Download GlobalData’s Covid-19 Executive Briefing report
- 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.
The IMF projects global economic growth at 5.5% for 2021, which is an upward revision from 5.2% rise estimated in October 2020.
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
In the US, $415bn in a $1.9tn stimulus package is earmarked for increasing vaccinations, testing, contact tracing, genomic sequencing and other efforts.
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