- ECONOMIC IMPACT -

Economists and institutions have cut their forecasts and experts are predicting the potential onset of recessionary environments.

Global companies are also concerned about the rising risk of Covid-19, with thousands of the world’s leading companies explicitly mentioning its impact on their business in their latest company filings.

-4.7%

The IMF estimates growth of -4.7% for the Middle East and Central Asian region.

9.5%

Goldman Sachs expects UK unemployment to rise to 9.5% by December 2020 because its job retention scheme ends in October.

Maximum, Minimum and Mean of all new GDP growth estimates by week​​​​​​​

- SECTOR IMPACT: MEDICAL -

As of 29 July 2020

CardiovASCULAR Devices

Among the cardiovascular markets, pacemakers have been particularly hit by the pandemic. GlobalData estimates the US market for pacemaker devices was worth $782m in 2019, but as a result of Covid-19, the 2020 market value has been cut by around 50% of previous estimates for 2020, to $400m, with the market not recovering to a status resembling pre-Covid-19 until 2022.

15.7%

The Spinal Fusion market is expected to contract by 15.7% in 2020, and slowly recover during 2021.

General Surgery Devices

29

In the US,  more than 29 states have allowed the resumption of general surgeries but under strict guidelines to prevent further Covid-19 infection. 

Key mediCal market developments

Healthcare information technology 

The telemedicine industry has proven to be an essential tool in the fight against the Covid-19 pandemic. Instead of visiting the hospital, due to concerns regarding the risk of contracting Covid-19, patients are using telemedicine, which has increased its availability significantly since the beginning of the pandemic.


Recent results from a GlobalData survey show that out of 426 participants 79% were avoiding visiting the doctor despite having medical complaints, 43% of participants cancelled all appointments and 36% were willing to contact the doctor only by phone or email.


Ear, nose and throat devices

In the US, hearing clinics are monitoring patients and staff for Covid-19 symptoms and keeping track of patient travel to reduce the spread of the virus. However, it is recommended by hearing societies that since cochlear implant surgery is elective or non-urgent, patients should consider rescheduling procedures to minimise the potential spread of SARS-CoV2. It could be up to a year before some patients receive treatment.


Diagnostic imaging devices

While Covid-19 has caused challenges for routine access to diagnostic imaging, the crisis has highlighted the role of diagnostic imaging in the treatment of patients with respiratory conditions, such as Covid-19. Indeed, so-called “ground glass opacities” found during CT imaging, are considered a key diagnostic feature for Covid-19.

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