Coronavirus (Covid-19) Executive Briefing

Understanding the economic impact of the Covid-19 pandemic and the implications for the healthcare sector

- ECONOMIC IMPACT -

Economists and institutions have cut their forecasts and experts are predicting the potential onset of recessionary environments.

Global companies are also concerned about the rising risk of Covid-19, with thousands of the world’s leading companies explicitly mentioning its impact on their business in their latest company filings.

-4.7%

The IMF estimates growth of -4.7% for the Middle East and Central Asian region.

9.5%

Goldman Sachs expects UK unemployment to rise to 9.5% by December 2020 because its job retention scheme ends in October.

Maximum, Minimum and Mean of all new GDP growth estimates by week

- SECTOR IMPACT: MEDICAL -

As of 29 July 2020

CardiovASCULAR Devices

Among the cardiovascular markets, pacemakers have been particularly hit by the pandemic. GlobalData estimates the US market for pacemaker devices was worth $782m in 2019, but as a result of Covid-19, the 2020 market value has been cut by around 50% of previous estimates for 2020, to $400m, with the market not recovering to a status resembling pre-Covid-19 until 2022.

15.7%

The Spinal Fusion market is expected to contract by 15.7% in 2020, and slowly recover during 2021.

General Surgery Devices

In the US, more than 29 states have allowed the resumption of general surgeries but under strict guidelines to prevent further Covid-19 infection.

Key mediCal market developments

Healthcare information technology

The telemedicine industry has proven to be an essential tool in the fight against the Covid-19 pandemic. Instead of visiting the hospital, due to concerns regarding the risk of contracting Covid-19, patients are using telemedicine, which has increased its availability significantly since the beginning of the pandemic.

Recent results from a GlobalData survey show that out of 426 participants 79% were avoiding visiting the doctor despite having medical complaints, 43% of participants cancelled all appointments and 36% were willing to contact the doctor only by phone or email.

Ear, nose and throat devices

In the US, hearing clinics are monitoring patients and staff for Covid-19 symptoms and keeping track of patient travel to reduce the spread of the virus. However, it is recommended by hearing societies that since cochlear implant surgery is elective or non-urgent, patients should consider rescheduling procedures to minimise the potential spread of SARS-CoV2. It could be up to a year before some patients receive treatment.

Diagnostic imaging devices

While Covid-19 has caused challenges for routine access to diagnostic imaging, the crisis has highlighted the role of diagnostic imaging in the treatment of patients with respiratory conditions, such as Covid-19. Indeed, so-called “ground glass opacities” found during CT imaging, are considered a key diagnostic feature for Covid-19.

Share this article

05/23/2024 00:14:41