Published on Apr 3, 2020
This new study quantifies and forecasts the impact of the Coronavirus pandemic on key medical devices & diagnostics markets and the suppliers to those industries.
Medical Devices & Diagnostics (MD&D) companies know they are being impacted by the current pandemic and are seeking independent research to quantify how much their markets will decline or increase, how long the recovery will take, and what factors will determine that recovery.
A new study from Health Research International (HRI) and Life Science Intelligence (LSI) will be released within hours of this announcement. The report, “Impact of COVID-19 on Global Medical Devices & Diagnostics Markets,” provides a detailed and logical forecast regarding recovery times supported by data on global surgical procedures, hospital and surgery facilities, and proprietary market data by technology/segment.
According to lead researcher and HRI President, Suzanne Ratzloff, “technologies employed in elective surgeries, such as orthopedic implants, intraocular lenses, EP catheters and standard surgical supplies, will experience a strong short-term decline due to the postponement of these procedures, whereas others, such as respiratory devices and infection control products, will see massive gains through the end of the pandemic.” Ratzloff also holds firm on a strong recovery, reporting that “fortunately, all of the markets will recover to normal levels or above, albeit some more slowly than others due to capacity and manpower constraints along with economic factors.”
According to LSI President & CEO, Scott Pantel, whose firm is the exclusive source of this report, “we’ve had a tremendous number of inquiries from major medical device manufacturers and financial services asking us for guidance on how we see their markets being impacted in the short-term, and the long-term. There is a lot of concern out there. Because we’ve been covering all of these markets for decades and have access to proprietary models and discreet data, we are in a unique position to help our clients plan and strategize during these uncertain times.” Pantel further went on to comment, “we accurately projected the market impact and recovery schedule following the 2008 crisis but this situation is much more complicated. We see a more challenging recovery but we also see light at the end of this extended tunnel and potential for certain segments to really rebound. Recovery will come and those that plan properly will be best positioned to protect and even grow their market positions.”
Technology segments analyzed in the study, projected through 2024, include:
- Cardiovascular Therapies
- Orthopedics & Spine
- In Vitro Diagnostics
- Urology & Renal
- Drug Delivery
- Wound Closure & Management
- Energy-Based & Radiotherapy
- Surgical Instruments
- Non-Electrical Diagnostic Devices
- Patient Beds, Transport & Mobility
- Critical Care Products
- Ophthalmic Surgery
- Sterilization/Infection Control
- Hearing Instruments
- Blood Donation & Management
- Home Respiratory
- Medical Nonwovens ex Surgical
- Surgical Tables, Lights & Fixed
- Hernia Mesh
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