Nemaura Medical Inc (NASDAQ:NMRD) said Thursday that the company has improved its SugarBEAT continuous glucose monitor to halve the time needed for a reliable reading for diabetic and prediabetic patients.

The  Loughborough, England-based medical technology company said in a press release that the time it takes for a reliable reporting of glucose levels from its skin-patch system can be reduced to 30 minutes from about an hour previously.

BIG PICTURE: Nemaura is a red hot medtech stock with a winner in its painless sugarBEAT glucose monitor

According to Nemaura, a major competitor’s continuous glucose monitor requires a two-hour “warm-up period” and is designed to be worn continuously for 10 days.

Nemaura said its advance provides flexibility for users who wish to wear the skin patch for a few hours daily.

“The flexibility of SugarBEAT will be a key differentiating factor with the potential to reach the largest number of diabetics and provides Nemaura with the opportunity to expand into new markets,” Dr Faz Chowdhury, CEO of Nemaura, said in a statement.

Diabetic population

Globally, there are more than 400 million diabetics and 1 billion prediabetics, according to Nemaura, citing PiperJaffray Co data. The annual addressable market for continuous glucose monitors for diabetics is estimated at $82 billion, with the US market estimated at $13 billion.

Shares of Nemaura slipped $0.03 to $1.04 in Thursday’s Nasdaq trading.

Last month, Nemaura announced the closing of a public offering that raised $2 million.

Contact Dennis Fitzgerald at [email protected]