- Diabetes tech market expanded in 2021 due to new users, growing demand for CGM devices, coverage of CGM devices by CMS
- Diabetes is a growing problem in the US. According to CDC, roughly 1 in 10 Americans have diabetes, and 1 in 3 have pre-diabetes
- NMRD currently commercializing the sugarBEAT(R) non-invasive and flexible continuous glucose monitor
- Company recently completed initial shipment to UK licensee
While most medical technology businesses faced COVID-19-related restrictions (https://ibn.fm/NJbOa), Nemaura Medical (NASDAQ: NMRD), a medical technology company that develops affordable diagnostic and digital tools for diabetes management, is favorably positioned in the rapidly growing diabetes tech market with sugarBEAT(R) – a wearable, non-invasive and flexible Continuous Glucose Monitor (“CGM”) designed to help diabetes patients manage glucose levels.
Diabetes is a significant concern in the United States, according to a report released by the Center for Disease Control (“CDC”) that provides statistics across ethnicities, ages, education levels, and regions (https://ibn.fm/Ch1HI). According to the report, 34.2 million Americans – roughly 10 percent – have diabetes, and approximately one in three have pre-diabetes.
“CDC is working to reverse the epidemic by helping to identify people with pre-diabetes, prevent type 2 diabetes and diabetes complications, and improve the health of all people with diabetes,” reads the report. “Through the National DPP’s evidence-based, affordable lifestyle change program, adults with pre-diabetes learn to make healthy changes that can cut their risk of type 2 diabetes by as much as 58% (71% for those over 60 years).”
Controlling insulin is an essential part of the lifestyle changes required to manage and prevent diabetes, according to the US National Institute of Health (“NIH”) (https://ibn.fm/z5jJe). Accordingly, the medtech industry has grown considerably to meet the demand for insulin-monitoring equipment such as insulin pumps and CGM devices. While most businesses faced severe business restraints in 2021, the diabetes tech space had an eventful year with highlights that included climbing user numbers, expansion of coverage for glucose monitoring devices by the Centers for Medicare & Medicaid Services (“CMS”), and bullish analyst projections that forecast increased adoption of diabetes tech devices in 2022 and beyond.
NMRD is currently in the process of commercializing its sugarBEAT(R) non-invasive, flexible, and affordable CGM device. With actionable insights from real-time glucose monitoring, sugarBEAT(R) is designed to help diabetic and pre-diabetic people prevent, manage, and reverse diabetes symptoms. As part of its marketing strategy, NMRD recently completed an initial shipment of sugarBEAT(R) devices to MySugarWatch Limited, its UK licensee. MySugarWatch Limited intends to market sugarBEAT(R) via a subscription-based diabetes coaching and management service that targets over 4.9 million diabetics and 13.6 million people with an increased risk of contracting Type 2 diabetes in the UK (https://ibn.fm/WxD9P).
“This initial shipment of sugarBEAT(R) CGM devices to our UK licensee allows the Company to now recognize revenue for the first time in our corporate history and is a true milestone in our development and growth,” said Nemaura CEO, Dr. Faz Chowdhury. “Starting in the UK, patients with Type 2 diabetes can now benefit from a less invasive glucose monitoring option that should improve patient lifestyle, adherence, and outcome.”
Founded in 2011, NMRD initially developed a single platform technology to measure blood markers at the skin’s surface. The Company has since evolved into the wearables space at the intersection of global diabetes, pre-diabetes, and weight loss device markets. With diabetes and obesity on the rise, NMRD is dedicated to addressing the growing need for flexible, affordable glucose monitoring solutions that help prevent, manage, and reverse diabetes and pre-diabetic conditions.
For more information, visit the company websites at www.NemauraMedical.com.
NOTE TO INVESTORS: The latest news and updates relating to NMRD are available in the company’s newsroom at https://ibn.fm/NMRD
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