There are 60 million people with diabetes in the EU (10% of total population). Diabetes is the major cause of death in the age of 20- 79. Also, Europe has the highest number of children with Type 1 diabetes (T1D) compared to other regions with approximately 296,000 diagnosed children and it has one of the highest prevalence rates of diabetes in children with 31,100 new cases per year. The frequent glucose monitoring is the key element in achieving good glycaemic control which is the most important factor in preventing diabetes related complications such as diabetic retinopathy, kidney damage, heart disease, stroke and etc. Due to the high cost of the current CGM devices or pain associated with traditional finger-prick measurement, people cannot monitor their blood glucose level continuously. In 2019, 465,900 people aged between 20-79 died due to diabetes related complications. UK prospective study shows that continuous glucose monitoring leads to improved glycaemic control, which in turn results in reduced diabetes related complications. Study shows that with continuous glucose monitoring diabetes related retinopathy and nephropathy (eye damage) in type 1 and type 2 diabetes decreased around 60% and microvascular complication rate decreased 25%.
Elektrosens Wristband uses a highly selective and accurate novel polymer technology for sensing very low sweat glucose levels which are correlated to blood glucose. Our innovative solution makes the continuous glucose monitoring affordable for all customer segments. By providing continuous glucose monitoring at affordable price the system will provide two main benefits: healthy lifestyle and reduced economic burden of diabetes.
The Market, Technical and Economic feasibility objectives were achieved during the SME Phase 1 Feasibility Study. The detailed market and competitor and Intellectual Property Rights analysis were done and business model and commercialization strategy was developed based on this analysis. Technical regulations for glucose measurement device were determined to ensure successful entrance to diabetes market in Europe. Also, product development, production and commercialization costs were assessed to bring the device from TRL 6 to TRL 9. Based on the commercialization plan, business forecast for upcoming 5 years following the market launch was developed.
