Among the numerous 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. Overall, the patient monitoring device market is a large and diverse segment of the medical device industry. In recent years, due to the pandemic and the pressure that hospitals and medical professionals have experienced because of the virus, this segment has gained even more popularity. In fact, the Food and Drug Administration (FDA) has recognized the role remote monitoring devices could play in the industry following the pandemic and even changed its guidance on the use of non-invasive remote monitoring devices for patient care during the public health emergency. Nemaura Medical Inc. (NASDAQ: NMRD), Masimo Corporation (NASDAQ: MASI), Garmin Ltd. ( NYSE: GRMN), Abbott Laboratories ( NYSE: ABT), Medtronic plc ( NYSE: MDT)
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 IoT technology, can communicate with smartphones, transferring crucial data 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. 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. (NASDAQ: NMRD) announced earlier this week breaking news that, “it has entered into a preliminary agreement with EVERSANA®, a pioneer of next-generation commercial services to the global life sciences industry.
The agreement covers the U.S. and all global sales and marketing of Nemaura’s Diabetes Management Solution, BEATdiabetes. The BEATdiabetes program is based on Nemaura’s noninvasive glucose monitoring solution, proBEAT. Nemaura and EVERSANA will work together to develop the optimal launch strategy for large-scale adoption of the diabetes management program, including franchising and direct sales to self-insured corporate clients and healthcare insurers.
In early pilot trials conducted over the last 12 months, the BEATdiabetes program yielded overall positive outcomes, demonstrating that sustainable, long-term weight loss and, therefore, improvement in the management of Type 2 diabetes is achievable. Incumbents in the space have also demonstrated clinically significant outcomes when such diabetes management programs are used in conjunction with continuous glucose monitors. Nemaura, however, has the advantage of its own proprietary noninvasive sensor technology which significantly reduces sensor costs, as the sensors are only worn a few days each month.
EVERSANA is widely regarded as the leader in digital therapeutic commercialization. Across the life sciences industry, the fully integrated commercialization provider works with more than 670 organizations, including innovative start-ups and established pharmaceutical companies.
Dr. Faz Chowdhury, Nemaura Medical’s Chief Executive Officer, stated, ‘We are excited to be working with EVERSANA to bring our diabetes management solution to market. This is a culmination of several months of negotiations with EVERSANA following the encouraging outcome of the pilot studies. Diabetes management is an area of huge unmet need, and we anticipate that our solution will be very easy, simple to administer, and highly cost-effective, all elements supporting large-scale adoption.’
Jim Lang, Chief Executive Officer of EVERSANA, added, ‘Nemaura’s innovative programs and sensor technology potentially represent a major change in the way in which diabetes is addressed and how patients may be supported. We look forward to leveraging our full suite of commercialization services to support a successful U.S. launch.'”
Masimo Corporation (NASDAQ: MASI) announced back in August the full market release of the Masimo W1™ health watch for consumer use. The first of its kind, the Masimo W1 offers accurate, continuous measurements and insightful health data – from the leader in hospital pulse oximetry – in a personal, lifestyle-friendly, wrist-worn wearable. Building on Masimo’s decades of leadership in creating revolutionary noninvasive blood parameter monitoring solutions, Masimo W1 provides for the first time in a watch format, accurate, continuous monitoring of oxygen saturation (SpO2), as well as pulse rate, respiration rate, and more, and, in a limited market release, hydration index – for consumers wanting to better understand their overall health, improve their fitness, or share their health data with friends and family. Taking 86,400 measurements a day for second-by-second trending, the Masimo W1 watch represents the future of personal health. Dotsie Bausch, also an Olympic silver medalist, added, “Masimo W1 delivers the next generation of accuracy in wearables. I trusted Masimo technology to catapult me onto the Olympic podium as the oldest competitor in history in my discipline. Masimo delivers superior accuracy through movement, which is the golden edge any athlete is looking for to produce their very best, every single time.”
Garmin Ltd. ( NYSE: GRMN) reported back in April the vívosmart® 5, a comfortable, easy-to-read smart fitness tracker with Garmin’s most advanced sleep features, including sleep score. Designed for customers seeking a simpler solution for monitoring their wellbeing, the vívosmart 5 features at-a-glance health stats for Pulse Ox, 24/7 heart rate monitoring, Body BatteryTM energy monitoring, all-day stress tracking and more — no subscription required1. When it’s time to move, the vívosmart 5 tracks the basics like steps, calories burned and intensity minutes plus a variety of built-in sports apps for activities like walking, pool swimming, cycling, yoga, cardio and more2. With smart notifications, calendar reminders and safety features that can be triggered with the press of a button, the vívosmart 5 delivers on all of the essentials3. Check out the video here. “We understand that there are many customers who prefer the comfort and no-fuss design of a band,” said Dan Bartel, Garmin Vice President of Global Consumer Sales. “The vívosmart 5 is there when you need it and unobtrusive when you don’t, whether you’re using it to track sleep, heart rate, activities or to simply view text messages.”
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