Innovative Wearable Tech Allows Clinicians to Provide Better Diagnoses
The wearable technology ecosystem continues to rapidly evolve around the world, as several technological developments help stir up demand. Wearable technology presents the potential for significant transformation in many industries, like consumer electronics, communications and even healthcare. In terms of wearable technology evolution, we see body area networks becoming a larger factor along with Internet of Things (IoT) integration involving sensors and user-friendly interfaces to provide a feedback loop of various data. Furthermore, and particularly in the medical field, the accuracy of the data provided back to the consumer is of critical importance. Therefore, medical device manufactures have to focus on continuously improving sensor technology as well as the accuracy of data. The anticipated 5G network development will likely help in that regard and may also change how miniaturization of electronics enables the design of more reliable and adaptable wearables. Overall, the global wearable medical device market size is expected to reach USD 29.6 Billion by 2026 and at a Compound Annual Growth Rate (CAGR) of 17.7%, according to Transparency Market Research. Nemaura Medical, Inc., Livongo Health, Inc., DexCom, Inc., Koninklijke Philips N.V., Garmin Ltd.
Within the healthcare industry, several major factors influence the innovations behind the medical wearable device market. For example, the increasing prevalence of obesity, as well as the subsequent rising awareness about physical fitness is encouraging people to adopt fitness-related devices like smart bands and smartwatches, which help monitor fitness parameters including calories burned, footstep count, and distance covered while walking or running. Another major component of this market is the demand for blood glucose monitoring devices, which are used for effective diabetes diagnosis and treatment. Obesity is also considered as one of the major factors contributing to the disease, primarily Type 2 diabetes. Among the advancements made in blood glucose level monitoring is the development of continuous glucose monitoring (CGM) devices, which were designed to help in tracking glucose levels in the interstitial fluid as a basis for improving metabolic control and contribute to better diabetes management. Additionally, the CGM devices give beneficial insights into the impacts of meals, exercises, and illnesses that have on an individual’s glucose level and reduce the risk of hyperglycemia & hypoglycemia. According to a report by Reports and Data, the Continuous Glucose Monitoring devices market was valued at USD 437.0 Million in 2018 and is estimated to reach USD 1.25 Billion by 2026 while growing at a CAGR of 13.9%.
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Nemaura Medical, Inc. announced breaking news that it has, “launched its sugarBEAT® App for Android devices on the Play Store in preparation for the planned launch of the Company’s BEAT®diabetes subscription based service expected for next month.1
‘We believe that the launch of our app is a big step towards our commercial milestones, and we are looking forward to launching the BEAT®diabetes subscription service shortly during Type 2 Diabetes Prevention Week in the UK. This is a very exciting time in our company’s development’ stated Dr. Faz Chowdhury, CEO of Nemaura.
‘The sugarBEAT® app includes time-in-range profiling features which we believe is rapidly being adopted as the primary metric for managing individual daily blood glucose profiles’.
BEAT®diabetes is a subscription based service which, we believe, over time will provide both people with prediabetes and Type 2 diabetes with a number of affordable and empowering tools to better manage, prevent and potentially even reverse their condition.
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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.2