Abbott Laboratories announced Monday that the Food and Drug Administration has granted approval for a medical device called the HeartMate 3, which pumps blood for heart-failure patients with a fully magnetically levitated propeller that simulates the beating of a heart.
The device, which Abbott acquired earlier this year when it bought Minnesota-based St. Jude Medical, is supposed to be safer than traditional left-ventricular assist heart pumps because it eliminates friction and cellular damage created by rotors mounted on mechanical bearings. Clinical trial results published in February showed that after six months, HeartMate 3 patients lived with fewer strokes and device problems compared to those with Abbott's other heart pump.
"Heart failure is a crippling and costly disease and the HeartMate 3 system is a big stride forward in giving patients the opportunity to return to better quality lives," Dr. Mark Carlson, chief medical officer of Abbott's heart-failure business, said in a news release announcing the FDA approval.
The only other major competitor in the market for left-ventricular assist devices (LVADs) is Minnesota-run Medtronic. Monday's FDA approval news should give Abbott the edge in the market, according to cardiovascular device market analyst Fernando Amador, of the Toronto-based Decision Resources Group.
Abbott declined to talk about device prices. Amador said hospitals tend to pay about $80,000 apiece for LVADs, though exact figures vary and Abbott is likely to seek a premium price for the HeartMate 3.
The U.S. LVAD market is worth at least $400 million a year and is growing.
Wells Fargo Securities senior analyst Larry Biegelsen said in a note to investors that the HeartMate 3 should provide a boost to the overall U.S. market and help Abbott take market share from Medtronic because the device is smaller and has lower rates of complications in treating end stage heart failure.
Heart failure is a weakening of the heart muscle caused by persistent high blood pressure, heart attack, valve diseases, birth defects or other factors. Left untreated, the low blood flow from heart failure can damage other organs and eventually lead to death.