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Medtronic (MDT) Progresses in CGM With New Approval, Alliance
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Medtronic (MDT - Free Report) recently announced two major developments within its diabetes care business. The company received FDA approval for its Simplera continuous glucose monitor (CGM), which marks a significant step forward in diabetes management.
Along with the FDA approval, Medtronic announced a global partnership with another MedTech stalwart, Abbott (ABT - Free Report) . Considering the fact that the global diabetes care market has shown remarkable growth over the past few years, this partnership is expected to be strategically significant.
Let's delve deeper.
Simplera CGM to Help MDT in Advanced Diabetes Management
Simplera, Medtronic’s first disposable, all-in-one CGM, features a sleek design that is half the size of its predecessors, offering a more user-friendly experience with simplified insertion and wear.
The approval of Simplera CGM aligns with Medtronic’s strategy to integrate this device with other smart multiple daily injection (MDI) tools, such as the InPen smart insulin pen and the Simplera Sync sensor. Simplera Sync sensor is designed to be integrated with the MiniMed 780G system.
The Simplera CGM, with its innovative form factor, is poised to redefine convenience and accuracy in glucose monitoring. The device's compact design eliminates the need for overtape, addressing a common pain point among users.
Furthermore, this approval sets the stage for further regulatory submissions of the updated InPen smart insulin pen app, including the integration of Simplera CGM with the InPen, potentially revolutionizing smart MDI systems.
Earlier in 2024, the Simplera CGM and Simplera Sync sensor had their European launches and, since then, have generated positive customer feedback. As additional global regulatory submissions for Simplera CGM are underway, the company is well-positioned to expand its market reach and impact.
Global Partnership With Abbott to Expand CGM Horizons
The company’s newly-inked collaboration with Abbott aims to enhance CGM options for diabetes patients by integrating Abbott’s advanced CGM platform with Medtronic’s smart dosing devices and software.
The partnership is expected to boost Medtronic’s diabetes revenues, providing a significant competitive edge in the CGM market.
This alliance allows Medtronic to offer a seamless diabetes management experience, combining the strengths of both companies. By leveraging Abbott’s widely used CGM technology, Medtronic can offer more choice and flexibility to patients, further solidifying its leadership in the field of diabetes care.
Market Prospect and Two Major Competitors
Going by a Mordor Intelligence report, the CGM market is set to increase from $11.63 billion in 2024 to $21.34 billion by 2029, at a CAGR of 12.9%. Rising diabetes prevalence, especially in regions like Africa, the United States, and China, fuels demand for CGMs. As per the report, diabetes is anticipated to persist as a significant concern in the coming years, mainly attributed to lifestyle changes. Type 1 diabetes is strongly linked to a family history of the condition in a few countries like the United States and India, but the exact cause is unknown.
Dexcom (DXCM - Free Report) , as one of the leaders in the CGM-device market, is expected to show strong growth over the next decade on the back of the market growth and rising penetration of CGM devices. DexCom commercializes CGM devices, which include disposable sensors and reusable transmitter and receiver. The sensors generate nearly 90% of revenues. Demand for Dexcom CGM remains very high on the back of product performance and differentiated user experience. The company has been developing and commercializing newer, advanced and more accurate sensors for its CGM systems. The company’s G7 sensor, launched in February 2023, continues to show strong adoption in the United States. It launched DexCom One+ in Europe in February 2024.
Tandem Diabetes Care (TNDM - Free Report) , another major player in insulin-dependent diabetes, is driving transformative innovation to help reduce the burden and create new possibilities for people living with diabetes. In January 2024, TNDM successfully rolled out its flagship t:slim X2 pump with Dexcom’s G7 sensor internationally after launching it in the United States in December 2023. In the same month, t:slim X2 became the first AID system to integrate with Abbott’s new FreeStyle Libre 2 Plus sensor. The breakthrough development enables t:slim X2 users in the United States to benefit from a hybrid closed-loop system that helps predict and prevent high and low blood sugar.
