NEW YORK, May 6, 2021 /PRNewswire/ -- A new trend has been evolving in the medical technology sector: wearable medical devices. In the modern technologically-driven healthcare landscape, the business model of medical device companies has evolved from device makers to problem solvers. And, among the many examples, medical device manufacturers are now leveraging the Internet of Things (IoT) and the cloud to improve clinical workflow, help physicians remotely monitor patients with real-time data and analytics solutions and utilize innovative processes to cut costs and improve outcomes. The evolving variables of IoT in the healthcare sector are also one of the major growth indicators that hold a great potential in improving the lifestyle of patients. Overall, the global wearable medical device market size is expected to reach USD 29.6 Billion by 2026 and register a Compound Annual Growth Rate (CAGR) of 17.7%, according to Transparency Market Research. Nemaura Medical, Inc. (NASDAQ: NMRD), Garmin Ltd. (NASDAQ: GRMN), DexCom, Inc. (NASDAQ: DXCM), Masimo Corporation (NASDAQ: MASI), Abbott Laboratories (NYSE: ABT)
Traditionally, patient monitoring devices are used in hospitals to monitor a patient's vital signs. Nowadays, with the advancements in wireless technology, these devices can be used to monitor a patient's various physiological parameters, remotely. In addition, new wearable monitoring devices, equipped with the Internet of Things (IoT) technology, are able to communicate with smartphones, transferring crucial data to right to user friendly applications. Moreover, there has been an increasing focus on the development of smaller, more reliable, and more energy-efficient devices in recent years, compared to the previous generations of medical wearables.
Nemaura Medical, Inc. (NASDAQ: NMRD) announced breaking news yesterday regarding the, "receipt of a purchase order for 5,000 sugarBEAT® transmitters and 200,000 sugarBEAT® sensors from its U.K. licensee, DB Ethitronix Ltd, with an additional rolling monthly purchase order forecast for the next 24 months of 15,000 transmitters and 2.1 million sensors, with an option to increase volumes based on customer response.
This order follows positive feedback from DB Ethitronix's soft launch of the sugarBEAT® non-invasive glucose monitoring (CGM) device in the U.K. DB Ethitronix has established a subscription service for diabetes management supported by the sugarBEAT® technology. User feedback has been extremely positive due to the fact that sugarBEAT® is the only daily-wear glucose monitoring device in the world that gives users the flexibility to monitor their glucose levels according to their own schedule, resulting in lowered costs to the end user. Based on the success of the soft launch in the U.K., the Company is advancing discussions for joint launches in Germany, Saudi Arabia and UAE.
'SugarBEAT® along with the adaptions provided by proBEAT® and the resulting BEAT® diabetes program, are a culmination of 10 years of research, development and human trials. We believe our technology is ground-breaking and represents a paradigm shift in the way persons with diabetes can manage their condition. We believe we have a critical first mover advantage with a product that is easier to use, more flexible and more cost-effective than existing technologies. We are not aware of any product of a similar nature in clinical studies or that has been submitted for regulatory approval," said Nemaura CEO Dr. Faz Chowdhury. 'As a result, we are very optimistic about our ability to drive sales and increase market share in Europe and ultimately the U.S. and elsewhere. We believe our device has the potential to significantly change the way people prevent, manage, and even possibly reverse Type 2 diabetes.
'As we have previously iterated, it has always been Nemaura's strategic objective to prove our technology before embarking on a scalable growth plan. This strategy has proved effective in allowing us to optimize cost management while focusing on building a high quality commercially viable product. We have now reached a key inflection point and are preparing for a major pivot to accelerate the commercialization of the sugarBEAT® platform,' Dr. Chowdhury added.
'We have been able to bring together an easy-to-use digital patient care App, powered by a unique needle-free device for monitoring glucose fluctuations, MySugarWatch®, at a time when there is increased awareness of the risks associated with Type 2 diabetes and diabetes-related COVID-19 risks,' said Dr. Dallas Burston, CEO of DB Ethitronix Ltd., the exclusive licensee for the sugarBEAT® technology platform in the U.K.
