Revenues For Connected Medical Device Market Expected to Reach $6 Billion
Palm Beach, FL – July 30, 2019 – Every day consumers become more and more connected via their smart phones and other devices for banking, entertainment and a host of other applications. Health will be one of the fastest growing sectors in this expansion. In fact recent reports have said that “…the global market of wearable medical device is expected to grow with a CAGR of 18% during the forecasted period 2017-2023. The market generated near around USD $2 billion during 2016 and is expected to reach approximately USD $6 billion by the end of the forecasted period.” The article in Reuters further described what underpins this expansion: “… (the) surge in popularity of wearable devices that are efficient enough to detect diabetes, and various other diseases propel the growth of connected medical devices among consumers. Increasing use of wearable medical devices by consumers, therefore makes the market more demanding. Moreover, high adoption of mobile platforms and smart phones which assist in monitoring patient’s health issues, creates a huge demand and high growth opportunity for connected medical devices during the projection period of 2017-2025.” Active companies in the markets this week include: DarioHealth Corp. (NASDAQ: DRIO), Livongo Health, Inc. (NASDAQ: LVGO), Health Catalyst, Inc. (NASDAQ: HCAT), Phreesia, Inc. (NYSE: PHR), Mylan N.V. (NASDAQ: MYL).
Another article in MarketWatch added: “With the growing prevalence of chronic diseases such as cancer, diabetes, hypertension, and others along with the risk factors associated with it such as asthma, sleep apnea, obesity and others, the global market for connected medical devices is estimated to drive the global market. The increasing patient monitoring systems across the globe, growing adoption of IT in the healthcare sector, and rising awareness regarding connected medical devices are likely to people the market growth during the forecast period. Moreover, technological advancements, quick approval from regulatory authorities for connected medical devices, and research and development activities are anticipated to foster the market.”
DarioHealth Corp. (NASDAQ: DRIO) BREAKING NEWS: DarioHealth, a global digital therapeutics innovator, made its official entry into the field of hypertension management today with the launch of the new Dario Blood Pressure Monitoring System as part of its strategy to go beyond diabetes and reach the wider chronic condition spectrum.
The Dario Blood Pressure Monitoring System is a medical device composed of a monitor and a blood pressure cuff. It synchronizes with the Dario mobile app which allows users to track their blood pressure and a variety of health markers, together with the daily actions that influence them. Utilizing the Dario Blood Pressure Monitoring System, together with the Dario Blood Glucose Monitoring System, creates a harmonized digital health solution, enabling users to better monitor their health and make data driven choices. Together with Dario’s software and professional coaching, we believe that users with hypertension and diabetes will benefit from a clear broad picture of their condition in a user-friendly format on their iPhone or Android mobile device.
For DarioHealth, which began its journey in diabetes management, the expansion into hypertension is a natural one. High blood pressure currently impacts approximately 75 million Americans including 73.6% of adults with diabetes. By offering a fast, easy way to monitor these two strongly correlated chronic conditions, Dario aims to help more people live healthier lives. Dario also provides healthcare professionals with access to the accumulated information and enables them to adjust their interventions and evaluate their clinical effectiveness based on real world evidence. Read this entire announcement for DarioHealth at: https://www.financialnewsmedia.com/news-drio/
Additional industry developments from around the markets:
Livongo Health, Inc. (NASDAQ: LVGO) recently announced the closing of its initial public offering of 14,590,050 shares of its common stock at a price of $28.00 per share, which includes the full exercise of the underwriters’ option to purchase 1,903,050 additional shares of common stock to cover over-allotments. Including the option exercise, the aggregate gross proceeds to Livongo from the offering, before deducting underwriting discounts and commissions and other offering expenses, were approximately $408.5 million. The shares began trading on The Nasdaq Global Select Market under the symbol “LVGO” on July 25, 2019. LVGO closed up over 9% on Monday at $41.63 trading over 1.4 Million shares by the market close.
Livongo offers a whole person platform that empowers people with chronic conditions to live better and healthier lives, beginning with diabetes and now including hypertension, weight management, diabetes prevention, and behavioral health. Livongo pioneered the new category of Applied Health Signals to offer Members clinically-based insights that make it easier to stay healthy.
Health Catalyst, Inc. (NASDAQ: HCAT) a leading provider of data and analytics technology and services to healthcare organizations, recently announced the closing of its initial public offering of 8,050,000 shares of its common stock at a price to the public of $26.00 per share, which includes the exercise in full by the underwriters of their option to purchase 1,050,000 additional shares of common stock for total gross proceeds of $209.3 million, before deducting underwriting discounts and commissions and other offering expenses payable by Health Catalyst. Health Catalyst’s common stock began trading on The Nasdaq Global Select Market under the symbol “HCAT” on July 25, 2019.
Health Catalyst is a leading provider of data and analytics technology and services to healthcare organizations, committed to being the catalyst for massive, measurable, data-informed healthcare improvement.
Phreesia, Inc. (NYSE: PHR) a leading patient intake management platform, recently announced the closing of its initial public offering of 10,681,423 shares of common stock (the “Shares”), consisting of 7,812,500 Shares issued and sold by Phreesia and 2,868,923 shares sold by certain of Phreesia’s existing stockholders (the “Selling Stockholders”), which includes the full exercise of the underwriters’ option to purchase 1,393,229 additional Shares from the Selling Stockholders, at a public offering price of $18.00 per share. The total gross proceeds to Phreesia were approximately $140.6 million, and the total gross proceeds to the Selling Stockholders were approximately $51.6 million, before deducting underwriting discounts and commissions and expenses payable by Phreesia. The Shares commenced trading on the New York Stock Exchange under the ticker symbol “PHR” on Thursday, July 18, 2019.
Phreesia gives healthcare organizations a suite of robust applications to manage the patient intake process. Our innovative SaaS platform engages patients in their care and provides a modern, consistent experience, while enabling healthcare organizations to optimize their staffing, boost profitability and enhance clinical care.
Mylan N.V. (NASDAQ: MYL) and Pfizer Inc. (PFE) this week announced a definitive agreement to combine Mylan with Upjohn, Pfizer’s off-patent branded and generic established medicines business, creating a new global pharmaceutical company. Under the terms of the agreement, which is structured as an all-stock, Reverse Morris Trust transaction, each Mylan share would be converted into one share of the new company. Pfizer shareholders would own 57% of the combined new company, and Mylan shareholders would own 43%. The Boards of Directors of both Mylan and Pfizer have unanimously approved the transaction.
The new company will transform and accelerate each businesses’ ability to serve patients’ needs and expand their capabilities across more than 165 markets by bringing together two highly complementary businesses. Mylan brings a diverse portfolio across many geographies and key therapeutic areas, such as central nervous system and anesthesia, infectious disease and cardiovascular, as well as a robust pipeline, high-quality manufacturing and supply chain excellence. Upjohn brings trusted, iconic brands, such as Lipitor (atorvastatin calcium), Celebrex (celecoxib) and Viagra (sildenafil), and proven commercialization capabilities, including leadership positions in China and other emerging markets.
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