The diabetes market has undergone a transformation in the past five years as continuous glucose monitoring (CGM) continues to change lives.
According to Close Concerns, a diabetes industry organization, the global diabetes market was $19.9 billion in Q2 2023 and the global CGM market was $2.4 billion in Q2 2023.
A leading medical device and digital health platform company in the U.S. wants to move closer to becoming a leader in the diabetes market and is aligning closer to service this specific market.
Diabetes specialist Glucotrack (NASDAQ:GCTK) recently announced a change in its business strategy, with a transition from non-invasive point-in-time glucose monitoring to continuous glucose monitoring.
During this past half decade, the team has seen declining interest and shrinking revenues for blood glucose point-in-time monitoring, which has been a catalyst for this pivot in business.
“We believe that the evidence clearly points to CGM as the future of diabetes care and in order to meet Glucotrack’s vision of being a leader in the diabetes market,” Paul Goode, Ph.D., CEO of Glucotrack, said in an interview with The Watchlist.
He added that this transition expands the company’s commercial opportunity into the type 1 and type 2 diabetes markets and helps ensure the business keeps on the optimal path for the long-term growth and sustainability. He cited a growing expansion in coverage for CGM this year as another driving factor in the company’s decision. He said it demonstrates GCM’s increasing market demand and acceptance.
In a news release, CEO Goode called this a reset of the company’s priorities as it refines its business strategy to focus on our implantable CGM technology.
“We have significantly advanced the development program for the implantable CGM since launching its development in late Q4 last year and having recently achieved several key milestones.”
Those milestones include the completion and positive results of a laboratory-based feasibility study in July, which demonstrated that the CGM sensor is capable of measuring glucose for at least two years post-implant.
In October, the team progressed into initial preclinical animal studies that have established that the sensor can function as expected after the implant procedure and for 30 days after.
The team now looks ahead as it begins to prepare for the next phase of long-term preclinical studies on sensor performance that are expected to start in late Q4 2023.
“Investors can expect that we continue to rapidly progress our development program, that we announce positive results of these preclinical studies, that we advance to first in human studies next year and that we are driving towards successful regulatory approval and commercialization,” CEO Goode said.
“Our team at Glucotrack are experts in the field – they worked on the early implantable CGM technologies from many years ago, long before companies pivoted to percutaneous CGM,” Drinda Benjamin, Glucotrack’s VP of marketing, added in a new interview with The Watchist. “They continued to work on implantable technologies in other disease states. So, now they are bringing back what they learned to their first passion, which is a long-term implantable CGM option for the diabetes market. That expertise, that passion and that dedication is at the heart of everything we do at Glucotrack. We truly care about this space, and we are invested in bringing an innovative long-term implantable CGM to the millions of people living with diabetes.”
Plenty of reasons stand out for investors to consider investing in Glucotrack; the clear growth expected in the market for continuous glucose monitoring coupled with a potential leading and game-changing technology. With an updated strategy, the company is now focused and can be seen as an early-stage investment that has been discounted in the market downturn with plenty of upside as it rolls on with its program, including human studies in 2024.
For more information visit https://glucotrack.com/.
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