The 9 largest diabetes technology companies in the world

Diabetes technology comes in all shapes and sizes: insulin delivery systems, continuous glucose monitors and more.

The companies that develop these technologies come in all shapes and sizes, too. Some focus entirely (or almost entirely) on solutions for people with diabetes. Others are much larger medtech firms that still have sizable business units that focus on diabetes technology.

This is our first version of a list of the world’s largest diabetes treatment tech companies, ranked using the most recent full-year revenues reported in their annual earnings.

(We have similar lists, like the Medical Design & Outsourcing Big 100 — which features several of these companies and has a 2024 version coming in a few weeks — and MassDevice’s 10 largest orthopedic device companies, as well.) 

Here are the nine largest diabetes technology companies by revenue:

More about the companies on this list

1. Abbott Diabetes Care — 2023 revenue: $5.761B

Abbott, one of the world’s largest medtech companies in a broader sense, takes the top spot in diabetes, too. The company’s Diabetes Care unit brought in more than $2 billion more than any other company on this list.

With its Diabetes Care unit located in Alameda, California, Abbott produces the FreeStyle Libre platform of continuous glucose monitors (CGMs). The FreeStyle Libre 3 is one of the market leaders in the CGM space, and Abbott recently added an over-the-counter CGM option to its portfolio. The company also acquired Bigfoot Biomedical and its smart insulin pen technology last year. Abbott leadership wants to target the type 2 diabetes population as well, further broadening its targets.

Most notably, Abbott recently entered into a collaboration with another member of this list — Medtronic — to develop a CGM that exclusively works with Medtronic insulin delivery devices, potentially adding hundreds of thousands of users to the company’s already large user base.

(See Abbott’s earnings report for the FY ended Dec. 31, 2023)

2. Dexcom — 2023 revenue: $3.6223B

Dexcom, Abbott’s rival in the CGM market, continues to innovate in its own right. Much like Abbott, it’s rolling out its own over-the-counter CGM — Stelo — and it was actually the first to receive FDA approval for such a device.

Meanwhile, the company continues to advance its G7 platform, its latest-generation CGM offering. Earlier this year, Dexcom launched a new capability, as G7 can now connect directly to the Apple Watch in the U.S. The company also continues to expand options for automated insulin delivery users, as G7 can now connect to a slew of pumps: First, Tandem Diabetes Care announced the integration of G7 with its t:slim X2 pump in December. Beta Bionics began rolling out its iLet bionic pancreas with G7 a day later. Tandem later added G7 to its second pump, the small, durable Mobi system, last month. Finally, in June, Insulet began the full launch of its latest-generation Omnipod 5 with G7 in the U.S.

The company has high hopes for its Stelo CGM and the continued progress of G7, as outlined in an interview with CEO Kevin Sayer this year.

(See Dexcom’s earnings report for the FY ended Dec. 31, 2023)

3. Medtronic Diabetes — 2024 revenue: $2.5B

Medtronic made waves with its collaboration with fellow medtech giant Abbott, but the world’s largest medical device company has continued to make progress on the in-house front as well.

Since the company’s diabetes business fully resolved an FDA warning letter last year, it’s hit a number of milestones, including FDA approval for technologies like the MiniMed 780G automated insulin delivery system and the next-generation Simplera CGM.

The company continues to develop its own CGM platforms and wants to advance its insulin delivery platforms, too. It agreed to buy Korea-based EOFlow, which makes a patch pump that could have potentially rivaled the Insulet Omnipod 5, but that deal fell through. Medtronic still has a proprietary patch pump under development, though, and we can continue to expect more developments.

(See Medtronic’s earnings report for the FY ended April 26, 2024)

4. Insulet — 2023 revenue: $1.7B

Acton, Massachusetts–based Insulet remains a leader in automated insulin delivery, with its Omnipod 5 patch pump representing a form factor different to the popular systems made by the likes of Medtronic, Tandem Diabetes Care or Beta Bionics, to name a few.

Omnipod 5 continues to grow, with the company’s most recently quarterly results highlighting a 26% year-over-year sales uptick for the product. That base could grow larger yet, as the company has a submission under FDA review for expanded labeling that would bring Omnipod 5 to the type 2 diabetes population. Insulet expects that approval to come this year.

Insulet also continues to expand its CGM integration partnerships, with the recent launch of Omnipod 5 and G7 in the U.S. The company also received CE mark for integration with Abbott’s Freestyle Libre 2 Plus earlier this year.

