Continuous glucose-monitoring devices show strong market potential, with 41 million diabetes cases expected by 2026 in the United States alone, says GlobalData.1
Given their ease of use and diagnostic advantages, continuous glucose monitoring (CGM) systems are expected to be used by the vast majority of people with diabetes worldwide by 2026, according to the market research firm. In the United States alone, there are currently 31.7 million diagnosed cases of type 1 and type 2 diabetes, and this number is expected to grow to more than 41 million by 2026.
“The huge and still-expanding pool of patients represents enormous market potential,” says Ashley Young, a medical device analyst with GlobalData. “Smaller companies looking to break into this market should examine ways to introduce improved technology into this space to give themselves a competitive advantage over the incumbent players.”
For people with diabetes, measuring blood sugar is a daily task. Knowing whether their blood glucose is rising or falling, and being able to follow patterns over time, is valuable information for these patients and would inform better treatment decisions.
Multiple companies have invested in the development of CGM systems. Dexcom was the first company to have a CGM system approved by FDA. As a result, the company has remained a major player in the market. The company reported revenue of $1.03 billion for fiscal year 2018, an increase of 43.6% over FY2017. Dexcom has updated its system over time, with its current offering being the Dexcom G5 Mobile CGM system, which is sold in many countries worldwide.
“Dexcom’s main competitors in this space are Abbott Laboratories’ FreeStyle Libre CGM device and Medtronic’s Guardian Connect CGM device,” Young says. “However, Dexcom’s device is superior in app connectivity. The Guardian Connect cannot connect to smartwatches, and the FreeStyle LibreLink app is only available on Android phones in certain countries.”
With Abbott Laboratories and Medtronic both having such a dominating presence in the medtech space, GlobalData predicts that they will consume significant market share in the foreseeable future, leading to a market that is evenly divided among Dexcom, Abbott Laboratories, and Medtronic.
“One smaller company, Senseonics, is also producing a CGM system: the Eversense,” says Young. “While smaller companies will have difficulty breaking into this market, given that it is currently dominated by three large players, the Eversense system is one of the most long-lasting of the available CGM systems. The implant lasts 90 days, which may give it a competitive advantage.”
For more information, visit GlobalData.
- Continuous Glucose Monitoring Systems: Medical Devices Pipeline Assessment, 2019. London: GlobalData, 2019. Available at: www.globaldata.com/store/report/gdme0788epd–continuous-glucose-monitoring-systems-medical-devices-pipeline-assessment-2019. Accessed September 30, 2019.