DexCom, Inc. DXCM recently announced the first-ever registry committed toward keeping a track on the outcomes of patients and healthcare professionals using Continuous Glucose Monitoring (CGM) in hospitals to combat the COVID-19 pandemic.
Due to the urgency to preserve personal protective equipment, minimize potential hospital staff exposure to the virus and reduce the overall burden on nursing care, the Dexcom G6 CGM system has been made available to remotely monitor the glucose levels of all hospitalized patients during the pandemic. The decision was made in April based on feedback received from the FDA.
As part of exploratory studies over the last three years, it has been found that the use of Dexcom G6 system in hospital settings enhances glucose control without increasing the risk in hypoglycemia. A registry to study the experiences across many hospitals should prove highly beneficial.
Notably, Dexcom G6 uses a small, wearable sensor and transmitter to continuously read and send glucose levels wirelessly to a receiver or compatible smart device.
This development is expected to boost DexCom’s CGM portfolio.
About the CGM Registry
The registry can be accessed by healthcare providers using rtCGM in an inpatient or critical care setting. Providers will be able to upload information pertaining to the in-hospital care of each CGM patient, such as admissions, discharges, medications, status changes, diabetes history, comorbidities and more. The assimilated data will be deidentified and will not include any protected health information.
The data gathered through the registry will eventually be cross-referenced with patient CGM data and assessed by Dexcom for further product innovation or to include in future submissions for regulatory clearances to make rtCGM the prevalent standard of care in hospitals.
In July 2020, Health Canada temporarily approved the adjunctive use of the Dexcom G6 CGM system by pregnant women afflicted with Type 1, Type 2, or gestational diabetes. This temporary expanded indication was authorized because of the proactive role Dexcom CGM can play in the treatment and alleviation of COVID-19 by significantly lessening the in-person interaction between pregnant women with diabetes and healthcare providers, thereby curbing potential exposure to the virus.
In June, DexCom announced that the Dexcom G6 CGM System has obtained CE Marking across Europe for being attached to the back of the upper arm, thereby offering patients more choice when it comes to comfortably wearing the device. This development is likely to strengthen the company’s presence in the lucrative glucose monitoring market and also boost product portfolio.
Per a report by Grand View Research, the global CGM device market size was valued at $3.93 billion in 2019 and is estimated to witness a CAGR of 12.7% during the 2020-2027 period. Rising cases of diabetes and higher adoption of CGM devices have been driving the market.
Shares of this Zacks Rank #3 (Hold) company has rallied 149.2% in a year’s time compared with the industry’s growth of 19%.
A few better-ranked stocks from the broader medical space include OPKO Health OPK, Surmodics SRDX and Merit Medical Systems MMSI.
OPKO Health’s long-term earnings growth rate is estimated at 12%. The company presently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Surmodics’ long-term earnings growth rate is estimated at 10%. The company presently carries a Zacks Rank #2.
Merit Medical Systems’ long-term earnings growth rate is estimated at 11.9%. It currently carries a Zacks Rank #2.
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