Pune, April 15, 2020 (GLOBE NEWSWIRE) -- The global medical devices market size is expected to decline by more than two percentage points, reaching USD 461 billion at a CAGR of 3.0% by 2020. Fortune Business Insights™ provides an in-depth analysis on the short-term impact of the COVID-19 outbreak on this market in its newest report, titled “Global Medical Devices Market – Impact of Covid-19”. The report addresses the following questions:
- How will the global market get affected in the short- and long-term by the COVID-19 pandemic?
- What kind of impact will the coronavirus outbreak have on the regional prospects of the global medical devices market?
- How will the pandemic affect the upcoming market opportunities?
- How has the global medical devices market been segmented vis-à-vis the COVID-19 outbreak?
- How is the Government’s response to this pandemic?
- How are the key players responding to this phenomenon and what are the strategies they are implementing?
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Click here to get the short-term and long-term impact of COVID-19 on this Market.
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Massive Supply Chain Disruptions to Hamper the Market
The COVID-19 outbreak has had a crippling effect on the global supply chain and logistics. With a large number of major economies such as India and Italy going under prolonged periods of lockdown, transfer of these devices and services across international borders has been severely stymied. More importantly, majority of the world’s leading medical devices companies have their manufacturing facilities stationed in China. Being the epicenter of the outbreak, China has suspended most of its industrial activities. As a result, timely delivery of necessary medical devices has been affected and the medical devices market trends have been negatively impacted in the process.
Companies to Revise Their Growth Projections
The market report suggests that the coronavirus pandemic has spiked the demand for essential healthcare products such as ventilators, face masks, and test kits. However, the demand for devices employed in non-essential medical procedures has plummeted as people conserving their resources for the critical times that lie ahead. As a result, companies are increasingly modifying their growth trajectories and projections owing to the uncertainty of the degree spread and intensity of the COVID-19 disease. For instance, Boston Scientific announced that it expected a revenue decline of approximately $40 million in the first quarter of 2020. Similarly, GE anticipated a severe hit of around $300 million in 2020’s first quarter as the company is a major player in the healthcare and aviation sectors.
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Differing Level of Impact of the COVID-19 Pandemic across Regions
Owing to a strong presence of major medical devices companies, the market size in North America stood at USD 177 billion in 2019, with the region holding 39% of the medical devices market share. Thus, North America is set to emerge as the leading region in this market. The impact of the coronavirus outbreak on the other regions in the world will depend on factors such as preparedness of healthcare systems to tackle the crisis, per capita healthcare spending, adoption of minimally invasive diagnostics and treatments, and government initiatives to spread awareness about the disease and its prevention. For instance, the market in Europe is likely to surge as the demand for essential medical devices is skyrocketing due to the unprecedented rate of the spread of the disease in Italy, Spain, France, and the UK.
Key Players to Focus on Developing Rapid Test Kits
Companies operating in this market are bracing for the adverse effects of the COVID-19 pandemic on their revenues. Nonetheless, despite lower earnings, most of them are pooling their resources to develop and introduce efficient kits and systems to rapidly diagnose symptomatic and asymptomatic patients having this virus.
Industry Developments:
- April 2020: Siemens Healthineers introduced and made available the company’s molecular Fast Track Diagnostics SARS-CoV-2 Assay test kit. In the European Union (EU), the test kits are indicated for research use only, while the company is pursuing the US FDA to issue an Emergency Use Authorization (EUA) clearance for the kit in the country.
- March 2020: The US Food and Drug Administration (FDA) issued an Emergency Use Authorization (EUA) for Abbott’s molecular point-of-care test kit for rapid detection of the COVID-19. Running on the company's ID NOW™ platform, the kit will provide positive results in less than 5 minutes and negative results within 13 minutes.
List of Key Players Covered in the Report:
- Medtronic
- Abbott
- Siemens Heathineers AG
- Johnson & Johnson Services, Inc.
- Koninklijke Philips N.V
- Stryker
- F. Hoffmann-La Roche AG
- BD
- GE Healthcare
- Boston Scientific Corporation
- Other Prominent Players
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Major Factors Driving the Impact of COVID-19
- Impact of COVID-19 on the Supply Chain
- Opportunities Offered by the Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Steps Being Taken to Minimize Impact of COVID-19
- By Major Companies
- By Government
- By Industry
- Key Industry Developments – In Response to the COVID-19 Impact
- Regulatory and Reimbursement Changes – In Response to the COVID-19 Impact
- Global Medical Devices Market Analysis, Insights and Forecast, 2016-2024
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Orthopedic Devices
- Cardiovascular Devices
- IVD
- MIS
- Wound Management
- Diabetes Care
- Ophthalmic Devices
- Respiratory Care
- Dental
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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