As the world grapples with a global emergency caused by the COVID-19 pandemic, the healthcare industry is expected to witness a drop in growth from 5.3% to 0.6% in 2020, with revenues remaining below the $2 trillion mark.While the life sciences segment seems to be surviving and thriving, in certain scenarios, medical technologies and imaging are expected to be hit the hardest.
Elective procedures being on hold and delayed or prolonged procurement of capital equipment will have a negative impact on revenue, from $413.9 billion to $377.1 billion for medical devices and from $31.5 billion to $18.1 billion for imaging equipment, said Unmesh Lal, Transformational Health Program Manager. Additionally, with telehealth transforming care delivery and health IT enhancements in analytics and interoperability, digital health will continue to thrive at a growth rate of 7.9% in 2020. Lal added: While the short-term demand for testing and the race to find a vaccine intensifies, governments are reallocating budgets to finance healthcare services and assessing the feasibility of immunity passports, mass vaccinations, and scaling up of contact tracing.
This story is from the August 2020 edition of Food & Health.
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This story is from the August 2020 edition of Food & Health.
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