Covid-19 briefing
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- ECONOMIC IMPACT -
Latest update: 19 January
According to the ONS, the UK’s economy grew by 0.9% in November 2021, surpassing its pre-pandemic level GDP.
UK think tank the Centre for Economics and Business Research projects global economy growth at 4% in 2022 compared to an estimated 5.1% growth in 2021.
4.5%.
Positive GDP growth is forecast in all countries; 2022 consensus forecast for global GDP growth is currently 4.5%.
5.5%
Unemployment in the OECD nations stood at 5.5% in November 2021, compared to 5.7% in October 2021.
ECONOMIC RECOVERY
- SECTOR IMPACT: MEDICAL DEVICES -
Latest update: 7 January
$1.5bn
According to GlobalData, the global market for hearing implants is estimated to total nearly $1.5bn in 2021, growing to over $2.2bn by 2030. Hearing Implants, which include cochlear implants and other types of implantable devices, continue to dominate the ENT market, especially within the US.
-28%
GlobalData estimates that the overall revenues of dental devices declined by 28% in 2020 compared to 2019. This represents a loss of $5bn in missed revenue.
Medical value chain impact
Short and medium-term impact
As concerns over availability of materials subside, manufacturing process will begin to resume, but will initially lag relative to regular operations. Developers of Covid-19 interventions could thrive; the
bulk of the industry will be challenged with supply chain interruptions and limited procedures.
Long-term impact
Growth will be derived from opportunities to manufacture and support distribution of Covid-19 tests and test capabilities. The need for devices will grow above pre-Covie-19 levels due to the increased number of procedures to catch up the delay. In some cases, not all missed procedures will be caught up.
Key Medical device market developments