Chinese medical device innovation hub Dinova Medtech and US-based medical device company Metronom Health have established a joint venture to develop and sell a continuous glucose monitoring system in China.
WHY IT MATTERS
Traditional fingerstick glucose meters can only provide information about intermittent glucose levels and the pain that comes with finger pricking can potentially reduce patients’ adherence. By inserting a sensor into the subcutaneous tissue along with a transmitter that sends the data to a smart device, CGMs can provide continuous glucose information to detect glycemic variability.
According to a press release, Metronom Health has developed a minimally invasive CGM system that uses proprietary Opto-enzymatic technology – in contrast to most CGMs that use electrochemical technology – to capture both high and low ranges of a patient’s glucose profile. The company claims that this will be done with “high” accuracy and also asserts that its device’s sensor may last up to 14 days and reduce patient discomfort and infection risk.
It was also mentioned in the statement that Opto-enzymatic CGM technology is “designed to have an industry-leading cost profile which will allow broader use of the sensor”. Metronom is working to get the device approved by China’s National Medical Products Administration (NMPA).
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An estimated 116 million adults were living with diabetes in China in 2019, according to the International Diabetes Federation. That number may rise to 140 million by 2023, it predicted.
“The huge diabetes patient population provides a broad market potential for innovative [CGM] technology,” said Serena Shao, founder, and managing partner of Ascendum Capital, a healthcare-focused investment platform that backs Dinova Medtech on the joint venture.
MARKET SNAPSHOT
In a market study, it was estimated that the CGM device market in China will surpass $405.5 million by 2027.
Among notable players is Medtronic, which recently came up with a smart insulin pen that is integrated with its Guardian Connect CGM system. There is also Abbott with its FreeStyle Libre devices. Medtech giant Senseonic has also marketed its CGM product in China. Zhejiang POCTech, based in Huzhou City, is a local producer of a CGM system.
ON THE RECORD
“We are looking forward to collaborating with Metronom and sharing Metronom’s passion for developing CGM technologies to serve the unmet medical needs of diabetic patients,” Dinova Medtech co-founder and CEO Michale Zhao said in a statement.
“We are pleased to partner with a highly regarded investor, Ascendum Capital, and also the strong operational organization of Dinova for our [joint venture] in China. We will leverage our EU and US experience to seek NMPA approval to access the large market in China,” said Metronom Board Chairman Olav Bergheim.
Source: Mobihealthnews
