GlobalData06.13.19
Nemaura Medical recently received European approval for a first-of-its-kind non-invasive continuous glucose monitor (CGM), SugarBEAT. With this new innovation, the company is poised to shake up the multi-billion-dollar global diabetic and prediabetic markets, especially given the pace at which the wearable health tech space is growing, says GlobalData, a leading data and analytics company.
SugarBEAT is a disposable adhesive patch worn on the arm that draws the interstitial fluid from the skin for glucose analysis by passing imperceptible electric currents through the skin. The device is connected to a rechargeable transmitter and provides real-time, continuous glucose readings in five-minute intervals throughout the day. The monitor uses this data to create an ambulatory glucose profile chart where the trends, patterns, and the extent of fluctuations and out of range glucose profiles can be observed.
Diabetes is one of the biggest health issues globally. GlobalData forecasts the glucose monitoring devices market in Europe to grow at a compound annual growth rate of 5.1% from $3.4 billion in 2018 to nearly $4.8 billion in 2025. The global and US markets are set to grow at 4.6% and 3.2% and reach $16.3 billion and $5.6 billion by 2025, respectively. Renuka Sreeramoju, medical device analyst at GlobalData, believes that due to the non-invasive nature and relatively low cost of SugarBEAT, it will give strong competition to other CGM devices on the market and attain a powerful position in both diabetic, prediabetic, and wearable health tech markets in the future.
Currently, Senseonics’ Eversense, Abbott’s FreeStyle Libre system, Medtronic’s Guardian Connect, and Dexcom G6, are some of the other CGM devices available and the major competitors that SugarBEAT will have to contend with. Abbott’s FreeStyle Libre 2 CGM and Dexcom’s next-generation integrated G7 CGM are lined up for market entry in near future.
SugarBEAT is a disposable adhesive patch worn on the arm that draws the interstitial fluid from the skin for glucose analysis by passing imperceptible electric currents through the skin. The device is connected to a rechargeable transmitter and provides real-time, continuous glucose readings in five-minute intervals throughout the day. The monitor uses this data to create an ambulatory glucose profile chart where the trends, patterns, and the extent of fluctuations and out of range glucose profiles can be observed.
Diabetes is one of the biggest health issues globally. GlobalData forecasts the glucose monitoring devices market in Europe to grow at a compound annual growth rate of 5.1% from $3.4 billion in 2018 to nearly $4.8 billion in 2025. The global and US markets are set to grow at 4.6% and 3.2% and reach $16.3 billion and $5.6 billion by 2025, respectively. Renuka Sreeramoju, medical device analyst at GlobalData, believes that due to the non-invasive nature and relatively low cost of SugarBEAT, it will give strong competition to other CGM devices on the market and attain a powerful position in both diabetic, prediabetic, and wearable health tech markets in the future.
Currently, Senseonics’ Eversense, Abbott’s FreeStyle Libre system, Medtronic’s Guardian Connect, and Dexcom G6, are some of the other CGM devices available and the major competitors that SugarBEAT will have to contend with. Abbott’s FreeStyle Libre 2 CGM and Dexcom’s next-generation integrated G7 CGM are lined up for market entry in near future.
