Medtronic's Diabetes Unit MiniMed Files IPO Amid Major CGM and Smart Insulin Delivery Advancements

Nov 22, 2024 18:35 CST Updated 18:35

Medtronic

Medical Device Manufacturer

Abbott

Provider of Health Diagnostic Products and Health Diagnostic Management Solutions

Image | Shutterstock

Source | CPhI China Medical Devices

Writing | Yueqing

Fierce Battle Between CGM Giants: A New Weapon Emerges for the "Iron Throne" of Global Medical Devices.

Medtronic InPen Approved

CGM Market Expansion Accelerates Further

Recently, MedtronicOfficially Announced: Its New InPen App Receives FDA Approval

According to Medtronic,The InPen System App in the new intelligent Multiple Daily Injections (MDI) system is the first to provide real-time, personalized medication dosage recommendations.The system also includes measures for missed or inaccurate mealtime doses.

The missed mealtime medication dose detection feature of the InPen System App paves the way for the market promotion of its smart MDI system and Simplera continuous glucose monitoring (CGM) device.

The SystemCombined InPen Smart Insulin Pen and the latest Simplera Continuous Glucose Monitor (CGM)The latter is the company's first disposable, integrated CGM, which is only half the size of Medtronic's previous CGM products.

InPen in the CGM FieldIt has been unveiled before.

In August this year, Abbott and Medtronic jointly announced a significant partnership in the field of diabetes care, which includesAbbott's FreeStyle Libre CGM (FreeStyle Libre 3) product is integrated with Medtronic's automated insulin pump (MiniMed 780G) and smart insulin pen (InPen system)., jointly develop a comprehensive system.

WithInPen ObtainFFDA Approval to Accelerate Medtronic's Expansion in the CGM Market, According to Recent Official AnnouncementMedtronic will initiate a limited market release, first targeting existing standalone CGM and InPen customers, followed by a full commercial launch.

At this stage, Medtronic's layout around CGM has already paid off. According to the latest financial report,Medtronic 2025Q2Diabetes business total revenue was $686 million, a year-on-year increase of 12.4%.。

Among them, achieving high single-digit growth in the U.S. region due to the continued promotion of the MiniMed 780G automated insulin delivery system. Additionally, international revenue saw low double-digit growth, benefiting from increased CGM product stickiness and the ongoing promotion of the Simplera Sync sensor.。

In recent years, the money-making ability of CGM has been fully validated in the market.

According to data from灼识咨询, the global continuous glucose monitoring system market size increased from $17 billion in 2015 to $57 billion in 2020, with a compound annual growth rate of 28.2%.It is expected to increase to 36.5 billion US dollars by 2030, with a compound annual growth rate of 20.3% from 2020 to 2030.。

AbbottMedtronic's diabetes business reported a total revenue of $1.73 billion in Q3 this year, representing a year-over-year increase of 19.1%.Global sales of the FreeStyle Libre continuous glucose monitoring system increased organically by 20.7% year-over-year.

Old Guard on High Alert

New players are ready to go.

InGlobalHealthcareDeviceMedical Device IndustryGrowth RateSlowed DownCycle Down, EmergingBlue OceanWill inevitably trigger intense market competition.

RocheLaunched the first CGM product, Smartguide, in March this year, and has now obtained the CE mark.SenseonicsEversense 365 received FDA approval in September this year.Approval, significantly reducing the frequency of patients replacing devices.

Moreover, cross-industry players are also eyeing the market.Apple Inc.Having been involved in blood glucose monitoring for over a decade, it announced a major technological breakthrough last year and has recently launched testing for a blood glucose app.

According to Wall Street News, after the news of the blood glucose App test was released, the share prices of diabetes-related device manufacturers generally fell.Dexcom, Tandem Diabetes Care, and Insulet Corp fell approximately 1.9%, 1.3%, and 1.7%, respectively.

Perhaps feeling the pressure from up-and-coming competitors,Veteran powerhouses Abbott and Dexcom are refining their products to maintain their core market while alsoUnanimously turn their attention to new incremental markets——Over-the-counter。

Dexcom Launches OTC CGM Named Stelo, Abbott Follows with OTC CGM Lingo, both products have currently received FDA approval.

Due to a late start, the penetration rate of CGM in China is still relatively low, but the market has considerable room for growth. According to estimates by Guolian Securities,China's CGM Market Size to Reach 13.1-19.6 Billion Yuan by 2030From the current situation of approvals in China, the proportion of domestically produced brands has significantly increased.

Starting solely from the perspective of product strength,The key parameters of domestically produced CGMs no longer show significant differences compared to foreign brands, and domestic manufacturers have already accumulated substantial experience in both hospital and non-hospital channels. They are expected to open the market doors by leveraging cost-effectiveness.

Source: Derway Securities Research Report

Guojin Securities believes,Due to the current higher cost of CGM products compared to traditional BGM blood glucose monitoring, the affordability of CGM products and medical insurance coverage have become the core factors for product adoption in the treatment process of diabetic patients.。

So far, some hospitals in Beijing, Shenzhen and other places have included CGM in the scope of medical insurance payment. As the coverage expands, the market potential of CGM in China will continue to be released.Local brands and international giants will also face a head-on battle.

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