(See Insulet’s earnings report for the FY ended Dec. 31, 2023)

5. Roche Diabetes Care — 2023 revenue: $1.538B

Roche Diabetes Care offers a broad portfolio of glucose monitoring, insulin delivery, and digital solutions for diabetes. For a long time, the company specialized in blood glucose meters and test strips, but a recent development may propel the diabetes unit at Roche even further.

At ATTD in March, Roche unveiled its Accu-Chek SmartGuide CGM technology. Accu-Chek SmartGuide features a 14-day wear time, a one-step application process and watertight properties.

The system, which picked up CE mark in July, utilizes predictive AI to provide glucose predictions showing estimated developments for different timeframes. Based on the CGM data, the system’s app shows where glucose levels might go in the next two hours. Roche says the system helps address the critical unmet needs associated with managing diabetes and glycemic targets.

(See Roche’s earnings report for the FY ended Dec. 31, 2023)

6. Embecta — 2023 revenue: $1.208B

The BD Diabetes spinoff continues to produce strong numbers quarter after quarter, and analysts, commenting on the company’s recent third-quarter results, praised the company’s ability to “keep revenue stable and outperform on margins for several quarters in a row.”

Embecta continues work on its product pipeline, which includes a proprietary, disposable pump for people with type 2 diabetes, submitted to the FDA in January. The company provided analysts with some details on the makeup of the open-loop system earlier this year. It also has a closed-loop version under development to follow. That version features an embedded algorithm that requires Embecta to run a clinical study.

CEO Dev Kurdikar recently told Drug Delivery Business News that the pump “is going to be a vital part” of Embecta’s strategy.

However, some questions remain after rumors of the company exploring a sale began circulating last month.

(See Embecta’s earnings report for the FY ended Sept. 30, 2023)

7. Tandem Diabetes Care — 2023 revenue: $747.7M

Over the past year or so, Tandem Diabetes Care has been quite busy — Tandem announced continuous glucose monitor (CGM) integration with the latest-generation technology from Dexcom and Abbott, launched its Tandem Source diabetes management platform and began the rollout of its new Mobi miniature insulin pump.

Those milestones added to the January 2023 acquisition of AMF Medical, which brings a differentiated patch pump to the Tandem portfolio.

All these advancements have contributed to continued growth at the San Diego-based company, which recently launched Mobi with the Dexcom G7 and completed enrollment for a study of its Control-IQ insulin delivery automation software for the type 2 diabetes population, reflecting an industry-wide effort to bring difference-making technologies to more people with diabetes.

(See Tandem Diabetes Care’s earnings report for the FY ended Dec. 31, 2023)

8. Ypsomed Diabetes — 2023 revenue: $38.8174M

Burgdorf, Switzerland–based Ypsomed specializes in drug delivery devices for a range of services, and the company’s diabetes unit is now a significant area of focus following the recent sale of its pen needle and blood glucose monitoring (BGM) businesses.

One of the main objectives for Ypsomed is to expand its automated insulin delivery system, which features its own pump, paired with Abbott’s FreeStyle Libre 2 and Dexcom’s G6 and CamDiab’s CamAPS FX app for managing glucose levels via insulin pumps using an adaptive, hybrid closed-loop approach.

As part of its growth strategy, Ypsomed expects to invest more than $110 million in the next four years to expand autoinjector manufacturing capacity.

(See Ypsomed’s earnings report for FY 23/24)

9. Senseonics — 2023 revenue: $22.4M

Analysts want more evidence from Senseonics demonstrating consistent commercial execution and sales growth, and the company is preparing a product pipeline that could accomplish that.

The FDA review for Senseonics’ 510(k) submission for its next-generation 365-day Eversense system continues to advance, with the company anticipating a launch of the long-term CGM in the fourth quarter of 2024.

Additionally, Senseonics said it recently began first-in-human testing for its Gemini system. The company has two non-Eversense sensors — Gemini and Freedom — under development. Gemini is a one-year sensor with a battery for continuous and optional point-in-time reading. Freedom, meanwhile, is a fully subdermal implant that doesn’t have a transmitter, so the readings go straight from the sensor implant to the user’s tracking device

The latest on Gemini is that testing began for the device designed as a self-powering system that includes a flash glucose monitor with no on-body component for people with type 2 diabetes. Brian Hansen, Ascensia and Senseonics’ president of CGM, explained the company’s future plans at ADA 2024.

(See Senseonics’ earnings report for the FY ended Dec. 31, 2024)