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Wearable tech market to more than double in growth by 2026

Inside Telecom Staff

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Wearable tech

Over the years, fitness technology has grown from the bulky fridge-like mainframes to the sleek finesse of fitbits, containing more processing power than the computers that put a human on the moon.

For context, innovative tech has gone from having a dedicated room to a dedicated pocket, allowing us to work, study and monitor our health. 

Which is exactly why wearable tech is regarded as an emerging trend that integrates electronics to the daily activities and fits into the changing lifestyles and can be worn on any part of the body. As such, experts predict that the next market with this same growth potential will be wearable technologies market.

A report from Mordor Intelligence projects that the Wearable Technology Market was valued at USD 27.91 billion in 2020 and is expected to reach USD 74.03 billion by 2026 and work at a CAGR of 17.65 percent over the forecast period (2021 – 2026).

The report published that the ability to connect to the Internet and the establishment of data exchange between a network and a device is the driving factor that led to increases wearable tech. The study considered several wearable technologies, including Smartwatches, Head Mounted Displays, Smart Clothing, Ear Worn, Fitness Trackers, Sleep Aides and wellness devices among others.

The report tracks both the volume and value of these products at a global level and region level in specific. The wearable tech market has evolved owing to the emergence of sensors among other technology.

Incorporating these sensors into a dedicated wearable device driven by the impact of smartphones being used daily, on the GPS, or the IMU (consist of accelerometer, gyroscope, and magnetometer), the report explained, mentioning that they have helped the fitness tracking wearable to monitor body activities using these sensors. 

“The smartwatch category is also experiencing a rise, owing to the additional features, like the brand that suits the everyday lifestyle. Smartwatches are seeing a surge in new users, including the older population, because wearable makers, such as Apple and Fitbit, are adding health-monitoring features that appeal to older people and keep them updated about their health status in real-time,” the Mordor Intelligence report continued.

A perfect example of this is Apple’s features such as a fall detection app and an EKG monitor to the Apple Watch Series 4, while Fitbit added a feature to detect sleep apnea. According to the report, Apple’s 2019 fiscal year noted that it got nearly as much revenue from sales of its collection of wearable products and accessories as it derived from selling its old Mac computers which appears well on its way to becoming its second most significant line of products after the iPhone and its third-largest business category overall after its smartphone and services segment.

The company’s booming wearables and accessories segment helped to make up for the declining iPhone sales. In the period, sales of wearable and accessories products grew 54 percent in the last quarter of 2019 compared to the prior year to USD 6.5 billion, the report further explained.

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MedTech

EU throws weight behind Pfizer-BioNTech and new technology

Associated Press

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EU throws weight behind Pfizer-BioNTech and new technology

In a stinging rebuke to pharma giant AstraZeneca Wednesday, the European Union announced plans to negotiate a massive contract extension for Pfizer-BioNTech’s COVID-19 vaccine insisting the 27-nation bloc had to go with companies that had shown their value in the pandemic.

“We need to focus on technologies that have proven their worth,” said EU Commission President Ursula von der Leyen. She also announced that America’s Pfizer and Germany’s BioNTech would provide the EU with an extra 50 million doses in the 2nd quarter of this year, making up for faltering deliveries of AstraZeneca.

In contrast to the oft-criticized Anglo-Swedish company, von der Leyen said Pfizer-BioNTech “has proven to be a reliable partner. It has delivered on its commitments, and it is responsive to our needs. This is to the immediate benefit of EU citizens.”

Exacerbating the problems for AstraZeneca, Denmark decided Wednesday not to resume use of its vaccine, after putting it on hold last month following reports of rare blood clots in some recipients. The bulk of the shots given in the Scandinavian country so far have been the Pfizer-BioNTech vaccine.

The Johnson & Johnson jab, which uses the same base technology as AstraZeneca, hit a snag this week when U.S. regulators recommended a “pause” in administering Johnson & Johnson shots. Deliveries in the EU have been suspended.

AstraZeneca was supposed to be the workhorse of the EU’s vaccine drive this year — a cheap and easy-to-transport shot to break the pandemic’s back. Yet, the EU said that out of 120 million doses promised for the 1st quarter, only 30 million were delivered, and, of the 180 million expected, now there are only 70 million set for delivery in the 2nd quarter.

Because of that shortfall, the EU has come under crushing pressure as, even though it it is a major producer and exporter of vaccines, it cannot get its vaccinations even close to the levels of the United Kingdom and the United States.

The Our World in Data site said 47.5% of people in the U.K. have received at least one dose of COVID-19 vaccine, compared to 36.6% in the U.S. and 16.4% in the EU.

Now, Pfizer-BioNTech could well become the key to beat the pandemic on the continent.

With 200 million doses already earmarked for the bloc this quarter from Pfizer-BioNTech. the 50 million additional deliveries will be especially welcomed by EU nations dealing with supply delays and concerns over rare blood clots potentially linked to the Oxford-AstraZeneca vaccine.

Von der Leyen said the EU will start negotiating to buy 1.8 billion doses of the Pfizer-BioNTech vaccine through 2023.

