Download GlobalData’s Covid-19 Executive Briefing report
- 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.
Positive GDP growth is forecast in all countries; 2022 consensus forecast for global GDP growth is currently 4.5%.
Unemployment in the OECD nations stood at 5.5% in November 2021, compared to 5.7% in October 2021.
- SECTOR IMPACT: MEDICAL DEVICES -
Latest update: 7 January
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.
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.
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