Download GlobalData’s Covid-19 Executive Briefing report
- ECONOMIC IMPACT -
Latest update: 15 December
China’s GDP hit around $18tn in 2021, accounting for approximately 18% of the world’s total wealth.
In 2020, global debt rose to $281tn to finance pandemic-driven expenses.
In the UK, between January and November 2021, GDP growth rate increased from around 5.5% to 7%.
The overall value of the stimulus packages utilised in the US has reached $7.8tn, 37.2% of total GDP.
- SECTOR IMPACT: MEDICAL DEVICES -
Latest update: 3 December
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