Infecting more than 16 million lives, the COVID-19 pandemic has been one of the worst humanitarian crises. Researchers are still evaluating the depth and intensity of disruption caused by this outbreak on the global economy, healthcare infrastructure, and society. Being at the center stage with unforeseen demand for ventilators, diagnostic tests, PPE kits, and other critical medical supplies, the MedTech industry quickly rose to respond to the challenge.
Industry leaders in the MedTech space have taken extraordinary measures to ramp up their manufacturing capacity and capabilities with out-of-the-box solutions, such as open-source equipment design, partnerships with firms outside the sector, and deployment of trained medical personnel to support public health needs. Furthermore, as hospitals redirect their resources on treating COVID-19 patients, elective medical procedures have witnessed a significant drop. In fact, an estimation shows a decline of 60-80% in elective procedures for Europe and the U.S. in the second quarter of 2020.
In the pre-COVID scenario, the year 2020 was expected to be the head start for the ubiquitous incorporation minimally invasive surgical (MIS) technologies, such as hand-held robotic MIS equipment, miniaturized surgical robotics, and autonomous surgical robotics. Additionally, our estimation suggested that, in 2020, the annual MIS procedure volume would account to 138.5 million and 144.9 million in 2021.
A Market study by BIS Research highlights that around 132.2 million surgeries were conducted, translating to $27.20 billion in revenue for the global minimally invasive surgical systems market in 2019. The rising adoption for robotic-assisted surgeries and technological advances in the fields of artificial intelligence (AI), Haptics, and Telesurgery are likely to propel the growth for the global market of minimally invasive surgical systems. Over the recent years, leading manufacturers in the market have registered several patents related to the introduction of haptic force feedback with robotic instruments, the introduction of miniature instruments and supporting infrastructure to enable improved access, and the integration of AI with robotic surgery platforms.
Impact Scenario for MedTech Industry
Given the current toll of COVID-19 on the healthcare ecosystem, it is imperative that MedTech companies work to reconsider the global supply chain, strengthen crisis resilience, and plan for the recovery. To navigate through the crisis, companies are bound to have a detailed analytical understanding of financial viability, demand fluctuations, and patient behavior at micro- and macro-levels. Here are some key action areas that companies should look out for to emerge stronger out of these tough times:1. Management of Supply Chain
With the majority capital purchases and elective medical procedures on hold, the supply of products such as syringes, suture material, and surgical tools might witness a near-term shortage. MedTech companies must consider repositioning their inventory, ramping up the production facilities, and collaborating with cross-industry players to mend the supply chain disruption.2. Redefining Products
While the world runs out of time, companies in the MedTech sector must redesign their product lines to simplify the manufacturing, distribution, and capabilities of necessary medical equipment such as ventilators, even from remote locations.3. Digitizing Existing Business Model
Considering the COVID-19 outbreak an opportunity, companies must seize this time to prioritize and scale their digital capabilities to strengthen the go-to-market model and enable digital touchpoints. Although certain companies are reluctant to incorporate such structural changes, revamping the digital resources would provide them with a better perspective of the journeys of patients and physicians throughout the world.4. Rapid Diagnostics and Monitoring
As rapid testing around the world escalates, R&D leaders can tackle this immediate challenge by suggesting a more effective and intelligent solution for digitally tracking and monitoring infection risk worldwide.
To read more about the next steps of the MedTech industry in tackling the novel coronavirus crisis, download the free copy of our analyst note on the MIS technology market.