FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “Nemaura To Prepare for Launch of sugarBEATÒ CGM In the U.S. Following FDA Feedback”
Nemaura Medical Inc. (NASDAQ: NMRD) (“Nemaura” or the “Company”), a medical technology company focused on developing micro-systems-based wearable diagnostic devices and currently commercializing sugarBEAT®, its non-invasive and flexible continuous glucose monitor (“CGM”), together with BEAT®diabetes, a planned health subscription service designed to help people with Type 2 diabetes and pre-diabetes through personalized lifestyle coaching, announced it is preparing for the launch of sugarBEAT® in the U.S. under the wellness category following recent feedback from the U.S. Food and Drug Administration (the “FDA”). The Company is prioritizing launch plans in the U.S. and is considering various options to expedite the launch, including potential partnering in continuation of its on-going discussions with multi-national companies.
Nemaura Medical Inc. (NMRD) is a medical technology company developing micro-systems-based wearable diagnostic devices and currently commercializing sugarBEAT® and BEAT®diabetes. sugarBEAT® is a non-invasive and flexible continuous glucose monitor (CGM) providing actionable insights derived from real time glucose measurements and daily glucose trend data, which help people with diabetes and pre-diabetes to better manage, reverse and prevent the onset of diabetes.
The increasing trend of connectivity, as well as the spread of the Internet of Things (IoT) and its proliferation throughout wearable devices is expected to drive the growth of the wearable medical device market globally. After the gradual integration of IoT technology in recent years, wearable devices are now capable of advanced remote monitoring of vital signs and health statistics. This has led to the development of remote patient monitoring (RPM) devices, which have seen a strong demand as the number of people with chronic medical conditions and the geriatric population are both growing. In the long run, IoT can help provide the public with better control over their health outcomes. This is due to the use of RPM devices, which can improve the management of chronic diseases by measuring critical risk indicators, such as glucose, blood pressure and others. RPM also has various benefits for end users and hospitals, such as low cost of healthcare, the reduction of extended hospitalization as well as fewer doctor appointments. Overall, the global wearable medical device market size is expected to reach USD 29.6 Billion by 2026 and at a Compound Annual Growth Rate (CAGR) of 17.7%, according to Transparency Market Research.
A major component of this market is the demand for blood glucose monitoring devices, which are used for effective diabetes diagnosis and treatment. Among the advancements made in blood glucose level monitoring technology is the development of continuous glucose monitoring (CGM) devices, which were designed to help track glucose levels in the interstitial fluid as a basis for improving metabolic control and contribute to better diabetes management. CGM devices can be used by both Type 1 and Type 2 diabetics, although they are primarily used by Type 1 diabetics due to the critical need for tight glucose control. However, they are also often utilized by younger users to reduce A1C without increasing hypoglycemia, or those suffer from frequent lows and potentially dangerous nighttime hypoglycemia. Overall, the global market for continuous glucose monitoring devices is estimated to reach USD 6.1 Billion by 2025 while expanding at a CAGR of 17.8% over the forecast period and being driven by a growing aging population, a rising diabetes population and pressure to cut health-care costs, according to data provided by iHealthcareAnalyst, Inc.
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