Wearable Devices Help Enact Transformative Changes in the Healthcare Space
Wearable technology is designed to detect, analyze, and transmit information concerning body signals such as vital signs, and/or ambient data. Wearable technology has a variety of applications, which grows as the field itself expands. It appears prominently in consumer electronics with the popularization of the smartwatch and activity tracker. In the healthcare setting, wearable sensing and information and communication technologies are key enablers driving the transformation of health care delivery toward a new model of connected health (CH) care. The future design and development of digital technology in this space will rely on continued analysis of best practices, pain points, and potential solutions to mitigate existing challenges within the healthcare infrastructure. Overall, the wearable medical devices market value is projected to reach USD 14.41 Billion by 2022 from USD 6.22 Billion in 2017 while expanding at a Compound Annual Growth Rate (CAGR) of 18.3%, according to a report by MarketsandMarkets. Nemaura Medical, Inc. (NASDAQ: NMRD), Abbott Laboratories (NYSE: ABT), Garmin Ltd. (NASDAQ: GRMN), Fitbit, Inc. (NYSE: FIT), Livongo Health, Inc. (NASDAQ: LVGO)
Traditionally, patient monitoring devices were used in hospitals to monitor 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. Besides technological advancements, other driving factors for the growth of the patient monitoring devices market include the rise in the prevalence of lifestyle diseases such as diabetes, cancer, and atherosclerosis, and of course the current pandemic has caused a spike in demand. The resurgence of medical devices that help consumers monitor their vital signs has also attracted the FDA's attention. According to MedCity News, Courtney Lias, Director of the Division of Chemistry and Toxicology Devices Office, part of FDA's Center for Devices and Radiological Health, spoke strongly in support of developing interoperable devices that could wirelessly communicate, not only with each other, but with other digital apps as well. "We want to incentivize interoperability and open systems through optimized regulatory pathways," Lias said, noting that the agency has taken two regulatory actions to create a "pathway for devices to become integrated with each other including apps."
Nemaura Medical, Inc. (NASDAQ: NMRD) announced yesterday breaking news that, "it has commissioned the integration of data from third party wearable devices into its proBEAT™ app which is planned for launch in the USA later this year.
proBEAT™ is a wearable non-invasive glucose monitor designed to gather big data about the multitude of factors that affect blood glucose levels, based on which predictive algorithms and artificial intelligence-based feedback and prompts can be provided to users. The aim is to empower users with feedback of factors that could affect their blood glucose levels. The inclusion of data from third party wearable fitness devices is a significant development and expected to enable the relationship between various activities and factors affecting blood glucose levels to be compared side by side, thus further empowering and educating users of the proBEAT™ device and app in due course.
About Nemaura Medical, Inc.: is a medical technology company developing micro-systems-based wearable diagnostic devices and 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 also submitted a PMA application for sugarBEAT® to the U.S. FDA. proBEAT™ comprises a non-invasive glucose monitor and a digital healthcare subscription service and is due to be launched in the US as a general wellness product."
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Abbott Laboratories (NYSE: ABT) announced earlier this year 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."
Garmin Ltd. (NASDAQ: GRMN) announced earlier in June that it had acquired Firstbeat Analytics Oy, a privately-held provider of physiological analytics and metrics for consumer devices in the health, wellness, fitness and performance markets. Firstbeat Analytics is the consumer licensing business formerly a part of Firstbeat Technologies. Firstbeat Technologies will continue operating its Wellness and Professional Sports businesses. As one of the most prominent physiological analytics companies in the world, Firstbeat Analytics has been transforming heartbeat data from consumer devices into meaningful information and advice to enhance performance and wellbeing for nearly two decades. Using a combination of sensor data, including heart rate variability (HRV), Firstbeat Analytics blends physiological science with mathematics to provide the most advanced analytics and metrics in the areas of stress, sleep, VO2 max, training status/load, training effect, respiration rate, calories burned and much more. This data allows users to make better, more informed decisions about training and recovery.
Fitbit, Inc. (NYSE: FIT) announced back in June a new Ready for Work solution to help employers with the unprecedented challenge of returning to the workplace during the COVID-19 pandemic. Fitbit's Ready for Work solution gives employees access to key health metrics from their Fitbit device along with exposure, symptom and temperature logging, all within an easy-to-use Daily Check-In feature that provides employees with guidance on whether to go into the workplace. Daily reporting and analytics enable employers to quickly assess and monitor workplace health and safety and provide support for employees. The solution is available through Fitbit Health Solutions and aims to help employees and employers combat workplace spread of COVID-19 and return to work safely, confidently, and in good health. "For more than 13 years, Fitbit has been working with employers to provide accessible and engaging solutions for employees to improve their health. As workplaces start to reopen, we have an opportunity to help employees better track their health and make informed decisions about whether or not to go to work," said Amy McDonough, General Manager and Senior Vice President for Fitbit Health Solutions. "Early action is key to protecting the workforce and the workplace. Ready for Work enables employees to view trends in their Fitbit-tracked health metrics next to self-reported symptoms so they can assess their health and readiness for work from home."
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."
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