Covid-19 briefing

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- ECONOMIC IMPACT -

Latest update: 17 February

Many economists have cut their GDP forecasts. The 2021 consensus forecast for GDP growth is currently negative and many predict a recession.

The IMF projects the Indian economy to grow by 11.5% in 2021, following an estimated 10.3% contraction in 2020.

5.5% 

The IMF projects global economic growth at 5.5% for 2021, which is an upward revision from 5.2% rise estimated in October 2020.

6.1%

Unemployment rate among G7 nations increased marginally to 6.1% in December, as compared to 6% in November.

Impact of Covid-19 on equity indices

- SECTOR IMPACT: MEDICAL DEVICES -

Latest update: 08 February

financial impact and relief

$415bn

In the US, $415bn in a $1.9tn stimulus package is earmarked for increasing vaccinations, testing, contact tracing, genomic sequencing and other efforts.

8%-15%

GlobalData expects the strong business development for anaesthesia and respiratory devices in 2020 will not repeat itself in 2021, leading to revenue decrease of 8%-15% in 2021 for the major anaesthesia and respiratory device players.

Anesthesia and Respiratory Devices 

The pandemic is changing the way diagnostics are conducted in general and has accelerated the use of decentralised testing. During the pandemic, many new testing channels were created. These will likely remain in use in the future, especially if any novel diseases emerge. 

Covid-19 has also accelerated connected care.


Fast, affordable and digitally connected testing was developed because of the pandemic, and will likely be used in future diagnostic tests of other diseases in addition to Covid-19.


One example of this connected care is Abbott’s rapid Covid-19 antigen test, BinaxNOW, which is connected to an online app that allows patients to digitally access their results.


With new Covid-19 variants emerging, concerns have been raised about whether the currently marketed Covid-19 tests will still be able to accurately diagnose the new strains. Mutations have been reported on the spike or S-protein.

Key Medical device market developments

Cardiovascular devices

The cardiovascular medical device market was initially devastated by the Covid-19 pandemic and associated lockdown measures in 2020. By the end of the year, monthly cardiovascular medical device revenues topped those seen at the start of 2020. 


Cardiac assist devices surged in H2 2020, with other strong performances seen in peripheral vascular devices, surgical heart valves, interventional cardiology, and electrophysiology. The strength of device sales was correlated with the severity of the diseases that warrant their usage. 


General surgery devices

With a renewed focus for many governments to bolster their universal healthcare systems against future public health crises, a growing number of such healthcare systems have received increased resources in recent months.


The resources, which include more critical hospital equipment and extended daily operating room schedules, will better prepare the hospitals against potential Covid-19 case surges later in 2021.


Some governments, such as the British Columbian provincial government in Canada, have already declared completing 90% of elective surgeries delayed by the first Covid-19 wave, and are aiming to clear the rest of their surgical backlogs, all within 22 months. 

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