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Medtronic (MDT) Progresses in CGM With New Approval, Alliance
Medtronic (MDT - Free Report) recently announced two major developments within its diabetes care business. The company received FDA approval for its Simplera continuous glucose monitor (CGM), which marks a significant step forward in diabetes management.
Along with the FDA approval, Medtronic announced a global partnership with another MedTech stalwart, Abbott (ABT - Free Report) . Considering the fact that the global diabetes care market has shown remarkable growth over the past few years, this partnership is expected to be strategically significant.
Let's delve deeper.
Simplera CGM to Help MDT in Advanced Diabetes Management
Simplera, Medtronic’s first disposable, all-in-one CGM, features a sleek design that is half the size of its predecessors, offering a more user-friendly experience with simplified insertion and wear.
The approval of Simplera CGM aligns with Medtronic’s strategy to integrate this device with other smart multiple daily injection (MDI) tools, such as the InPen smart insulin pen and the Simplera Sync sensor. Simplera Sync sensor is designed to be integrated with the MiniMed 780G system.
The Simplera CGM, with its innovative form factor, is poised to redefine convenience and accuracy in glucose monitoring. The device's compact design eliminates the need for overtape, addressing a common pain point among users.
Furthermore, this approval sets the stage for further regulatory submissions of the updated InPen smart insulin pen app, including the integration of Simplera CGM with the InPen, potentially revolutionizing smart MDI systems.
Earlier in 2024, the Simplera CGM and Simplera Sync sensor had their European launches and, since then, have generated positive customer feedback. As additional global regulatory submissions for Simplera CGM are underway, the company is well-positioned to expand its market reach and impact.
Global Partnership With Abbott to Expand CGM Horizons
The company’s newly-inked collaboration with Abbott aims to enhance CGM options for diabetes patients by integrating Abbott’s advanced CGM platform with Medtronic’s smart dosing devices and software.
The partnership is expected to boost Medtronic’s diabetes revenues, providing a significant competitive edge in the CGM market.
This alliance allows Medtronic to offer a seamless diabetes management experience, combining the strengths of both companies. By leveraging Abbott’s widely used CGM technology, Medtronic can offer more choice and flexibility to patients, further solidifying its leadership in the field of diabetes care.
Market Prospect and Two Major Competitors
Going by a Mordor Intelligence report, the CGM market is set to increase from $11.63 billion in 2024 to $21.34 billion by 2029, at a CAGR of 12.9%. Rising diabetes prevalence, especially in regions like Africa, the United States, and China, fuels demand for CGMs. As per the report, diabetes is anticipated to persist as a significant concern in the coming years, mainly attributed to lifestyle changes. Type 1 diabetes is strongly linked to a family history of the condition in a few countries like the United States and India, but the exact cause is unknown.
Dexcom (DXCM - Free Report) , as one of the leaders in the CGM-device market, is expected to show strong growth over the next decade on the back of the market growth and rising penetration of CGM devices. DexCom commercializes CGM devices, which include disposable sensors and reusable transmitter and receiver. The sensors generate nearly 90% of revenues. Demand for Dexcom CGM remains very high on the back of product performance and differentiated user experience. The company has been developing and commercializing newer, advanced and more accurate sensors for its CGM systems. The company’s G7 sensor, launched in February 2023, continues to show strong adoption in the United States. It launched DexCom One+ in Europe in February 2024.
Tandem Diabetes Care (TNDM - Free Report) , another major player in insulin-dependent diabetes, is driving transformative innovation to help reduce the burden and create new possibilities for people living with diabetes. In January 2024, TNDM successfully rolled out its flagship t:slim X2 pump with Dexcom’s G7 sensor internationally after launching it in the United States in December 2023. In the same month, t:slim X2 became the first AID system to integrate with Abbott’s new FreeStyle Libre 2 Plus sensor. The breakthrough development enables t:slim X2 users in the United States to benefit from a hybrid closed-loop system that helps predict and prevent high and low blood sugar.