The COVID-19 pandemic has emerged as significant havoc all across the globe. The industries in various countries, including India, China, and the United States, witnessed severe disruptions. Governments had no choice but to impose lockdown and declare it a health emergency.
What emerged in 2019 in Wuhan, China, is still a threat for many industries across the globe. After the delta variant, the new variant Omicron is steadily affecting industries. The global medical devices market also witnessed significant disruptions due to the COVID-19 pandemic.
The Chinese government aims to boost the growth of the biomedical and high-end medical device manufacturing that comes under the umbrella of the “Made in China 2025” plan. This plan aims to increase the domestic content of core components to 70% by 2025. In addition, the Chinese manufacturers are offering cheaper local alternatives to healthcare bodies which are forecast to fuel the growth of the Chinese medical devices market.
The global medical devices industry witnessed an abrupt burden during the initial phase of the pandemic. COVID-19 cases rose steeply during the initial days. In that case, there was a shortage of treatment and effective devices in the healthcare industry. Most of the pharmaceutical and biotechnological companies shifted their focus on research and development activities. In addition, the governments of various countries invested highly in order to import equipment and establish domestic manufacturing of medical devices.
During the pandemic, some companies experienced a sudden surge in the demand for medical devices. The demand for ventilators increased abruptly, as it is one of the important tools in hospitals. In March 2020, Medtronic declared that the company has been working on the production of ventilators. The business increased the production of ventilators by around 40% to cater to the demands of the population.
In addition, the governments also began focusing on domestic production in order to combat trade barriers. For instance, the “Make in India” and “Atmanirbhar Bharat Abhiyaan” has accelerated the manufacturing of medical devices in the country. In addition, the government approved various schemes, such as the Production Linked Incentive (PLI) Scheme and the Promotion of Medical Device Parks, to fuel the manufacturing of medical devices in the country.
The healthcare bodies postponed and canceled the elective procedures in order to focus on the COVID-19 affected patients. It significantly declined the growth of various segments in the global medical devices market. Thus, it impacted the manufacturing of devices used in elective procedures. In addition, the demand for ultrasound machines, MRI, CT scanners, and other MRI apparatus declined significantly. The market began to recover in 2020, but the introduction of new strains like the Delta variety impacted the market again.
The global medical devices market is growing steadily, owing to the significant economic growth of many countries. In addition, the introduction of vaccines has significantly lowered the terror of the COVID-19 epidemic. Thus, the governments of various countries have lifted lockdown restrictions. As a result, the global medical devices market will grow rapidly in the coming years. According to Astute Analytics, the global medical devices market is forecast to grow at a compound annual growth rate (CAGR) of 6.3% during the forecast period from 2021 to 2027.
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