Wearable Devices Present an Economic Choice for Remote Patie
NEW YORK, June 3, 2020 /PRNewswire/ -- The wearable technology industry has undergone significant changes in the last decades. Wearable devices have quickly evolved into a major tech segment, in large part thanks to the consumer market growth, which is driven by sales of smartwatches. In fact, major technology companies like Apple and Samsung are now heavily involved in the innovation of wearable devices designed for various purposes. Nowadays, wearable devices are capable of performing a wide range of features including cellular connectivity, health monitoring, contactless payment and more. On the other hand, fitness trackers are falling in popularity due to their limited features and abilities. In particular, health monitoring devices have seen high demand as they can be used to remotely monitor a patient's various physiological parameters. Overall, the most commonly measured data include vital signs such as heart rate, blood pressure, blood oxygen saturation, blood glucose levels as well as physical activities through the use of electrocardiogram (ECG), ballistocardiogram (BCG) and other devices. Overall, the global medical wearables market is projected to reach USD 19.5 Billion by 2025 from USD 7.4 Billion in 2020, at a high CAGR of 21.4% during the forecast period of 2020 to 2025. Nemaura Medical, Inc. (NASDAQ: NMRD), Abbott Laboratories (NYSE: ABT), Baxter International Inc. (NYSE: BAX), Insulet Corporation (NASDAQ: PODD), Livongo Health, Inc. (NASDAQ: LVGO)
New wearable monitoring devices, equipped with the Internet of Things (IoT) technology, are able to communicate with smartphones, transferring crucial data to user friendly applications. These features may help reduce cost of healthcare. Currently, the U.S. healthcare system is facing major obstacles, as according to a Reuters Health report, the U.S. spends nearly twice as much on healthcare when compared to other high-income countries but shows inferior life expectancy and high infant mortality rates. "There's no doubt that administrative complexity and higher drug prices both matter - as do higher prices for pretty much everything in U.S. healthcare," said lead study author Irene Papanicolas of the London School of Economics and the Harvard T.H. Chan School of Public Health in Boston. To solve these issues on a systematic scale, a major policy change is required, but in the meantime, wearable medical devices can contribute in bringing down certain costs. For example, until recently, recording medical data required devices which had to be used in a professional environment or facility due to their cost, size and complexity. Nowadays, with the spread of wearable technology and constant connectivity, users are capable of keeping sensors and computers on or near their bodies for much of the time.
Nemaura Medical, Inc. (NASDAQ: NMRD) announced last month, "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 sugarBEAT® 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 sugarBEAT® and a major incumbent CGM device, demonstrating sugarBEAT® accuracy comparable to the incumbent CGM device, using a single finger stick 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 sugarBEAT® 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 sugarBEAT® 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 sugarBEAT® 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™."
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Abbott Laboratories (NYSE: ABT) announced earlier this year that four real-world data abstracts are being presented during the 13th Advanced Technologies & Treatments for Diabetes (ATTD) in Madrid. The new data show that users of the FreeStyle Libre system have improved glucose control, increased time in target glucose range, and decreased time in hyperglycemia (high glucose levels) and hypoglycemia (low glucose levels), as well as reduced HbA1Ci, (average glucose levels over a three month period). "As the world leader in sensor-based glucose monitoring with more than two million users, Abbott's FreeStyle Libre system has an unmatched body of real-world evidence supporting its clinical benefits," said Mahmood Kazemi, M.D., divisional vice president, global medical and scientific affairs, and chief medical officer, Diabetes Care, Abbott. "Time and time again, we've seen meaningful data that reaffirm our technology's direct impact in achieving better health outcomes for people with diabetes – and the findings at ATTD underscore how we're continuing to transform people's lives."
Baxter International Inc. (NYSE: BAX) announced earlier this year the U.S. Food and Drug Administration (FDA) clearance of Q-NRG+, a metabolic monitoring device utilizing indirect calorimetry (IC) technology. The product is expected to be available in the United States starting March. For investors' notice, Baxter had collaborated with Italy-based COSMED last August. The aim was to commercialize Q-NRG+, one of COSMED's flagship products. Q-NRG+ is a metabolic monitoring device utilizing IC technology. These readings can help provide information on prescription and administration of nutrition therapy. The device can be used to test both adult and pediatric patients. Q-NRG+ is currently available in select European countries, Canada and Australia. Post the FDA clearance, Baxter has rights to introduce Q-NRG+ in at least 18 markets around the globe, with room for further expansion.
Insulet Corporation (NASDAQ: PODD) announced earlier this year that the Company's Omnipod DASH™ System has been named the 2020 Product of the Year in the Health Systems category. Product of the Year is the largest consumer-voted award for product innovation with 40,000 U.S. consumers surveyed. "We are always listening to our consumers and as a result, we offer a product that meets our users where they are in life. Everything we do is with the end-user in mind and our Omnipod DASH System was designed to be intuitively simple and easy to use," said Bret Christensen, Chief Commercial Officer. "We are honored to have been selected for this award. We have been recognized in the past for our technology and talent, however this award is powerful because it comes directly from consumers, many of whom are living with or touched by diabetes in some way. We are determined to continue advancing the space with our innovative consumer-centric solutions that make diabetes a smaller part of people's lives." Insulet's Omnipod DASH System provides users with a simple and effective solution that fits easily into their daily lives by eliminating the burden of syringes, pens and tubes and 97%1 of users would recommend it to others.
Livongo Health, Inc. (NASDAQ: LVGO) announced earlier this year that its 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."
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