Out The Other Side: The Impact of Covid-19 On Medical Devices

Out The Other Side: The Impact of Covid-19 On Medical Devices


Sep 4, 2023

Blog Healthcare , Med Devices & Surgical Out The Other Side: The Impact of Covid-19 On Medical Devices

The far-reaching effects of COVID-19 have introduced the world to a new normal, but the biggest impact has undoubtedly been in healthcare. In the long term, it has permanently shaped the future of healthcare delivery. In the short term, medical technology was rapidly shifted to become digitalized, allowing for a more collaborative product development process and remote patient care.

The impact of the pandemic will be studied and evaluated for years to come, particularly in the medical device industry. Strategies were developed to overcome the issue of remote healthcare, including a temporary waiver of premarket notification conditions under section 510(k) of the Food, Drug, and Cosmetic Act, issued by the FDA in the USA.

Despite the challenging conditions, the global market for medical device technologies reached $639.0 million in 2021. BCC Research expects considerable market growth to continue, with forecasts predicting a compound annual growth rate (CAGR) of 7.1% to reach $953.5 million by 2027.

Impact of Coronavirus

COVID-19 has caused a humanitarian crisis unlike any other. Due to the virus's incredible demand for ventilators, diagnostic tests, personal protective equipment (PPE), and other essential medical supplies, the MedTech sector took center stage. In addition to the steps taken to quickly increase manufacturing capacity and capabilities, MedTech leaders were forced to look outside their typical sector boundaries to investigate innovative solutions to shortages. These solutions include partnerships with businesses outside of the sector, open-source equipment design, and the deployment of medically trained staff to support public health needs.

The pandemic emphasized the need for medical devices and protective equipment, with PPE and ventilators feeling the biggest squeeze. Product companies began switching to manufacturing these devices to help ease demand pressures. In vitro diagnostics emerged as another crucial component of the medical device as health authorities across the globe concentrated efforts on testing to control the spread of novel coronaviruses. And now that COVID-19 vaccines are widespread, syringes are also in demand.

Some companies have found significant success, their coffers bolstered by the unpredicted revenue stream afforded by medical devices. However, other firms still struggle to adapt. The lesson here is that agility and adaptability are vital to taking full advantage of such an opportunity for innovation.

Medical Devices: Technologies and Global Markets

BCC Research’s report provides vital information about the dynamics of the market for medical devices. Providing forecast data, market sizing, regional analysis and an evaluation of the competitive landscape, the report is a comprehensive deep dive into everything players need to know about this growing industry.

Innovation will secure the future of healthcare.

Innovation has always been a cornerstone of healthcare, and recent demand shows patients need more than just products. 3D printing, especially continuous liquid interface production (CLIP), is poised to revolutionize organ transplants. Robotic surgery in telemedicine is also opening doors for remote healthcare. These advancements are set to transform patient outcomes significantly.

Clearly, advances in medical devices are abound, which could make significant headway in:

  • Diagnosing disease: The pandemic accelerated the development and pervasiveness of remote testing for viruses. This opens the door for various other at-home test kits.
  • Monitoring patients: The need for social distancing and maintaining clinical spaces for critical care sparked technological advancements in medicine, especially in mobile medical devices, remote patient monitoring, and virtual health care delivery. Thanks to these developments, cardiovascular vitals and blood glucose levels can be observed from the comfort of a patient’s home.
  • Personalizing medicine: Many recent technological advances involve artificial intelligence (AI). In the healthcare industry, AI-based medical devices can automate tasks, synthesize data from multiple sources, process and analyze information from wearable sensors, pinpoint trends, identify disease or the onset of medical conditions, predict risks for illness or complications, and support research.

Going forward, smaller, specialized companies are likely to attract attention by developing new products. They may require help with production, marketing, and sales to keep costs down while innovating. Prioritizing patient benefits is vital, with a shift towards greater value and demand.

Discover more about the medical devices industry.

Consider becoming a member of the BCC Research library and gain access to the full scope of reports in the medical devices category. Get in touch today to find out more.

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    Olivia Lowden

    Written By Olivia Lowden

    Olivia Lowden is a Junior Copywriter at BCC Research, writing content on everything from sustainability to fintech. Before beginning at BCC Research, she received a First-Class Master’s Degree in Creative Writing from the University of East Anglia.

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