创新器械专题—持续血糖检测CGM：复盘海外龙头发展之路，看CGM全球发展四大趋势

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies. Core Insights - The global Continuous Glucose Monitoring (CGM) market is expected to grow significantly, with a market size projected to reach $36.5 billion by 2030, up from over $10 billion in 2023, driven by advancements in technology and increased insurance coverage [4][22]. - Four major trends are identified in the CGM industry: 1. Comprehensive performance improvements, including enhanced accuracy, longer lifespan, smaller size, and updated algorithms [4][62]. 2. Maturity of CGM technology, with closed-loop artificial pancreas systems as the ultimate goal [4]. 3. Expansion from the U.S. to global markets, facilitated by declining prices and insurance coverage in various countries [4]. 4. Introduction of new over-the-counter (OTC) products, broadening the user base from Type 1 diabetes patients to Type 2 and even non-diabetic individuals for health management [4]. Summary by Sections Global CGM Market Trends - The CGM market has evolved from early exploration in the 1970s to a mature stage, with significant growth in market penetration from 9.5% in 2015 to 21.4% in 2020, and expected to reach 49.4% by 2030 [4][22][26]. - The U.S. market is relatively mature, with penetration rates for Type 1 and Type 2 diabetes patients projected to reach 63.7% and 50.7% respectively by 2030 [26]. Key Players in the CGM Industry - Dexcom: Achieved a market share of 21.4% in 2023, with a total revenue of $36.2 billion [4][47]. - Abbott: Led the global market with sales of $57.6 billion in 2023, leveraging its global channel advantages [6][47]. - Medtronic: Focused on closed-loop artificial pancreas systems, with a revenue of $22.6 billion in 2023 [7][47]. - Roche: Entered the CGM market with its product Accu-Chek SmartGuid, featuring AI algorithms for predictive analytics [8][47]. Performance Improvements in CGM Technology - CGM products have seen a decrease in Mean Absolute Relative Difference (MARD) values to below 10%, with lifespan extending to over 14 days for most products [62][63]. - New implantable CGM products are being developed, such as the Eversense E3, which can monitor glucose levels for up to 180 days [62]. Market Dynamics and Pricing - The report highlights a trend of declining prices for CGM products, with domestic brands in China offering significant cost advantages compared to international brands [68][72]. - The average annual usage cost for domestic brands is around 5,000 RMB, while international brands can exceed 18,000 RMB [70][72].