Telemedicine and Wellness Apps Have Showcased Tremendous Growth Due To Pandemic
- Financialnewsmedia.com News Commentary
PALM BEACH, Fla., March 2, 2021 /PRNewswire/ -- Telemedicine is one of those markets that has actually thrived because of the pandemic. Telemedicine, technicity, is the exchange of medical information from one location to another using electronic communication, which improves patient health status. Telemedicine has multiple applications and can be used for different services, which includes wireless tools, email, two-way video, smartphones and Apps, and other methods of telecommunications technology. Beginning more than 40 years ago with hospitals extending their services to patients in remote locations, telemedicine has grown rapidly and has become an integrated part of specialty departments, hospitals, private doctor offices, home health care, and the consumer's residence and workplace, and according to reports, the market will continue to grow as both providers and patients accept and even demand more uses. A report from Fortune Business Insights projected that the global telemedicine market size, which was USD 41.63 billion in 2019 and… USD 79.79 billion in 2020, is projected to reach USD 396.76 billion in 2027 at a CAGR of 25.8%. "Telemedicine has showcased tremendous growth in recent years. It not only helps patients to connect with physicians remotely but can also aid in reducing the cost burden of healthcare. Owing to these advantages, physicians and hospitals are looking forward to adopting digital health technologies in their practice. This has also triggered the government to develop regulations and reimbursement policies revolving around telehealth." Active healthcare tech companies in the markets this week include Cognetivity Neurosciences Ltd. (OTCQB: CGNSF) (CSE: CGN) (CGN.CNQ), Teladoc Health (NYSE: TDOC), CareDx, Inc. (NASDAQ: CDNA), Veeva Systems Inc. (NYSE: VEEV), Biogen Inc. (Nasdaq: BIIB).
Fortune Business Insights continued: "Developments in the telemedicine industry have made healthcare affordable and accessible to all. The increasing number of e-visits, expansion in radiology, cardiology, behavioral health, and others has resulted in the development of new business and healthcare models surrounding telehealth. The market is gradually becoming highly competitive with the launch of various platforms and the entry of new players with huge funding."
Cognetivity Neurosciences Ltd. (CSE: CGN) (OTCQB: CGNSF) BREAKING NEWS: Cognetivity Neurosciences Announces Commercial Deployment of OptiMind Wellness App with Market-leading Telehealth Company - Cognetivity Neurosciences (the "Company" or "Cognetivity") today announced that it has reached an agreement with Dutch telehealth company Luscii healthtech BV ("Luscii") regarding the deployment of Cognetivity's wellness app, OptiMind. Luscii will deploy OptiMind's sophisticated cognitive measurement capabilities in order to better understand the impact of its innovative human resources policies and corporate wellness initiatives.
Luscii is a provider of remote monitoring services for patients with conditions ranging from cancer and diabetes to Covid-19. It is the Dutch market leader, deployed in over half of hospitals in the Netherlands, and is now active in several other countries, including the UK. This success has been underpinned by innovation, both in its products and services and in its approach to employee welfare. As Luscii rolls out a major new wellness initiative within the business, it will deploy OptiMind to give better personal insights to team members and improve its understanding, via aggregate data, of the overall impact of its investment.
"Luscii supports many thousands of patients and clinicians through remote monitoring." said Professor Daan Dohmen, Chief Executive of Luscii. "Anything I can do to help improve the working environment for my colleagues will help them and, in turn, help patients and clinicians too," he said. "Learning what works in this context has been challenging until now, but Cognetivity's incredible technology opens up new and exciting possibilities for measuring the real impact of targeted programs and I look forward immensely to learning from the insights OptiMind will deliver."
Employee wellbeing continues to assume growing importance in the business world, with the global corporate wellbeing market forecast to expand from US$53.6 billion in 2018 to US$90.7 billion by 2026. Large employers in the US spent an average of $762 per employee on wellbeing programs in 2019. However, the return on such investments remains unclear, with firms unable to quantify program impact at either an individual or organizational level.
Meanwhile, consumers remain increasingly keen to use technology to track aspects of their physical health, suchas activity levels, weight and heart rate – but the prospect of day-to-day measurement of brain performance, particularly in relation to core lifestyle factors such as sleep, exercise and diet, has remained elusive. On top of all this, the pandemic has disrupted working norms. Many people are working from home and therefore unable to access the formal and informal support networks and wellbeing initiatives ordinarily available in the office environment.