In preparation for the worldwide commercialization of SugarBEAT® the Company expects to:
- Commence delivery of the sugarBEAT® transmitters and sensors to our U.K. licensee
- Establish distribution channels in additional European territories, the U.S., and the Middle East
- Enhance production capabilities through key partnerships
- Focus on building a world-class sales and marketing team and strategy"
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Garmin Ltd. (NASDAQ: GRMN) announced last month the Venu® 2 and Venu 2S GPS smartwatches aimed at helping customers live a better, healthier life. New fitness age and sleep score join a robust portfolio of all-day health monitoring features that provide users with deeper and more meaningful insights into their overall wellness. Find more ways to move with 25+ built-in sports apps with enhanced graphics and new activity profile details that come to life on the bright AMOLED display. Check out the video here. "At the core of the Venu product line is the belief that when you live healthy, you live better," said Dan Bartel, Garmin Vice President of Global Consumer Sales. "The Venu 2 series builds on this story with exciting new features that help explain what's going on inside your body as well as the fitness and wellness tools needed to make healthy choices every day."
DexCom, Inc. (NASDAQ: DXCM) announced back in April that it has ended its distribution collaboration with Zkope Healthcare and is now selling the Dexcom G6 CGM system directly throughout the Netherlands. "At Dexcom, we are committed to expanding access to CGM for people with diabetes around the world. Being direct in market represents a significant step forward in allowing us to provide the best standard of care in diabetes management, bringing CGM technology to patients and healthcare providers across the Netherlands," said Erik Bjorkman, General Manager and Senior Vice President for EMEA at Dexcom.
Masimo Corporation (NASDAQ: MASI) develops, manufactures, and markets noninvasive monitoring technologies and hospital automation solutions worldwide. Back in December the Company announced that Masimo is helping clinicians at Renown Health in Reno, Nevada, to address the COVID-19 surge, including through use of Masimo SafetyNet™, a remote patient management platform. Renown Health is using Masimo SafetyNet to help care for patients positive for COVID-19 recover at home—and to help notify clinicians of the need to intervene when patients exhibit signs of deterioration. Renown Health is a non-profit integrated healthcare network serving Nevada, Lake Tahoe, and northeast California. Masimo SafetyNet, introduced earlier this year as part of Masimo's efforts to help hospitals and clinicians combat the pandemic, is now in use at numerous institutions around the world. Renown Health uses Masimo Patient SafetyNet™ and Masimo Rad-97® Pulse CO-Oximeters® to provide bedside and remote oxygen saturation and respiratory and pulse rate monitoring and notification within their hospitals and at a state-of-the-art 700-bed Alternate Care Facility. The facility has expanded into an adjacent parking structure, turned into a makeshift general ward to accommodate the unprecedented surge of patients suffering from COVID-19. In addition, Renown was one of the first systems to implement Masimo SafetyNet to expand patient care from the hospital to the home.
Abbott Laboratories (NYSE: ABT) announced back in 2019 the launch of a new, smarter heart monitor for better arrhythmia detection. With CE Mark in Europe and U.S. Food and Drug Administration (FDA) clearance, the next-generation Confirm Rx™ insertable cardiac monitor (ICM), a paperclip-sized implantable device, combines smartphone connectivity and continuous, remote monitoring to track unpredictable heart rhythm problems for fast and accurate diagnosis. Abbott's Confirm Rx ICM is helping advance how physicians remotely monitor arrhythmias in people most at risk. Inserted just under the skin in the chest above the heart during a quick, minimally invasive outpatient procedure, the Confirm Rx ICM device is the only ICM on the market that syncs to a smartphone via Bluetooth® and transmits information to the physician to help identify irregular heartbeats quickly. Abbott's mobile app eliminates the need for an additional transmitter and is user-friendly health technology translated in nearly 40 languages. "Through new advances like Abbott's next generation of Confirm Rx ICM, physicians can act more proactively and efficiently in their treatment approach, and patients can stay engaged and connected," said Avi Fischer, M.D., Medical Director of Abbott's Cardiac Rhythm Management therapies.
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