The global medicaldevices market size is expected to decline by more than two percentagepoints, reaching USD 461 billion at a CAGR of 3.0% by 2020. Fortune BusinessInsights™ provides an in-depth analysis on the short-term impact of theCOVID-19 outbreak on this market in its newest report.
An Overview of the Impact of COVID-19 on this Market:
Theemergence of COVID-19 has brought the world to a standstill. We understand thatthis health crisis has brought an unprecedented impact on businesses acrossindustries. However, this too shall pass. Rising support from governments andseveral companies can help in the fight against this highly contagious disease.There are some industries that are struggling and some are thriving. Overall,almost every sector is anticipated to be impacted by the pandemic.
Weare taking continuous efforts to help your business sustain and grow duringCOVID-19 pandemics. Based on our experience and expertise, we will offer you animpact analysis of corona virus outbreak across industries to help you preparefor the future.
Click here to get the short-term and long-term impact of COVID-19on this [Market].
For More Information: https://www.fortunebusinessinsights.com/industry-reports/medical-devices-market-100085
Massive Supply Chain Disruptions toHamper the Market
The COVID-19outbreak has had a crippling effect on the global supply chain and logistics.With a large number of major economies such as India and Italy going underprolonged periods of lockdown, transfer of these devices and services acrossinternational borders has been severely stymied. More importantly, majority ofthe world’s leading medical devices companies have their manufacturingfacilities stationed in China. Being the epicenter of the outbreak, China hassuspended most of its industrial activities. As a result, timely delivery ofnecessary medical devices has been affected and the medical devices market trendshave been negatively impacted in the process.
Companies to Revise Their GrowthProjections
The marketreport suggests that the coronavirus pandemic has spiked the demand foressential healthcare products such as ventilators, face masks, and test kits.However, the demand for devices employed in non-essential medical procedureshas plummeted as people conserving their resources for the critical times thatlie ahead. As a result, companies are increasingly modifying their growthtrajectories and projections owing to the uncertainty of the degree spread andintensity of the COVID-19 disease. For instance, Boston Scientific announcedthat it expected a revenue decline of approximately $40 million in the firstquarter of 2020. Similarly, GE anticipated a severe hit of around $300 millionin 2020’s first quarter as the company is a major player in the healthcare andaviation sectors.
Differing Level of Impact of theCOVID-19 Pandemic across Regions
Owing to astrong presence of major medical devices companies, the market size in NorthAmerica stood at USD 177 billion in 2019, with the region holding 39% of themedical devices market share. Thus, North America is set to emerge as theleading region in this market. The impact of the coronavirus outbreak on theother regions in the world will depend on factors such as preparedness ofhealthcare systems to tackle the crisis, per capita healthcare spending,adoption of minimally invasive diagnostics and treatments, and governmentinitiatives to spread awareness about the disease and its prevention. Forinstance, the market in Europe is likely to surge as the demand for essentialmedical devices is skyrocketing due to the unprecedented rate of the spread ofthe disease in Italy, Spain, France, and the UK.
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