Nemaura Medical, Inc. (NMRD), is a medical technology company developing non-invasive and minimally invasive wearable diagnostic devices, coupled with artificial intelligence capabilities for digital healthcare. The company’s first product, which is CE approved and undergoing commercial launch, is the sugarBEAT® non-invasive continuous glucose monitoring device and BEAT®diabetes digital healthcare platform. 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 Type 1 or Type 2 diabetes and prediabetes respectively to better manage, reverse and prevent the onset of diabetes. BEAT®diabetes is a health subscription service providing 1-on-1 lifestyle coaching and behavior change recommendations driven by personalized data provided by sugarBEAT®. Insulin users can also adjunctively use sugarBEAT® for insulin dosage purposes when calibrated by a finger stick reading.
sugarBEAT® is intended to be worn during waking hours and consists of a daily disposable adhesive skin-patch connected to a rechargeable transmitter, with an app displaying glucose readings at five-minute intervals.
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– The global TAM for CGM is estimated at $82Bn per annum, consisting of (i) $12.7Bn for Type 1 insulin users (5% of diabetes), (ii) $38.0Bn for Type 2 insulin users (15% of diabetes) and (iii) $31.4Bn for Type 2 non-insulin users (80% of diabetes).1 These numbers exclude the prediabetes population which is estimated at nearly three times as large as the diabetes population.
– CGM currently has low adoption rates amongst insulin users (negligible use amongst non-insulin users) and is growing rapidly. The U.S. is the largest market with estimated 2.6% (630,000 users) penetration of diagnosed diabetic market (24.6M), representing annual growth of 117% over 2017 (290,000 users). 1
– Given sugarBEAT ® is (i) non-invasive, (ii) affordable and (iii) flexible, it is expected to have wider appeal to (i) non-insulin using diabetes, (ii) prediabetes and (iii) a section of insulin-users who dislike competitor CGMs owing to their (i) invasiveness, (ii) cost and (iii) inflexibility
1 PiperJaffray Company Note DXCM Sep 5, 2018
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