NEW YORK, May 5, 2021 /PRNewswire/ -- Wearable medical devices are now playing a larger role in the healthcare industry than ever before. The growing usage of such devices is, in large part, attributed to the continuous modernization of the healthcare infrastructure, growing prevalence of chronic medical diseases, and the escalating geriatric population which are all augmenting the market growth. Additionally, the outbreak of the pandemic has seen the demand for wearable medical devices accelerate as it has become of paramount importance to monitor patient health remotely and to be able to address concerns in a timely manner. Generally, such devices are designed to monitor physiological parameters, for instance, blood sugar levels and blood pressure, as well as heart rate variability, breathing rate, and skin temperature. And, according to data published by Grand View Research, Inc., the global wearable medical devices market size was valued at USD 16.6 Billion in 2020. Furthermore, it is expected to expand at a compound annual growth rate (CAGR) of 26.8% from 2021 to 2028. Nemaura Medical, Inc. NMRD, Garmin Ltd. GRMN, DexCom, Inc. DXCM, Masimo Corporation MASI, Medtronic plc MDT.
Among the many technologies that help transform the medical device market are the Internet of Things (IoT), machine learning and advanced 3D printing. For instance, IoT is increasingly being used in healthcare to promote active patient engagement and patient-centric service delivery through advanced devices that are constantly connected with each other. "Wearables offer a way to go beyond the typical metrics by providing detailed medical information," says Ramsés Gallego, international CTO of CyberRes, which provides cyber resiliency-focused consultation as part of software provider Micro Focus, according to a report by HealthTech Magazine. "In a post-pandemic world, this is critical — these devices could save lives."
Nemaura Medical, Inc. NMRD just announced breaking news this morning that, "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."
He also added, "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."
"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
About Nemaura Medical, Inc.
Nemaura Medical Inc. is a medical technology company developing and commercializing non-invasive wearable diagnostic devices. The company is currently commercializing sugarBEAT® and proBEAT™. sugarBEAT®, a CE mark approved Class IIb medical device, 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 may help people with diabetes and pre-diabetes to better manage, reverse, and prevent the onset of diabetes. Nemaura has submitted a PMA (Premarket Approval Application) for sugarBEAT® to the U.S. FDA. proBEAT™ combines non-invasive glucose data processed using artificial intelligence and a digital healthcare subscription service and has been launched in the U.S. as a general wellness product as part of its BEAT®diabetes program.
The Company believes that it sits at the intersection of the global Type 2 diabetes market that is expected to reach nearly $59 billion by 2025, the $50+ billion pre-diabetic market, and the wearable health-tech sector for weight loss and wellness applications that is estimated to reach $60 billion by 2023.
For more information, please visit www.NemauraMedical.com."
Garmin Ltd. 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. 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 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.
Medtronic plc MDT develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. The Cardiac and Vascular Group segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; AF ablation products; insertable cardiac monitor systems; mechanical circulatory support; TYRX products; and remote monitoring and patient-centered software. The Diabetes Group segment offers insulin pumps and consumables, and continuous glucose monitoring systems.
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