Source: GlobalData
MiniMed recall could erode patient trust in Medtronic’s diabetes care offerings, says GlobalData
Posted in Medical Devices
Medtronic has recently announced an FDA class I recall of its MiniMed insulin pump system. A defect relating to battery life and pumps being dropped or hit was identified by Medtronic, leading to a recall of approximately 785,000 devices. The company has already reported 181 adverse events because of the defect. This announcement comes during continued weak performance from Medtronic’s diabetes care division, and could adversely affect patient trust in its diabetes care offerings, says GlobalData, a leading data and analytics company.
The recall affects pump systems from both the MiniMed 600 and 700 lines of insulin pumps manufactured by Medtronic. Most insulin pumps, including Medtronic’s, are powered by an AA battery. If there is any damage to the battery casing, the insulin pump may fail to warn the user about a low battery, which can result in a lack of insulin being delivered to the patient if the pump is not receiving power.
David Beauchamp, Medical Analyst at GlobalData, comments: “Lack of insulin in a diabetic patient can result in hyperglycemia and diabetic ketoacidosis, both of which can be life-threatening. As such, ensuring that insulin pumps do not have these points of failure is very important. The FDA recall is a logical step to prevent any more adverse events.”
According to the GlobalData Medical Intelligence Center, the US traditional insulin pump market is worth $953 million in 2024, growing at a compound annual growth rate (CAGR) of 3.19% from 2024 to 2033. The global traditional pump market is valued at approximately $2.6 billion and is growing at a CAGR of 7.12% in the same period. Medtronic holds a significant amount of market share within this market; however, they face competition from other diabetes device manufacturers, such as Tandem Diabetes Care. This recall could cause patients to lose trust with Medtronic, potentially reducing their market share.
Beauchamp concludes: “This recall has already had effects on Medtronic’s stock performance. Due to the danger to patients posed by this failure of Medtronic’s insulin pump, the company could be facing a loss of trust. Since 2022, Medtronic’s diabetes division has been performing poorly, as its own devices fail to meet patient expectations and the competition has intensified its own research and development to market superior products.”