OptiMind sits at the confluence of these major global trends. It is a wellness app, created for easy use by consumers, that is nevertheless supported by the same medical-grade cognitive assessment functionality that powers Cognetivity's flagship clinical product, the ICA. Geared towards the personalized tracking and management of cognitive performance, it is also designed to enable feedback loops between employees and employers for the monitoring of wellbeing and risk. Optimind is also designed with enterprise scale in mind, being capable of serving the needs of millions of concurrent users around the world. CONTINUED…. Read this full release and more news for Cognetivity Neurosciences at: https://www.financialnewsmedia.com/news-cgn/
Other recent developments in the healthcare tech industry include:
Teladoc Health, Inc. (NYSE: TDOC), the global leader in whole-person virtual care, recently reported strong financial results for the fourth quarter and full year ended December 31, 2020.
"As virtual care shifted to become a consumer expectation in 2020, Teladoc Health not only met the rapidly growing demand, but we transformed our company to define a new category of whole-person virtual care," said Jason Gorevic, chief executive officer of Teladoc Health. "By accelerating our mission to transform the health care experience, we exceeded our fourth-quarter and full-year 2020 expectations and see strong momentum across our global business in 2021 as the market embraces the breadth and depth of our unique capabilities."
Veeva Systems Inc. (NYSE: VEEV) recently announced that more than 250 organizations are using Veeva vault RIM applications for end-to-end regulatory information management. A growing number of emerging biotechs and enterprise companies, including 12 of the top 20 global pharmaceutical companies, are modernizing submission planning, tracking, and publishing to stay ahead of evolving regulations, including the ISO IDMP standards.
"Streamlining regulatory processes is a strategic priority to support efficient submission planning and execution and get medicines to patients faster," said Dominique Lagrave, head, global regulatory operations at Amgen. "Veeva Vault RIM will unify regulatory processes and deliver the visibility we need to make faster, more informed decisions."
Biogen Inc. (Nasdaq: BIIB) recently announced that the U.S. Food and Drug Administration (FDA) has approved a new intramuscular (IM) injection route of administration for PLEGRIDY® (peginterferon beta-1a) for the treatment of relapsing forms of multiple sclerosis (MS). The new IM administration offers people living with relapsing MS the well-characterized efficacy and safety of PLEGRIDY with the potential for significantly reduced injection site reactions. This approval expands Biogen's industry-leading portfolio of MS treatments, which also includes the subcutaneous (SC) administration of PLEGRIDY, and follows the European Commission's marketing authorization for the IM administration in December 2020.
"At Biogen, we are committed to continued innovation to give people with MS more choices and more options to meet their individual preferences and needs," said Maha Radhakrishnan, M.D., Chief Medical Officer at Biogen. "PLEGRIDY is a proven, effective therapy for relapsing MS, and this approval gives new and current MS patients a different delivery method that has the potential to significantly reduce injection site reactions."
CareDx, Inc. (NASDAQ: CDNA), a leading precision medicine company focused on the discovery, development, and commercialization of clinically differentiated, high-value healthcare solutions for transplant patients and caregivers, recently reported financial results for the fourth quarter and full year ended December 31, 2020.
Recent Highlights Were: Achieved total revenue of $58.6 million for the three months ended December 31, 2020, increasing 64% over prior year fourth quarter; Delivered record full year revenue of $192.2 million, an increase of 51% compared with full year 2019 revenue; Provided over 25,000 patient results in the fourth quarter and approximately 79,000 patient results in 2020; Generated GAAP net loss of $3.5 million, non-GAAP net income of $4.3 million, and positive adjusted EBITDA of $4.9 million in the fourth quarter; As of December 31, 2020, over 55 U.S.-based transplant centers have adopted an AlloSure Kidney testing protocol; and Received Medicare reimbursement pricing for AlloSure Heart
"Our record fourth quarter result was the culmination of an extraordinary year for CareDx," said Reg Seeto, President and Chief Executive Officer of CareDx. "2020 was transformational for CareDx, because we extended our leadership position in transplant centers through RemoTraC, implemented and validated the next wave of innovation through our multi-modality platforms, HeartCare and KidneyCare, and accelerated the direct to patient journey through AlloCare. We look forward to 2021 and beyond as we invest in advancing our robust pipeline and continue our mission to serve transplant patients and improve outcomes."
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