Medtech company Nemaura Medical Inc (NASDAQ:NMRD), which has created suagarBEAT, the world’s first non-invasive glucose monitor for diabetics and prediabetics, said Wednesday that it had successfully developed predictive algorithms that would allow the inclusion of alarms in its sugarBEAT device.
The innovation will make sugarBEAT more appealing and useful to insulin users, a total addressable market valued at nearly $50 billion. Continuous glucose monitor (CGM) adoption among diabetics is minimal, but catching on with the US currently representing the largest market with an estimated 630,000 users of CGM devices in 2018, representing an annualized growth of 117%.
Over the last 14 months, the Loughborough, UK-based company has analyzed data from over 25,000 paired data points between sugarBEAT and blood serum samples taken using a venous catheter at 15-minute intervals for 12 consecutive hours. As a result, the analysis has led to substantial algorithm improvements, including predictive functionality, allowing alarms to be incorporated into sugarBEAT.
“Results indicate the alarm functionality can predict glucose level 5 minutes in advance with 98% accuracy, 10 minutes in advance with 95% accuracy and 15 minutes in advance with 90% accuracy,” the company said in a statement.
BIG PICTURE: Nemaura is a red hot medtech stock with a winner in its painless sugarBEAT glucose monitor
SugarBEAT which has been honed and perfected over seven years is expected to receive CE approval in the UK over the next couple of weeks.
“We're anticipating a soft launch in the UK by the end of the year on the assumption that we will achieve that CE mark, followed by launches in multiple territories early next year. It’s exciting times for the company,” Nemaura Medical CEO Dr Faz Chowdhury earlier told Proactive Investors.
With the UK launch, Nemaura which has a market cap of roughly $408 million, will get traction and strong near-term revenue.
SugarBEAT, which is a non-invasive continuous glucose monitoring device for use by persons with Type I and Type II diabetes, as well as for screening prediabetic patients is likely to disrupt the market. Since sugarBEAT doesn’t require needles or insertion it will challenge entrenched players like DexCom Inc (NASDAQ:DXCM) which markets the Dexcom G6 and Abbott Laboratories (NYSE:ABT) Libre System.
SugarBEAT consists of a daily disposable adhesive skin-patch connected to a rechargeable transmitter, with an app displaying glucose readings at five-minute intervals for periods up to 24 hours. The genius of sugarBEAT lies in its groundbreaking skin-patch technology which allows for better glucose management.
Contact Uttara Choudhury at [email protected]