able to both educate and provide motivational tools to the user to encourage them to lead a healthier lifestyle, targeting over 85 million people that are pre-diabetic and over 24 million people who have Type 2 diabetes in the US. Nemaura is intending to pursue reimbursement from healthcare insurers in the US for proBEAT™."
For our latest "Buzz on the Street" Show featuring Nemaura Medical, Inc. recent corporate news, please head over to: https://www.youtube.com/watch?v=n4ahjRz1UNY
Apple Inc. (NASDAQ: AAPL) announced last year that the ECG app on Apple Watch Series 4, a direct-to-consumer product that enables customers to take an electrocardiogram right from their wrist, is available in Hong Kong and 19 European countries, including France, Germany, Italy, Spain and the United Kingdom. The ECG app and irregular rhythm notification feature can alert users to signs of AFib. Left untreated, AFib is one of the leading conditions that can result in stroke, the second most common cause of death around the world. "We've seen the ECG app and irregular rhythm notifications on Apple Watch have meaningful impact on our customers across the United States," said Jeff Williams, Apple's chief operating officer. "We are excited to bring these features to customers in Europe and Hong Kong, giving them access to empowering information about their heart health."
Medtronic plc (NYSE: MDT) announced earlier in December that it had completed the acquisition of Klue, a software company focused on behavior tracking that can provide real-time insights into when a person is consuming food. Klue's technology is expected to be incorporated into the Medtronic Personalized Closed Loop (PCL) insulin pump system, currently in development. The PCL system is designed to automate insulin delivery in a way that is real-time, personalized and adapts to the user, with a goal of dramatically simplifying diabetes management for the patient. In addition, the Klue technology can be leveraged to enhance the company's market-leading analytics and insights in their smart CGM technology to help people using multiple daily injections (MDI) stay ahead of high and low glucose events. "Bringing Klue and their unique meal detection capabilities into our organization will accelerate our progress to help people with diabetes live with greater freedom and better health," said Alejandro Galindo.
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.
Becton, Dickinson and Company (NYSE: BDX) develops, manufactures, and sells medical supplies, devices, laboratory equipment, and diagnostic products worldwide. BD has a presence in virtually every country and partners with organizations around the world to address some of the most challenging global health issues. In its 2017 Sustainability Performance Update report the company indicated that it focuses on four key strategic areas that support the company's 2020 Sustainability Goals. Highlights in the report include prospects on innovation, as the company claims that it continues to pioneer new, relevant ways to impact the quality of care for both customers and health care systems, including redefining medication management technologies; identifying the tools needed to support disease diagnosis and treatment; as well as developing new technologies that provide more advanced "wearable" drug delivery devices and diabetes management applications.
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