23 Dec Can Nemaura Medical Disrupt the Wearable Healthcare Technology Market?
Nemaura Medical, Inc. (NASDAQ: NMRD), a medical device technology Company developing innovative non-invasive wearable diagnostic devices, announced the official launch of BEAT®diabetes, and the availability of proBEAT™, a non-invasive, daily-wear adhesive glucose monitor. The device comes along a proBEAT™ monitor, a first-in-class non-invasive, daily-wear glucose monitoring patch that works in conjunction with a smartphone application. The monitor helps users gain actionable insights about causes of blood glucose fluctuations, while algorithms will offer smart eating, exercise and lifestyle choices that aid in weight loss and exercise adherence.
Dr. Faz Chowdhury, Chief Executive Officer of Nemaura stated
“The official launch of the BEATdiabetes program in the United States provides first access to many of the proprietary life management tools that come with the program. The smartphone and tablet app provides users with our scientifically validated, personalized coaching driven by our digital platform. The program is supported with Nemaura’s unique non-invasive glucose monitor. We believe this is the first device of its kind on the market and will provide users with an unprecedented, personalized set of tools designed to help reduce diabetes risk and even potentially reverse Type 2 diabetes with continued and dedicated use.”
Lena, an AI-powered one-to-one support program developed by the Company, studies and understands user behaviour and preferences and offers feedback and suggestions to improve health and even potentially reverse diabetes.
Nemaura Medical Inc (NASDAQ: NMRD)
Market Cap: $100.11M; Current Share Price: 4.37 USD
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Diabetes is a silent killer which is slowly reaching endemic proportions in developed as well as developing countries. The rise in obesity, sedentary lifestyles, poor dietary choices, stress and lack of exercise will see the number of incidences of Diabetes rise in the future. According to the International Diabetes Federation, the number of people living with diabetes will rise to 629 million by 2045, from 425 million adults (20-79 years) in 2017. In the U.S alone the people living with diabetes are set to increase from 58 million in 2017 to 67 million by 2045.
The increased awareness about the long-term complications caused by diabetes, along with the rise in co-morbidities such as cardiovascular, renal and neuropathic complications is set to propel the growth in the segment from $26.8 billion in 2016 to around $64 billion by 2026 according to a research by GlobalData. In spite of the market being dominated by generic drugs, such as metformin and similar drugs being in developmental stage, the market is projected to achieve a CAGR of 8.4% as per the same report.
Non-Invasive blood glucose monitoring offers a painless and more convenient alternative to monitoring glucose levels. According to a report by Coherent Market Insights, the global market for non-invasive blood glucose monitoring devices which were worth over US$ 5.1 million in 2017 will grow at a CAGR of 35.0% from 2018 – 2026. The ease and convenience of using the device, elimination of costly finger sticks and speedy transfer and sharing of data are some of the drivers of popularity of these devices, while the point of accuracy being lesser than conventional glucose monitoring devices may hamper its growth.
Nemaura develops non-invasive Microsystems that can measure blood markers in a pain free and convenient manner at the surface of the skin. The Company’s range of digital healthcare solutions is aimed at the prevention and management of chronic diseases that can be managed with better monitoring.
The Company offers personalized lifestyle coaching services that helps prevent and reverse Type 2 Diabetes along with weight management solutions. The program offers on-demand expert advice and guidance from diabetes specialists and has been clinically validated to reduce HbA1c, weight, BMI, blood pressure, and cholesterol as per the Company. The digital weight loss program was developed by the Joslin Institute, an affiliate of Harvard University, which is now combined with glucose profiling daily-wear patch developed by Nemaura.
The proBEAT™ patch is designed to be worn on the upper arm for only a few days a month, so that data can be captured by the app and analyzed to provide constructive actionable and simple feedback. The Company uses amalgamation of Big Data and machine learning to collect user data and analyze it to offer actionable insights.
The Company is gearing up for the launch of its Continuous Lactate Monitoring for athletes to monitor lactic acid levels, which is a key indicator of how muscles react to long term exertion and recovery. The device can also be used for application in various disease states and critical care including the monitoring of progression in viral infection, sepsis and septic shock and COVID-19 infection. These products are intended to be launched in 2021. Furthermore Nemaura is also working on a continuous temperature monitoring device that could detect viral infections and for fertility and conception.
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