Source: GlobalData
Medtronic embolization devices recall to impact flow diverting stents market sales, says GlobalData
Posted in Medical Devices
Medtronic’s latest recall of the embolization devices Pipeline Vantage 027 and 021 are likely to result in revenue losses in the flow diverting stents market. While the market is projected to grow steadily, the recall may prompt healthcare providers to consider alternative devices, creating opportunities for competitors like Stryker and Terumo in the short-term, according to GlobalData, a leading data and analytics company.
GlobalData forecasts the flow diverting stents market to grow at a compound annual growth rate (CAGR) of 3.3% from $746.9 million in 2024 to $1.03 billion in 2034.
The recall comes after as many as four deaths and 17 injuries were linked to Medtronic’s devices due to tubes unable to properly attach to blood vessel walls throughout procedures resulting in risks to the patient for stroke, thrombosis and death.
Aidan Robertson, Medical Analyst at GlobalData, comments: “This costly string of incidents can be expected to cause some hesitancy towards using Medtronic’s flow diverting stents soon. Healthcare providers may look to more reliable devices when performing delicate procedures such as treating aneurysms in the case of this device.”
In the larger neurovascular embolization device market, Medtronic is a major player making up the largest portion of about 31.8% of the global market with competitors such as Stryker and Terumo takin up 25.3% and 17.4% of the market, respectively.
However, looking specifically at the flow diversion stents section of neurovascular embolization devices, Medtronic dominates this space taking up approximately 55.9% of the market with Stryker and Terumo covering 18.5% and 18.9%, respectively.
Due to the severity of this recall, there is a significant opportunity to make gains in the flow diversion stents market for Terumo and Stryker. However, it is unlikely to translate into major changes in market position in the overarching neurovascular embolization market.
The global neurovascular embolization market is expected to continue to increase as the healthcare system transitions from surgical treatments of arteriovenous malformations (AVM) to less invasive endovascular procedures which have shown better patient outcomes. Additionally, growth in this area is anticipated to be boosted by the increased incidence rate of AVMs due to population trends as well as advancements in diagnostic technologies.
Robertson concludes: “Medtronic has incurred a substantial complication in flow diversion stents that could result in notable losses. Although this presents a setback for flow diversion stents, it is unlikely to have a meaningful effect on their position in the overall neurovascular embolization market, which is expected to display significant growth over the next decade.”