Medtronic (NYSE:MDT) today announced U.S. Food and Drug Administration approval of the latest product in its growing diabetes portfolio, the next generation iPro2 continuous glucose monitoring (CGM) system.
The professional CGM allows physicians to see a more complete picture of glucose highs and lows resulting from a patient’s diet, medication and daily activities, allowing for better glucose control, according to a news release from Medtronic. It was released in Europe in June 2010.
A new “Smart” Dock eliminates the need for a computer in the new model iPro2, which patients wear for three days and then return to their physicians, who then upload the glucose data and have access to user-friendly reports.
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Medtronic’s rapidly expanding diabetes unit brought in $367 million in second-quarter earnings reported today, up 10 percent from the previous year. Growing revenue was driven by sales of insulin pumps and CGM products like the iPro2.
Globally, the CGM device market is growing and is forecast to reach $370 million by 2016, according to Research and Markets.
But Medtronic Diabetes has some other innovative products in the works, too, including the Enlite CGM sensor, which is performing well in Europe and recently began an IDE study for approval in the U.S., and the low-glucose suspense monitoring system, which also recently began trials in the U.S. Medtronic is also working with Ford to develop an in-car diabetes management system.
With its extensive portfolio of pumps, glucose monitors and diabetes management devices, Medtronic is said to have an edge on competitors like Abbott and Dexcom in the race for the artificial pancreas.