NEW YORK, March 12, 2020 /PRNewswire/ -- The wearable technology market is quickly evolving into a major tech segment, in large part thanks to consumer market growth which is driven by sales of smartwatches. Major companies like Apple and Samsung are heavily involved in the innovation of wearable devices, which are now 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. However, wearable devices are expected to become significantly smarter, integrating technologies like artificial intelligence and augmented reality, thereby increasing their relevance to both individual and enterprise users. According to GlobalData Analyst, Ed Thomas, "The wearable tech theme incorporates more than just wrist-worn devices. Smart earwear, or hearables, has become a more prominent category with the emergence of devices that incorporate voice-activated virtual assistants such as Apple's Siri and Google's Assistant. Hearables also have the potential to match, or even exceed, the performance of smartwatches when it comes to providing health monitoring services." Overall, the wearable tech industry was worth nearly USD 23 Billion in 2018 and is forecast to grow at a compound annual growth rate (CAGR) of 19% to reach USD 54 Billion by 2023, GlobalData indicates. Nemaura Medical, Inc. (NASDAQ: NMRD), Livongo Health, Inc. (NASDAQ: LVGO), Smith & Nephew plc (NASDAQ: SNN), Koninklijke Philips N.V. (NASDAQ: PHG), iRhythm Technologies, Inc. (NASDAQ: IRTC)
A major segment of the wearable technology market is wearable medical tech, which is mostly focused on monitoring medical data and aiding diagnostics. 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 remotely monitor a patient's various physiological parameters. 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. As an example, wearable skin patches are becoming more and more widely used within the wearable devices market. Skin patches can be covered by clothing, and were designed to record and transmit more accurate data without being interrupted by movement.
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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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."
Smith & Nephew plc (NASDAQ: SNN) announced last week the U.S. launch of the new PICO 14 Single Use Negative Pressure Wound Therapy System (sNPWT) which has a pump duration of up to 14 days. The new pump builds on the features and advantages of previous PICO sNPWT variants, and comes with an enhanced pump which requires less user intervention. 14 days of therapy may be particularly relevant for patients where both the risk of surgical site complications (SSCs) and the consequence of obtaining them are high, such as cardiothoracic surgery and abdominal surgery. Complications following coronary artery bypass graft surgery (CABG) can devastate patient lives, with up to a 35% in hospital mortality rate associated with deep sternal wound infections and mediastinitis and length of stay as long as 23 days per patient, which incurs substantial healthcare associated costs. Following colorectal surgery the consequences to the patient and healthcare system of a surgical site infection (SSI) have a similar impact with hospital lengths of stay as high as 28 days in a surgery speciality that also has one of the highest incidences of SSI rates of up to 28%.
Koninklijke Philips N.V. (NASDAQ: PHG) announced that the HealthSuite System of Engagement, an integrated, modular set of standards-based capabilities that support the development of digital health propositions, including new capabilities for cloud-based managed AI workflow and DICOM interoperability. "While there are compelling examples of digitalization improving healthcare delivery, too often patients and care providers struggle within a complex, fragmented technology and data landscape that hampers the deployment of innovative healthcare services," said Jeroen Tas, Chief Innovation & Strategy Officer, member of the Executive Committee Royal Philips. "The HealthSuite System of Engagement is at the core of Philips' digital transformation. It's a highly secured, modular set of capabilities that can liberate and integrate data from disparate systems and accelerate the development and deployment of digital propositions across the health continuum in a secure environment." Philips Care Orchestrator for sleep and respiratory therapy, a smart cloud-based application that connects homecare providers, physicians, and payers with patients quickly and easily to critical data across devices and locations.
iRhythm Technologies, Inc. (NASDAQ: IRTC) announced last year a collaboration with Verily, an Alphabet company, focused on the development of solutions aimed at improving the screening, diagnosis and management of patients with atrial fibrillation (AFib). This collaboration brings together iRhythm's expertise in AI based arrhythmia diagnosis and Verily's advanced health data analytics technologies to address the millions of patients living with undiagnosed AFib. The iRhythm and Verily collaboration aims to address this significant, underserved population at risk for asymptomatic or silent AFib. Under the terms of the agreement, iRhythm and Verily plan to collaborate on solutions capable of providing earlier warnings, enabling the identification and management of patients that could otherwise go undiagnosed until they have a cardiac event, such as a stroke. "iRhythm and Verily have a shared mission to create a better standard of care for cardiac patients - making heart health data more actionable so patients can live longer, healthier lives," said Kevin King, President and CEO of iRhythm. "We are pleased to partner with one of the world's most reputable healthcare technology companies to better serve the millions of people living with AF today. Verily's patient-centric approach to disease management and advanced hardware capabilities will prove critical in providing patients and providers with the tools needed to increase the efficiency of heart healthcare."
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