I heard rumors from Dexcom as well that in the next 2 years, they will have CGM devices that sound a lot like this one as well. Very cool though looks like we'll have to wait a while before either comes to the US market.
As for price, I bet they will be similar to what people pay now. I was just looking into the Dexcom G5. The monitor is $700 and each sensor (lasting 1 week) is about $80.
From what I have read, sensors have to be calibrated at least twice a day. So the first day with a sensor, it is going to be less accurate than say the 7th day with your old sensor, which at this point has at least 14 calibration points. To calibrate, you have to do a finger stick and then tell the CGM what your BG is.
Just a guess but from measurement to measurement, I assume that a CGM is more consistent, but not more accurate. As we know, part of a meter's inconsistency is that we don't always take the same size drop, etc. But since it's being calibrated against your meter, it's only as accurate as the meter.
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