Download GlobalData’s Covid-19 Executive Briefing report
- ECONOMIC IMPACT -
Latest update: 16 June
The global economy is forecasted to return to pre-crisis levels by the end of 2021 or early 2022.
According to Istat, Italy’s economic growth is forecasted at 4.7% in 2021 and at 4.4% in 2022.
The OECD revised its growth forecast for the world economy to 5.8% from its earlier projection of 4.2% in December 2020.
The unemployment rate in OECD nations stood at 6.5% in March 2021, down from 6.6% in Feb 2021.
Impact of Covid-19 on equity indices
- SECTOR IMPACT: MEDICAL DEVICES -
Latest update: 03 June
industry response issues
As a result of Covid-19 bringing purchases forward, GlobalData expects the ventilator market segment to reduce in value from $20.7bn in 2020 to $16.8bn in 2021.
GlobalData reported that the impact of Covid-19 reduced the Ophthalmic Devices market size from $6.37bn in 2019, to $5.48bn in 2020.
Medical value chain impact
Logistics and dearth of device components supplies will be major issues for all. Most medical companies will show a decline in revenues in Q1 and Q2 due to the limited number of procedures being done.
As concerns over availability of materials subside, manufacturing process will begin to resume, though 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-Covid-19 levels due to the increased number of procedures to catch up with the delay. In some cases, not all missed procedures will be caught up. Sales volumes will increase as devices are sold to make up for the lack of procedures in early 2020.
Key Medical device market developments