US MedTech: Three Doctors in July: Endocrinology – Type 2 Pump Adoption Is Small but Growing

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US MedTech: Three Doctors in July: Endocrinology – Type 2 Pump Adoption Is Small but Growing

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14 Jul 2026 07:35:26 ET │ 10 pages

US MedTech

Three Doctors in July: Endocrinology – Type 2 Pump Adoption Is Small

but Growing

CITI'S TAKE

We hosted our second “Three Doctors” in July call with Dr. Utpal Pajvani,

an endocrinologist and professor of medicine at Columbia University

Medical Center in New York City where he oversees 1,000 patients with Joanne WuenschAC

diabetes, roughly split 50:50 Type 1 and Type 2. Given his practice is more +1-212-816-9606

mature, his 2Q26 volumes were stable y/y, although he noted some joanne.wuensch@citi.com

impacts from the economy affecting patients’ cost-benefit evaluation on Anthony Occhiogrosso

sensors and pumps, as well as payor reimbursement. Elsewhere, we +1-212-816-7579

discussed: 1) CGM utilization (noting standard of care for T1, and anthony.occhiogrosso@citi.com

significant opportunity in T2), as well as expectations for non-intensive

insulin T2 (NIIT2) patients; 2) dual-analyte CGMs (interested in ketones, Jane-Marie Lai

less so other analytes); 2) insulin pumps (highlighting interest in new +1-212-816-3628

janemarie.lai@citi.com pumps, as increasing offerings should expand utilization); and 3)

pharmacy channel access (easier administratively). We are Buy-rated on Nikhil Guddeti

ABT, DXCM, and MMED, Neutral-rated on PODD, and Neutral/High-Risk +1-212-816-2606

on TNDM. nikhiltej.guddeti@citi.com

Lots of CGM white space remains. For his T1 patients, 95% wear a CGM currently,

including 90% Dexcom, 10% Abbott, and <1% MiniMed. This split has remained

stable overtime, yet he expects shifts from Dexcom and MiniMed to Abbott a year

from now given Abbott’s numerous pump integrations and form-factor. In his T2