October 19, 2023
(press release)
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Following the news that Abbott Laboratories’ continuous glucose monitoring (CGM) device FreeStyle Libre brought in sales of about $1.4 billion in Q3 2023, a 30.5% growth verses Q3 2022; Tina Deng, Principal Medical Devices Analyst at GlobalData, offers her view: “Diabetes care devices have witnessed massive demand due to the increase in the prevalence of diabetes and growing awareness among the consumers regarding the availability of new technological advancements in the market. CGM has become crucial for people with insulin-dependent diabetes over the past few years. “There are concerns regarding the growing popularity of weight-loss drugs such as Novo Nordisk‘s Ozempic would affect the diabetes care device market. GlobalData expects the weight-loss drugs to have a significant impact on the treatment of obesity population, but less on people with insulin-dependent diabetes. The patients could use CGM together with weight-loss drugs to better control the blood glucose level. “In the upcoming years, GlobalData forecasts the market to grow at a high rate and reach $33.4 billion in 2030 as the incidence rate of diabetes is rising. Additionally, favorable reimbursement policies across more countries are expected to further drive the growth of the market.”
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