NEW YORK, Sept. 15, 2023 - The wearable technology market has evolved in recent years into a major tech segment, in large part thanks to consumer market growth which is driven by sales of smartwatches. Major companies like Apple and Samsung are heavily involved in the innovation of wearable devices, which are now capable of performing a wide range of features including cellular connectivity, health monitoring, contactless payment and more. Due to the advanced health monitoring features found in the devices, the wearable technology market is now playing an important role in the medical sector as well. In recent years, the devices have allowed healthcare providers to remotely monitor a patient's various physiological parameters. The most commonly measured data include vital signs such as heart rate, blood pressure, number of calories burned during a day, sleep quality and oxygen level in the blood. Nemaura Medical Inc. (NASDAQ: NMRD), Planet Fitness, Inc. (NYSE: PLNT), WW International, Inc. (NASDAQ: WW), Garmin Ltd. (NYSE: GRMN), iRhythm Technologies, Inc. (NASDAQ: IRTC)
Among the various health segments where wearable devices are prominent, the weight loss and weight management market stand out due to fast-growing demand. Obesity is a major public health concern as many individuals struggle with excess weight and are seeking weight management solutions and to reduce the risks of associated diseases such as diabetes, heart disease, stroke, and certain types of cancer. Overall, the global weight loss market size was valued at USD 260.7 Billion in 2022. It is projected to surpass around USD 532.5 Billion by 2032, and register a CAGR of 7.6% from 2023 to 2032, according to data provided by MarketResearch.biz.
Nemaura Medical Inc. (NASDAQ: NMRD) announced breaking news earlier this week regarding, "interim results from its metabolic health program.
The primary objective of the study was to establish whether a metabolic program with a daily wear CGM worn twice a month resulted in greater engagement levels and sustainable weight reduction, and how this compared to other programs. The multi-centered study was run in collaboration with the UK's National Health Service.
Known as Miboko (Mind, Body, Konnect), the program is the first to integrate a daily-wear and non-invasive glucose sensor with the Company's bespoke app, educational content and AI driven analytics platform.
Users were invited to participate by their primary care practice, based on a BMI over 25. None of those invited to participate had expressed a willingness to join a metabolic weight loss program or had previously heard of the Miboko program. Participants used the Miboko app, and were given access to relevant education modules relating to aspects of metabolic health and weight loss. Diet and lifestyle were entered daily into the app, and weight was recorded weekly. Every two weeks, users wore the daily wear continuous glucose sensor, which tracked and displayed real-time glucose. At the end of the day, participants were provided with a Metascore® and measure of glucose variability.
In addition, users were presented with a video report which analysed their glucose trends and made diet and lifestyle recommendations. The Metascore® is derived from a number of factors including BMI, insulin sensitivity and lifestyle.
The study tracked 83 participants, with a mean age of 54 years old. The cohort was made up of 67% female (F), and 33% male (M), and 88% of participants recorded their ethnicity as 'White'. After 20 weeks of enrolment, 59 people (16M/43F) had recorded weight loss, with 21 participants losing over 5KG (11 pounds). On an average basis, weight loss was 2.9KG (6.3 pounds) (1.9M/3.2F), with the rate of change increasing after week 8.
Qualitative feedback from users demonstrated substantially increased levels of understanding and empowerment on their weight loss goals, correlating to long-term behavioural changes that are pivotal to sustained weight loss. Of particular note is that users derived considerable benefit from their personalised insights, based on their Metascore® and response to diet and exercise. Verbatims from users confirmed that CGM sensor use increased user participation, better understanding of food choices and portion size.
After 20 weeks of use, the program had a retention rate of 32.5%. When active participants were asked whether they would continue with the program, 64% of respondents stated they were likely or very likely to continue to use the program. This far exceeds retention rates for health and wellbeing apps of 16.7% at 13 weeks and 6.9% at 26 weeks.1
Published studies report that affordability is a key barrier to CGM adoption, and the Company aims to price its CGM-embedded program significantly lower than any presently available comparable program.
