The recall of Abbott's HeartMate Touch system involves over 1,500 devices distributed between 2020 and 2024 and could negatively impact future sales in the Left Ventricular Assist Device (LVAD) market, which was worth $798.6 million in 2023 and is expected to reach $1.15 billion in 2033 with a compound annual growth rate (CAGR) of 3.7%, according to GlobalData, a leading data and analytics company.
Aidan Robertson, Medical Analyst at GlobalData, comments: "It is very unlikely for patients to move away from the HeartMate product line as a result of this singular incident because of Abbott's dominance in this market and the necessity of this vital procedure. However, a continuance of issues like these in the future could weaken Abbott's hold on the market should other reliable LVAD products become available."
Abbott currently holds a monopoly on the LVAD market, making up approximately 99% of the market, and that number is expected to remain relatively the same. However, incidences such as these could give further opportunities to smaller competitors in this space such as Jarvik Heart, which occupies 0.7% of the market with its LVAD product, the Jarvik 2000.
Robertson adds: "The incident itself is a result of unexpected pump starts and stops due to a disconnection between the touch system and the controller. The current recall is not a product removal but a product correction of the communication capabilities."
The LVAD market shows no signs of slowing down and is driven by the increased prevalence of heart failure due to an aging population as well as the shortage of hearts for transplantation. Additionally, mortality rates in VAD procedures have decreased, bringing further interest in this procedure.
Robertson concludes: "Despite the unfavorable circumstances of this recall, Abbott will continue to grow its LVAD market value in the short term; however, occurrences such as these can have long-term impacts on sales. Depending on the severity of these types of incidents, confidence in these products may decrease, and in turn, some of the user base may look to alternative LVAD products. While this is unlikely to have any significant effect on Abbott even in the long term, this can still provide opportunities for growth for smaller players."
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