An analyte monitoring system and method. The analyte monitoring system may include an analyte sensor and a transmitter. The analyte sensor may include an indicator element that exhibits one or more detectable properties based on an amount or concentration of an analyte in proximity to the indicator element. The transmitter may be configured to receive measurement information from the analyte sensor. The transmitter may be configured to assess in real time a performance of the analyte sensor based on at least the measurement information. The transmitter may be configured to determine whether the performance of the analyte sensor is deficient based at least on the assessed performance of the analyte sensor. The transmitter may be configured to predict an amount of time remaining before the performance of the analyte sensor becomes deficient based on at least the assessed performance of the analyte sensor.