NEW YORK, March 13, 2020
NEW YORK, March 13, 2020 /PRNewswire/ -- While the healthcare industry made great strides in the last several years, many complex issues remain unsolved. However, from all the segments under the healthcare umbrella, it is the medical device market that is uniquely positioned to solve some of healthcare's most persistent problems. 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 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 solutions to cut costs and improve outcomes. In a report published by PwC, Andrew Thompson, co-founder and CEO at Proteus explained that "the reason why the technology industry in the last two decades has created trillions of dollars of value is because tech companies have started to collaborate and put consumers at the center of their business models, and build solutions. They don't work to optimize their own piece of the solution, and then tell the consumer to go figure it out. That approach, in healthcare, represents a massive opportunity for new value." Nemaura Medical, Inc. (NASDAQ: NMRD), Abbott Laboratories (NYSE: ABT), Insulet Corporation (NASDAQ: PODD), Medtronic plc (NYSE: MDT), Garmin Ltd. (NASDAQ: GRMN)
A new trend has been evolving in the medical technology sector: wearable medical devices. By segment, the diagnostic devices segment dominated the market in 2019. Generally, such devices enable patients, medical personal and other consumers to continuously monitor physiological and biochemical parameters. 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. The evolving variables of IoT in the healthcare sector are one of the major growth indicators that hold a great potential in improving the lifestyle of the patients. Furthermore, the healthcare industry is expected to undergo a notable transformation as a majority of healthcare providers are projected to undergo IoT deployment (in any form) in the near future. With the ongoing IoT transformations and growing preference for real time monitoring, the global wearable medical devices market is estimated to grow at a compound annual growth rate (CAGR) of 25.78% over the forecast period of 2020-2027 and is projected to broach USD 60,406.14 Million in revenue by 2027, according to Kenneth Research.
Nemaura Medical, Inc. (NASDAQ: NMRD) announced earlier this week breaking news that it has, "entered in to multiple verbal non-binding agreements for sugarBEAT® with the aim of securing regional and global partnerships.
"As we've discussed with investors in the past, collaborating with highly capable strategic partners as we bring the first ever non-invasive continuous glucose monitoring system to market is a key initiative for management. Given the importance of this initiative we thought it appropriate to update investors on the significant progress over the course of the last few months that has been made with potential partners for large scale collaborations that we believe will help us accelerate our speed to market by leveraging off the resources and established networks of multinational companies in this field possess. We have entered in to several verbal non-binding agreements covering a diverse range of potential applications for sugarBEAT® in the medical and non-medical field"stated Dr. Faz Chowdhury, CEO of Nemaura.
The verbal non-binding agreements are expected to lead to discussions for licensing and collaboration on a regional or global scale, following the appropriate mutual due diligence processes. However, there can be no assurance that the foregoing will occur as planned, or at all.
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.1
1. 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."
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Abbott Laboratories (NYSE: ABT) announced last month 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."
Insulet Corporation (NASDAQ: PODD) announced last week 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 O fficer. "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.
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, President of the Advanced Insulin Management division, which is part of the Diabetes Group at Medtronic. "Based on our learnings from a first-generation hybrid closed loop system around the importance of simplifying diabetes management, we believe the Personalized Closed Loop system will be transformational for diabetes management, and the integration of the Klue technology helps clears the path to a true hands-free closed loop system."
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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