The Class I recall of Medtronic’s endotracheal tubes will negatively impact the company’s sales in a market which was worth $478.3 million in 2023 and is expected to reach $730.1 million in 2033 with a compound annual growth rate (CAGR) of 4.32 per cent, says GlobalData.
This recall has been an ongoing process since Medtronic first sent out a safety notice on its devices in 2022 and has recently devolved into notices to immediately stop using all neural integrity monitor (NIM) standard and contact electromyogram (EMG) endotracheal tubes due to the risk of tube blockages.
Medtronic currently dominates the endotracheal tube market, occupying approximately 75 per cent of the space while its competitors Teleflex and ConvaTec make up approximately 9.6 per cent and 6.3 per cent of the market, respectively.
Aidan Robertson, Medical Analyst at GlobalData, states, “While Medtronic look to mitigate the losses incurred because of this recall, its major competitors may benefit by increasing their position in the endotracheal tube market as a certain portion of customers may look for more reliable products going forward.”
The usage of endotracheal tubes has been growing in emergency and pre-hospital settings. The increased global burden of diseases along with technological advancements allowing for multiple surgeries in smaller time periods as well as the influx of investment in the market have all fostered growth for airway management devices and in turn, the endotracheal tube market.
Additionally, an increase in non-surgical applications for airway management has shown more demand as the patient population for chronic respiratory diseases also grows due to growing geriatric populations, obesity rates and exposure to air pollutants.
“While it is likely that Medtronic will still dominate the endotracheal tube market, the recall is expected to have a noticeable effect on future sales, and as a result we may see certain increases in the market shares of the competitors,” adds Robertson.