Senseonics announced the long-awaited FDA approval of its Eversense E3 implantable CGM, featuring a sensor that lasts up to six months. The company is also developing a one-year version of Eversense and a transmitter-less version, but the stock market is disappointed with its sales projections.

The market for blood glucose monitoring devices is expected to see double-digit growth, reaching $19.7bn by 2025. This growth is driven largely by the rising demand for smaller, more convenient continuous glucose monitoring (CGMs) devices with improved digital capabilities.

The announcement follows Medtronic’s acquisition of Companion Medical, which developed the first FDA-cleared insulin smart pen.

Global sales of blood glucose monitoring devices are expected to reach $13bn by 2023, a CAGR of nearly 11%, led by the rising adoption of continuous glucose monitoring systems (CGMs). Abbott and Dexcom have been major drivers in the CGM market, but competition is fierce.