How much is COVID-19 affecting procedure volumes for medtech?

October 24, 2020 Business, COVID-19, Medical Devices, Medical Technology, Orthopedics

UBS Financial Services released a report detailing how it expects medtech procedures to potentially keep dipping during the COVID-19 pandemic.

The report highlighted a quicker-than-expected recovery in the second quarter after U.S. hospitals began canceling, delaying and deferring elective procedures in late March as the pandemic took hold.

However, UBS still expects third-quarter medical procedures to be down, with at best a flat rate up to the fourth quarter as people remain hesitant to visit healthcare facilities due to the fear of contracting the virus. Hospitals in hot spots can struggle with space constraints, especially during surges, while issues with staffing and efficiency drags from newly introduced procedures (such as testing and cleaning) counter-balance pent-up demand, the analysis said.

September saw a 12% average decline in total surgical procedures, with October expected to bring about an 8% decline, showing steady progress in procedural expectations. The analysts believe that survey responses reflect slightly worse than reality, so procedure growth rates in the third quarter could be marginally better than data suggests, setting the stage for most companies to see third-quarter beats.

Surgeries that could see the most deferrals include endoscopy, colonoscopy, bariatric, orthopedic, pain-related, aesthetic, diagnostic and less acute general procedures are more deferrable, the analysis found.

By Sean Whooley | MassDevice

Image Credit: Piron Guillaume / Unsplash

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Peter Coffaro is a growth-driven and strategic executive with over 25 years of progressive management success in the medical device industry. With a proven track record and recognized expertise, Peter has established himself as one of the top influencers in medical sales, as acknowledged by prestigious publications such as the World Journal of Orthopedics, Exponential Healthtech, and MedReps.com. Throughout his career, Peter has accumulated 10 years of combined sales management experience, excelling in various roles including Director, General Manager, Distributor, and Vice President. He has worked for industry-leading orthopedic companies such as Zimmer, DePuy, and Stryker, solidifying his deep knowledge and network within the field. Peter’s passion for innovation and emerging technologies led him to found OrthoFeed, an award-winning blog covering digital orthopedic news and emerging medical technologies. Through this platform, he stays at the forefront of the industry and contributes to the dissemination of valuable insights. Peter is a three-time Hall of Fame award winner at Johnson and Johnson, demonstrating his exceptional contributions and impact on the organization. His expertise extends to areas such as organizational development, business development, sales management, digital marketing, and professional education. Peter earned a B.S. degree in Biology and Chemistry from Northern Illinois University, further complementing his comprehensive understanding of the medical field. With his wealth of experience, strategic mindset, and dedication to advancing healthcare, Peter Coffaro is a valuable asset and leader in the medical device industry.