“It will entail that not only the production of the vaccines, but also all essential components, will be based in the EU,” von der Leyen said.

The European Commission currently has a portfolio of 2.3 billion doses from half a dozen companies and is negotiating more contracts.

Von der Leyen expressed full confidence in the technology used for the Pfizer-BioNTech vaccine, which is different from that behind the Oxford-AstraZeneca vaccine.

The active ingredient in the Pfizer-BioNTech shot is messenger RNA, or mRNA, which contains the instructions for human cells to construct a harmless piece of the coronavirus called the spike protein. The human immune system recognizes the spike protein as foreign, allowing it to mount a response against the virus upon infection.

Astra Zeneca’s is made with a cold virus that sneaks the spike protein gene into the body. It’s a very different form of manufacturing: Living cells in giant bioreactors grow that cold virus, which is extracted and purified.

Von der Leyen said Europe needs to have a technology that can boost immunity, tackle new variants and produce shots quickly and massively. “mRNA vaccines are a clear case in point,” she said.

The planned negotiations with Pfizer left in the middle what the EU would do about any new contracts with AstraZeneca. “Other contracts, with other companies, may follow,” said von der Leyen.


BRUSSELS (AP) — By RAF CASERT Associated Press
Jan M. Olsen contributed from Copenhagen.

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MedTech

UK NHS Cancer backlog treated by digital tools, says report

Karim Hussami

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digital app

A report from ORCHA (The Organisation for the Review of Care and Health Apps), an NHS partner and a leading authority on health app trends and usage, says that MedTech digital tools can be part of the solution to the backlog in cancer services.

The report adds that patients must be supported by healthcare staff in their choice of apps and be extremely wary of poor-quality tools which could damage their health.

“There are excellent apps or digital tools supporting cancer patients. These have been developed with clinicians, rigorously reviewed and frequently updated. Apps such as these can be embedded into cancer services to provide tremendous support to patients and ease the healthcare system at a time of tremendous backlog,” former NHS clinician and founding CEO of ORCHA, Liz Ashall-Payne, said.

“For example, BELONG, Beating Cancer Together gives users access to oncologists, radiologists and doctors to answer questions and notifies users of available clinical trials around the world. Vinehealth Cancer Companion helps patients monitor their symptoms and track their medication,” he noted.

Around 40,000 fewer people started cancer treatment in 2020 due to COVID-19, putting potential pressure on services for years to come.

“We believe there is massive potential for intelligent apps such as these both to help patients and provide excellent returns on investment to the NHS,” Liz added.

According to ORCHA research, 3,603 digital tools in forms of apps to support cancer can be found in app stores. Worryingly, 74 percent of these have not been updated in the last 18 months. This means the vast majority have not kept pace with medical, data or usability guidelines.

Amongst the apps updated within 18 months, ORCHA reviewed 190 of the most downloaded, testing them against more than 350 health standards and measures including elements of the NICE framework. This diligence revealed that only 24.7 percent of the apps reviewed meet minimum quality thresholds.

Liz Ashall-Payne, said: “These statistics are deeply concerning, given how easy it is for vulnerable patients and care providers to search app stores and stumble across apps which may give poor or outdated advice or blatantly misuse their private data.”

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MedTech

Wearable tech start-up aims to tackle head injuries in sport

Karim Hussami

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Wearable tech start-up

An Edinburgh-based business recently launched a Kickstarter campaign to help move into production of a technology to safeguard athletes against head injuries.

Based at the Edinburgh Business School (EBS) Incubator within Heriot-Watt University, the technology has been developed by start-up company HIT. The concept is wearable tech which measures and tracks head impact force in sport and recreational activities and is set to aid research and support informed decisions on the risk of brain injury.

Founder Euan Bowen, an avid rugby player, was inspired to develop the technology a teammate was injured. With brain injuries rarely reported, Bowen spotted a gap in the market for sportspeople to track brain health.

Bowen explained: “I found little technology available to monitor head impact, despite the severity of the issue across different sports.

“As a member of a rugby club in Edinburgh, I began researching and developing a project, working closely with the team to develop an initial prototype.”

Featuring a unique impact sensor, wearable across multiple sporting and activity applications, the device universally clips onto any helmet or halo headband, detecting g-force and recording impact via a companion app.

Using a traffic light system, the app records data and acts as an early warning notification for the user regarding the level of impact force recorded – highlighting the caution required in continued exercise.

“High impact sports are focusing increasingly on concussion mitigation with the Field – ‘Football’s Influence on Lifelong Health and Dementia Risk’ – study recently finding that former professionals are three and a half times more likely to die of dementia than the general population,” Bowen noted.

Kallum Russell, manager of the EBS Incubator said: “HIT Impact is a much-needed technology to track and support the current efforts to increase sports safety at a time when governing bodies across high impact sports are increasingly focused on minimizing head trauma.”

The current parliamentary inquiry into concussion recently heard evidence about the long-term implications of repetitive head trauma on sports people with MPs asking how sports could be made safer.

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