Download GlobalData’s Covid-19 Executive Briefing report
- ECONOMIC IMPACT -
Latest update: 17 March
Many economists have cut their GDP forecasts. The 2021 consensus forecast for GDP growth is currently negative and many predict a recession.
The UK economy contracted by 2.9% in December 2020 when compared with the previous month over renewed lockdown measures.
Vaccine rollout and massive US stimulus has lifted world economic prospects, with the OECD projecting global economic growth at 5.6% for 2021.
According to the OECD, unemployment rate in OECD nations stood at 6.8% in Jan 2021, unchanged from the previous month but down from 7.5% recorded in August 2020.
Impact of Covid-19 on equity indices
- SECTOR IMPACT: MEDICAL DEVICES -
Latest update: 04 March
financial impact and relief
The ophthalmic viscoelastic devices market suffered revenue losses of 17.3% in 2020, as the market largely depends on cataract and glaucoma surgeries.
Estimates suggest that over 90% of neuromodulation procedures performed in the US are elective. As a result, almost all neuromodulation procedures were delayed in the initial lockdowns.
General surgery devices
Currently, the market for robotic surgical systems used in general surgery is dominated by Intuitive Surgical, with its da Vinci Robotic System. However, an increase in market competitiveness is imminent, with Medtronic developing its Hugo Robotic Assisted Surgery (RAS) System.
According to GlobalData’s Robotic Surgical Systems market analysis, the market value of Robotic Surgical Systems in the US in 2020 was negatively impacted by over 18% due to the Covid-19 crisis, making this market unfavorable towards the marketing of new robotic surgical systems.
With many elective general surgical procedures having resumed at near pre-pandemic levels in Q4 2020, and as sales of new systems is expected to undergo a surge period in 2021 by nearly 46% in the US alone, GlobalData expects the marketing of the Hugo RAS System potentially within H1 2021 to be welltimed.
Key Medical device market developments