MMM: Glucose Monitoring App and Advertising Trends in 3Q24

Key Takeaways:

• Per ST data, Abbott’s FreeStyle Libre 3 and DexCom’s G7 are still seeing impressive mobile app MAU growth, up 172% and 395% YoY in 2Q24, respectively, indicating the continued adoption of digital devices in personal healthcare solutions

• As of 3Q24, users of Abbott and DexCom products account for 83% of MAUs across the diabetes management app cohort, highlighting the strength of each company’s CGM portfolio. Of the two major players, DexCom has the majority of MAU share, as ~60% of MAUs in the cohort subscribe to one of DexCom’s CGM apps vs 40% for Abbott

• Abbott is investing heavily in promoting its diabetes care products in 2024 YTD, ranking as the top advertiser within the blood sugar and diabetes subcategory. Abbott’s US ad spend increased by 92% YoY in 3Q24, while DexCom pulled back its spend, down 9% YoY in the same period, compared to a 6% YoY decline in spend for the broader category

• DexCom’s US ad spend in 2024 may just be ramping up as the brand launched its newest CGM device, Stelo, in late August. DexCom allocated 60% of its US ad spend in Sep’24 to its latest product, the first CGM that can be bought over the counter and is intended for people that don’t take insulin

  • DexCom has seen a strong response from its Stelo launch, as downloads for the first 30 days post-launch are 20% higher vs the first 30 days (post-launch) of its G7 app, and 130% vs the first 30 days (post-launch) of its G6 app

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