Wearable Medical Devices Revolutionize How Patient Data Can be Tracked
FinancialBuzz.com News Commentary
NEW YORK , Sept. 28, 2022 /PRNewswire/ -- Some of the fastest growing segments in the medical device market by application include diagnostic devices like patient-monitoring systems, MRI machines, diagnostic imaging equipment (including X-ray devices and other diagnostic imaging), and ultrasonic scanning devices. In recent times, remote patient-monitoring devices have become more popular due to the pandemic and social distancing measures which were implemented to combat it. Most commonly, these medical wearable devices are designed to collect data and measure vital signs such as heart rate, blood pressure, blood oxygen saturation, blood glucose levels and more. Herman Bonner, communication specialist at Firstbeat, which powers stress tracking features in a host of wearables from the likes of Garmin, Huawei and Suunto, explained in an article by Wareable that "it takes a lot of specialized expertise in mathematics, signal processing, pattern recognition, and programming to get to the point where you are providing useful information to people." Nemaura Medical Inc. (NASDAQ: NMRD), AdaptHealth Corp. (NASDAQ: AHCO), Senseonics Holdings, Inc. (NYSE: SENS), Medtronic plc (NYSE: MDT), Garmin Ltd. (NYSE: GRMN)
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 rising geriatric population which are all augmenting the market growth. 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) just announced 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.'"
AdaptHealth Corp. (NASDAQ: AHCO) announced last year that it has closed the previously announced acquisition of AeroCare Holdings Inc. ("AeroCare"). The acquisition was consummated for total consideration consisting of approximately $1.1 billion in cash and 31 million shares of AdaptHealth common stock. AeroCare is a leading national technology-enabled respiratory and home medical equipment ("HME") distribution platform in the United States and offers a comprehensive suite of direct-to-patient equipment and services including CPAP and BiPAP machines, oxygen concentrators, home ventilators, and other durable medical equipment products. The acquisition of AeroCare significantly enhances AdaptHealth's scale and geographic reach with the combined company serving nearly 3 million patients from over 500 locations across 46 states.
Senseonics Holdings, Inc. (NYSE: SENS) announced on August 3rd, that Anthem is providing coverage for implantable CGM, which includes the Eversense® CGM System. Anthem's decision will add more than 45 million covered lives for the long-term implantable CGM system to help manage their diabetes. This recent coverage decision adds to the growing number of payers who are writing Eversense into their CGM coverage policies that now benefit approximately 250 million covered lives, as well as paying for the healthcare provider's time for the in-office sensor insertion. This allows Ascensia Diabetes Care, Senseonics' global commercial partner, to introduce the Eversense CGM System to more people living with diabetes.
Medtronic plc (NYSE: MDT) announced on September 1st, results from the Medtronic ADAPT study were published in The Lancet Diabetes & Endocrinology. The ADAPT study is the first multi-national randomized controlled study evaluating the performance of MiniMed™ 780G system1 versus standard of care (multiple daily injections (MDI) + continuous glucose monitoring (CGM)) in individuals with type 1 diabetes not currently meeting glycemic targets. The study evaluated 82 individuals who were using MDI and an intermittently scanned continuous glucose monitor (isCGM) to manage their diabetes prior to trial initiation. On average, individuals enrolled were scanning their isCGM frequently (~9 scans/day) yet had suboptimal HbA1C above 8% at baseline. "The ADAPT study illustrates that insulin pump therapy with advanced algorithms, like that of the MiniMed 780G system, can produce significantly improved clinical results versus the current standard of care," said Ohad Cohen, M.D., senior global medical affairs director, Medtronic Diabetes. "Studies like this can change how health care systems define standard of care and expand options for people living with diabetes to begin using insulin pumps sooner to improve their glycemic control and help reduce the burden of diabetes."
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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