Pune, India -- (SBWIRE) -- 10/23/2020 -- The global medical devices market size is expected to decline by more than two percentage points, reaching USD 461 billion at a CAGR of 3.0% by 2020. Fortune Business Insights™ provides an in-depth analysis on the short-term impact of the COVID-19 outbreak on this market in its newest report, titled "Global Medical Devices Market – Impact of Covid-19". The report addresses the following questions:

How will the global medical devices market get affected in the short- and long-term by the COVID-19 pandemic?
What kind of impact will the coronavirus outbreak have on the regional prospects of the global medical devices market?
How will the pandemic affect the upcoming market opportunities?
How has the global medical devices market been segmented vis-à-vis the COVID-19 outbreak?
What has been the governmental response to this pandemic?
How are the key players responding to this phenomenon and what are the strategies they are implementing?

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Leading Players operating in the Impact of COVID-19 on the Medical Devices Market are:

Key players are involved in mergers and acquisition to strengthen their market position. Owing to increasing competition frequent innovations are taking place in the market. Some of the companies operating the industry are:

Medtronic PLC
Abbott
Siemens Healthineers
Koninklijke Philips N.V.
Stryker Corporation
F. Hoffman-La Roche
Becton Dickinson
GE Healthcare
Boston Scientific Corporation
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

Click here to get the short-term and long-term impact of COVID-19 on this Market.

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Differing Level of Impact of the COVID-19 Pandemic across Regions

Owing to a strong presence of major medical devices companies, the market size in North America stood at USD 177 billion in 2019, with the region holding 39% of the medical devices market share. Thus, North America is set to emerge as the leading region in this market. The impact of the coronavirus outbreak on the other regions in the world will depend on factors such as preparedness of healthcare systems to tackle the crisis, per capita healthcare spending, adoption of minimally invasive diagnostics and treatments, and government initiatives to spread awareness

About the disease and its prevention. For instance, the market in Europe is likely to surge as the demand for essential medical devices is skyrocketing due to the unprecedented rate of the spread of the disease in Italy, Spain, France, and the UK.

Reasons to Purchase this Report:

Comprehensive analysis of the Impact of COVID-19 on the Medical Devices Market growth drivers, obstacles, opportunities, and other related challenges.
Tracks the developments, such as new product launches, agreements, mergers and acquisitions, geographical expansions, and joint ventures.
Identifies market restraints and boosters.
Identifies all the possible segments present in the market to aid organizations in strategic business planning.

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Massive Supply Chain Disruptions to Hamper the Market

The COVID-19 outbreak has had a crippling effect on the global supply chain and logistics. With a large number of major economies such as India and Italy going under prolonged periods of lockdown, transfer of medical devices and services across international borders has been severely stymied. More importantly, majority of the world's leading medical devices companies have their manufacturing facilities stationed in China. Being the epicenter of the outbreak, China has suspended most of its industrial activities. As a result, timely delivery of necessary medical devices has been affected and the medical devices market trends have been negatively impacted in the process.

Industry Developments:

April 2020: Siemens Healthineers introduced and made available the company's molecular Fast Track Diagnostics SARS-CoV-2 Assay test kit. In the European Union (EU), the test kits are indicated for research use only, while the company is pursuing the US FDA to issue an Emergency Use Authorization (EUA) clearance for the kit in the country.
March 2020: The US Food and Drug Administration (FDA) issued an Emergency Use Authorization (EUA) for Abbott's molecular point-of-care test kit for rapid detection of the COVID-19. Running on the company's ID NOW™platform, the kit will provide positive results in less than 5 minutes and negative results within 13 minutes.
KEY QUESTIONS ANSWERED:

What are the key technological and Impact of COVID-19 on the Medical Devices Market trends shaping the market?
What are the key opportunities in the market?
What are the key companies operating in the market?
Which company accounted for the highest market share?
Why Choose Fortune Business Insights?
What is the market size and growth rate of the global and regional market by various segments?
What is the market size and growth rate of the market for selective countries?
Which region or sub-segment is expected to drive the market in the forecast period?
What Factors are estimated to drive and restrain the Impact of COVID-19 on the Medical Devices Market growth?