Over the past year, aspects of the Medical Device industry have inevitably been impacted directly by COVID-19.
Industries, markets and businesses across the globe have been turned upside down by COVID-19, and the impact of this global pandemic has been especially profound within the Medical Device sector. However, while the impact of the pandemic has been overwhelmingly negative in many areas across the globe, the MedTech industry has experienced both ups and downs throughout the crisis.
The huge increase in demand for critical pieces of equipment such as PPE (personal protective equipment), ventilators and testing kits — along with the subsequent shortages of these devices — has seen firms do everything they can to keep pace with the ever-growing needs of healthcare providers. Those within the industry have had to uproot many of their usual supply chains as other sectors grind to a halt, while lockdown protocols across the globe have changed how most companies function on a day-to-day basis.
But, with attempts to tackle COVID-19 requiring the combined efforts of everyone in the wider healthcare community, several non-essential areas and device markets have had to take a step back.
Here are the top 5 most prominent market trends the coronavirus pandemic has triggered so far.
1) Aesthetic procedures – The vast majority of which are cosmetic surgeries like breast implantation and dental procedures — have been delayed due to the COVID-19 crisis.
2) Domestic manufacturing of Medical Devices – Disruption caused by COVID-19 to international supply chains has led to high-profile shortages of critical medical devices.
3) Aortic and Coronary Stent Grafts – The markets for both aortic and coronary stents were expected to grow significantly over the next decade, with a compound annual growth rate (CAGR) of 4.5% and 3.4% respectively, according to GlobalData.
4) EU Medical Device Regulations – In r17 April, the European Union voted to postpone its Medical Devices Regulation (MDR) — a new set of regulations for MedTech firms to adhere to in 1 year.
5) Invitro Diagnostic Products – There has been an increasing global demand for diagnostic testing kits as healthcare authorities attempted to measure and track (as accurately as possible) the spread of the virus. This has proven true over the past couple of months, as the US and the UK have conducted millions of diagnostic tests in total, and several countries have managed to curb the spread of the virus by deploying widespread testing from the outset — most notably Germany and South Korea.
Mantell Associates is a rapidly growing organisation, but at the very core of what we do is the people who work for us. Should you be looking for your next opportunity and you think joining the Mantell Associates team could be the right move for you, it is important for you to know that you will be trained, rewarded and valued from the very first day you join.
We are also looking forward to partnering with new clients and candidates as we continue to grow and expand, and as we continue to successfully provide staffing solutions across the Pharmaceutical and Life Sciences industry, in particular to the CDMO/CMO and Preclinical CRO & Medical Devices sectors