The integration of Nemaura's CGM sensor means that for the first time, a low-cost metabolic health improvement prevention program will soon be commercially available. The Company has the advantage of its own proprietary non-invasive sensor technology, which significantly reduces sensor costs, as the sensors are only worn a few days each month.
The Company plans to publish more detailed results in due course. A link to the Miboko website can be found here: https://miboko.com"
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Planet Fitness, Inc. (NYSE: PLNT) announced a collaboration with Amazon Halo to provide more people with the tools and resources they need to achieve their fitness goals inside the gym and beyond. Now through November 15, new members who sign up* for the PF Black Card® at Planet Fitness will receive a complimentary Amazon Halo View wellness tracker, along with one year of full access to an Amazon Halo exclusive membership with features and content. Find the nearest club or join online to sign up; after doing so, new members will receive an e-mail from Planet Fitness with a unique code to redeem a Halo View on Amazon. All current Planet Fitness members can get 15 percent off any Halo View purchase during the same promotional period. "We're excited to help our new PF Black Card® members kickstart their health and wellness journeys by collaborating with Amazon Halo to give them a complimentary Halo View to track their progress," said Sherrill Kaplan, Chief Digital Officer at Planet Fitness. "People are more conscious of their physical and mental health than ever before, and Amazon's Halo View provides PF Black Card® members with additional value, motivation and support. We believe the health tracking and helpful reminders the device provides will help keep PF Black Card® members moving throughout the day."
WW International, Inc. (NASDAQ: WW) reported back in April that it has completed its acquisition of Weekend Health, Inc., d/b/a Sequence, a subscription telehealth platform offering access to healthcare providers specializing in chronic weight management. Sequence seamlessly integrates the patient and clinician experience for medication management and related clinical care while providing high-touch support in navigating the insurance approval process. "WeightWatchers is at a pivotal point where we can build new capabilities that expand our market, reinforced by our foundational strengths," said Sima Sistani, CEO of WeightWatchers. "Given the advancements in chronic weight management medications, entering into clinical interventions, for those who medically-qualify, is a natural next step for WeightWatchers. Our goal is to provide sustainable, science-backed solutions to all weight health pathways, whether medications are part of an individual's journey or not."
Garmin Ltd. (NYSE: GRMN) announced back in August the Venu® 3 and Venu 3S GPS smartwatches designed to support every health and fitness goal. Featuring extensive fitness insights, beautiful AMOLED touchscreen displays and an impressive battery life, Venu 3 series is purpose-built to help users get a more complete picture of their health. It also includes new features for wheelchair users—letting them track pushes, follow wheelchair-specific workouts and more. Stay even more connected with Venu 3 series at home or on the go; a built-in speaker and microphone allow users to make and take phone calls or respond to text messages right from the wrist (when paired with a compatible Apple® or Android™ smartphone). Available in two sizes and comfortable enough to wear all day and night, Venu 3 series gets up to 14 days of battery life in smartwatch mode. And because users don't have to charge their watch every night, they can monitor health metrics 24/7 and receive a more holistic view of their stress, Body Battery™ and sleep with new personalized sleep coaching and nap detection.
iRhythm Technologies, Inc. (NASDAQ: IRTC) reported last month that its application for manufacturing and marketing approval for Zio Monitor System in Japan has been designated for high medical needs by the Japanese Ministry of Health, Labour, and Welfare ("MHLW"). The high medical needs designation in Japan is granted to innovative devices recognized as having high medical utility for significant diseases. The Zio Monitor System was indicated for this designation at the recommendation of the Japanese Heart Rhythm Society based on the clinical improvement that Zio services provides compared to traditional Holter monitoring1 and the significant need that patients in Japan face to improve detection of potential cardiac arrhythmias. With this classification in hand, iRhythm submitted its Shonin pre-market application to the Japanese Pharmaceutical and Medical Device Agency (the "PMDA") on July 31, 2023.
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