FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “Nemaura to Launch New Digital Brand proBEAT™ in the USA, Targeting a Market of Over 100 Million Potential Users With Its Prescription-Free Consumer Wellness Glucose Monitoring Device and Digital Healthcare Subscription Service.”
Nemaura Medical Inc. (NASDAQ: NMRD) (“Nemaura” or the “Company”), a medical technology company focused on developing micro-systems-based wearable diagnostic devices and digital solutions for the medical and consumer markets, announced it is planning to launch a digital healthcare subscription service in the USA under the brand name proBEAT™.
Nemaura Medical Inc. (NMRD) 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 is planning to submit a PMA application for sugarBEAT® during the second quarter of 2020 for FDA review of this device under medical device regulations. 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.
The medical device industry is undergoing significant changes in terms of efficiency and scope as new technologies push the boundaries of what’s possible. Technology is transforming the medical device market with features such the Internet of Things (IoT), machine learning and advanced 3D printing. For example, IoT in healthcare is increasingly being used to promote active patient engagement and patient-centric service delivery through advanced devices that are constantly connected with each other. Furthermore, the influence of emerging economies on the medical device market is expected to be substantial, as healthcare infrastructure is now being properly established. As a result, by 2022, more than 30% of the global healthcare expenditure is expected to arise from emerging economies. Furthermore, combining these two factors positions the industry for strong growth around the world. Yet, in the meantime and despite 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. And research provided by SelectUSA, a U.S. government-wide program led by the U.S. Department of Commerce, estimates that by 2023, the medical device market is expected to grow to USD 208 Billion.
Some of the most promising, high-growth-opportunity segments in the medical device market by application include surgical and infection control devices, general medical devices, cardiovascular devices, orthopedic devices and wearable monitoring healthcare technologies. Wearables, in particular, are a new trend that has been evolving in the medical technology sector in recent years. 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 user friendly applications. Overall, the most commonly measured data include vital signs such as heart rate, blood pressure, blood oxygen saturation, blood glucose levels as well as physical activities through the use of electrocardiogram (ECG), ballistocardiogram (BCG) and other devices. Additionally, it is important to note that 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.
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