As of 15th April 2020, there are around 2 million cases and 127.000 deaths resulting from the CDVID-19 outbreak. About one-third of the global population is under lockdown. The pandemic has caused an exponential growth in demand for healthcare products such as ventilators, medical clothing, face masks, and diagnostic devices whereas the sales of companies, whose products rely heavily on elective and non-essential procedures, are expected to be hurt badly. Many such medical device companies have either withdrawn or revised their financial guidance for 2020 due to the uncertainty associated with the degree and duration of the impact of the outbreak.
Based on the analysis of Fortune Business insights, the short-term impact of COVID-19 is expected to cause a decline in annual growth rate of the global medical devices market from 5.4% in 2020. The global medical devices market, which was projected to be worth USD 472 billion in 2020 before the outbreak of this infectious disease, is now expected to generate USD 461 billion this year.