Medilync was founded with the simple goals of making disease self-management easier to diabetes patients and creating and effective communication network between patient, family and doctors. Leveraging our team’s strong expertise in computer science, we devised a solution that combines cloud-computing and big data aggregation and processing using machine learning and computer vision.
This solution, called Cloudlync, is a platform that collects, stores, processes and provides real-time access to all stakeholders on relevant data from the patient: insulin doses, glucose levels, food intake, physical activity, etc. Cloudlync also contains a computer vision enabled tool that will be implemented to facilitate the accurate logging of insulin doses administered with analog pens. The interface of Cloudlync with the patient and its devices is made through Insulync app, designed to ensure that patients get really involved and commit to self-care.
Globally, there were 422 million diabetics in 2016, and this number is forecasted to grow to 642 million in 2040. Statistics indicate that: (i) 7.5% of them have T1D, (ii) 27% of the T2D are on insulin therapy, and (iii) 60% of insulin users have analog pens.
Furthermore, we considered an average smartphone penetration of 70% to calculate the total addressable market, corresponding to 137 million of insulin-dependent diabetics that use insulin pens and have a smartphone, around the world.
However, we will only be able to reach the ones geographically located in our target market.
Therefore, our serviceable available market is of approximately 34 million of diabetics. Considering that the global market of diabetes monitoring was worth of approx. €9.2 billion in 2016, we conservatively estimate that this 34 million diabetics market generates revenues of more than €740 million.