The FDA has recently designated the recall of Medtronic’s McGrath Mac portable video laryngoscopes as Class I, as the devices can cause serious harm or death to patients with a possible explosion of the batteries. The move is likely to hurt sales of Medtronic in the laryngoscope market, which was worth $310.6 million in 2023 and is expected to reach $508.2 million in 2033 with a compound annual growth rate (CAGR) of 5.05% ,according to GlobalData.
Aidan Robertson, Medical Analyst at GlobalData, states, “The seriousness of this recall can be expected to have a noticeable effect on Medtronic’s laryngoscope sales as hesitation to purchase these devices compared to the laryngoscopes of their competitors sets in.”
This is not the first incidence for Medtronic’s laryngoscopes; in September 2023, the company issued a recall due to stolen malfunctioning devices that were distributed by third parties, and while no injuries in relation to the issue were discovered, this pattern of issues could have an effect on buyers.
According to GlobalData, Medtronic currently occupies approximately 10.3 per cent of the laryngoscope market and is overshadowed by other major competitors such as Ambu, Karl Storz, and Olympus, having market shares of 13.4 per cent, 15.1 per cent and 18.1 per cent respectively.
Robertson adds, “With the ongoing Class I incident, the gap between Medtronic and these major players may widen, more specifically, in the submarket of portable video laryngoscopes, where Medtronic and Karl Storz dominate with market shares of 39.9 per cent and 30.6 per cent, respectively. Because of ongoing device malfunctions, Medtronic’s hold on this submarket may loosen to the benefit of Karl Storz.”
The overall laryngoscope market is expected to experience stable growth going forward as the number of surgeries requiring airway management is increasing due to a growing prevalence of respiratory conditions requiring hospitalisation.
Robertson concludes, “While Medtronic remains a significant player in the laryngoscope market, incidences involving the threat of serious damage to patients will have an impact on hospitals purchasing these products who require absolute trust in their tools. As the demand for laryngoscopes continues to grow, Medtronic may experience a notable hit to its profits.”