The global medical devices market size is expected to decline by more than two percentage points, reaching USD 461 billion at a CAGR of 3.0% by 2020. Fortune Business Insights™ provides an in-depth analysis on the short-term impact of the COVID-19 outbreak on this market in its newest report, titled “Global Medical Devices Market – Impact of Covid-19”.
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The report covers :
o Global medical devices market trends, with detailed analysis on consumer trends & manufacturer trends.
o Overview on supply analysis covering trends across raw material suppliers, technology providers and distributors.
o Key areas of investments identifying market opportunities and challenges in forecast timeframe.
o Competitive analysis of the industry players along with the overview on strategic management.
o Comprehensive company profiles of the major industry players.
An Overview of the Impact of COVID-19 on this Market :
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several 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.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of corona virus outbreak across industries to help you prepare for the future.
Click here to get the short-term and long-term impact of COVID-19 on this [Market].
Leading Players operating in the Medical Devices Market are :
Key players are involved in mergers and acquisition to strengthen their market position. Owing to increasing competition frequent innovations are taking place in the market. Some of the companies operating the industry are:
- Medtronic PLC
- Siemens Healthineers
- Koninklijke Philips N.V.
- Stryker Corporation
- Hoffman-La Roche
- Becton Dickinson
- GE Healthcare
- Boston Scientific Corporation
Massive Supply Chain Disruptions to Hamper the Market
The COVID-19 outbreak 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 under prolonged periods of lockdown, transfer of these devices and services across international borders has been severely stymied. More importantly, majority of the world’s leading medical devices companies have their manufacturing facilities stationed in China. Being the epicenter of the outbreak, China has suspended most of its industrial activities. As a result, timely delivery of necessary medical devices has been affected and the medical devices market trends have been negatively impacted in the process.
Companies to Revise Their Growth Projections
The market report suggests that the coronavirus pandemic has spiked the demand for essential healthcare products such as ventilators, face masks, and test kits. However, the demand for devices employed in non-essential medical procedures has plummeted as people conserving their resources for the critical times that lie ahead. As a result, companies are increasingly modifying their growth trajectories and projections owing to the uncertainty of the degree spread and intensity of the COVID-19 disease. For instance, Boston Scientific announced that it expected a revenue decline of approximately $40 million in the first quarter of 2020. Similarly, GE anticipated a severe hit of around $300 million in 2020’s first quarter as the company is a major player in the healthcare and aviation sectors.
Differing Level of Impact of the COVID-19 Pandemic across Regions
Owing to a strong presence of major medical devices companies, the market size in North America stood at USD 177 billion in 2019, with the region holding 39% of the medical devices market share. Thus, North America is set to emerge as the leading region in this market. The impact of the corona virus outbreak on the other regions in the world will depend on factors such as preparedness of healthcare systems to tackle the crisis, per capita healthcare spending, adoption of minimally invasive diagnostics and treatments, and government initiatives to spread awareness about the disease and its prevention. For instance, the market in Europe is likely to surge as the demand for essential medical devices is skyrocketing due to the unprecedented rate of the spread of the disease in Italy, Spain, France, and the UK.
Key Players to Focus on Developing Rapid Test Kits
Companies operating in this market are bracing for the adverse effects of the COVID-19 pandemic on their revenues. Nonetheless, despite lower earnings, most of them are pooling their resources to develop and introduce efficient kits and systems to rapidly diagnose symptomatic and asymptomatic patients having this virus.
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