The medical device market is seeing steady growth thanks to new technologies and an emerging medical infrastructure around the world. Developing economies, which are investing more in healthcare, are also driving the expansion of the medical device market. Thus, by 2022, more than 30% of the global healthcare spending is expected to be from emerging economies. In developing countries, medical device companies leverage low manufacturing and labor costs to generate larger profit margins for investors. As a result, the medical device market is projected to grow by USD 134.2 Billion during the period of 2020-2024 and at a CAGR of over 5%, according to Technavio. Among the many 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. Yet, despite the market’s global growth, the United States is still the largest medical device market, with a value of USD 156 Billion, which accounted for 40% of the global industry in 2017. Research provided by SelectUSA, a U.S. government-wide program led by the U.S. Department of Commerce, approximates that by 2023, the medical device market is projected to grow to USD 208 Billion. Nemaura Medical, Inc., Medtronic plc, Pfizer Inc., Livongo Health, Inc. , NovoCure Limited.
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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. Remote patient-monitoring devices have become more popular due to the pandemic and social distancing measures which were implemented to combat it. Most commonly, medical wearable devices designed to collect data and measure vital signs such as heart rate, blood pressure, blood oxygen saturation, blood glucose levels and more. Remote medical monitoring is a complex sector. 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. announced breaking news this week that, “it has licensed the rights to Healthimation, LLC’s mobile application based digital program, a well-validated and award-winning 12-week program to help patients manage their weight and pre-diabetes or early diabetes conditions. The program is intended to be combined with the company’s proBEAT non-invasive patch CGM (continuous glucose monitor) for an enhanced behavioral change experience.
Developed at a major diabetes center in the U.S. over more than 15 years, the digital program curriculum implements the most advanced approach to nutrition, exercise, and behavioral change and has been clinically tested and has demonstrated many benefits to a patient’s overall health, including weight reduction, significant improvements in A1C, lipid profile, and blood pressure, and a reduction in medications taken.
Healthimation, LLC has implemented this curriculum in an app that gamifies daily tasks and uses engaging high-quality animation and live coaching to encourage users to make healthy behavior changes, such as improvements in personal nutrition and exercise coaching, via the development and education of the app’s avatar Lena. Through machine-learning technology, the software makes Lena “smarter”, resulting in more personal recommendations for the patient over time.
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Dr. Faz Chowdhury, Nemaura Medical’s Chief Executive Officer stated, “We are delighted and honored to be working with Healthimation to bring diabetic patients an easy-to-use solution that combines our proBEAT CGM product with a clinically validated diabetes management and reversal program. Our ultimate aim is to help patients with pre-diabetes from becoming diabetic while also providing support to those currently with Type 2 diabetes to potentially reverse their condition. Diabetes continues to be one of the largest growing medical problems in the U.S., and our aim is to provide an unparalleled product and suite of services that can compete favorably with existing products on the market that are less convenient and more invasive for patients.”
The Company believes that combination of the digital program with Nemaura’s proBEAT offering expected to launch this year, will allow for more beneficial outcomes in patients with Type 2 diabetes, help prevent high-risk pre-diabetic patients from becoming diabetic, and possibly even lead to diabetes remission in some patients. The integrated offering offers numerous advantages in breadth of application and depth of features over other competing digital platforms on the market attempting to address the weight control and/or diabetes markets, many of which are more expensive and more invasive than the Company’s anticipated solution.
SugarBEAT, Nemaura’s patented, CE marked, needle-free CGM that is non-invasive, affordable, and painless, is easily applied to the skin via a small unobtrusive patch. The device transmits blood glucose data to users and/or healthcare professionals via a mobile app to allow for better monitoring or treatment. The Company’s BEAT diabetes is a planned health subscription service driven by the personalized data provided by sugarBEAT and processed through an artificial intelligence engine to provide personalized 1-on-1 lifestyle coaching and behavior change recommendations.
In the U.S., there are currently 88 million patients considered to be pre-diabetic and 25 million patients with Type 2 diabetes. Worldwide, there are 420 million patients with diabetes and over 1 billion people considered pre-diabetic.”
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