Frost and Sullivan
According to a recent report by international growth partnership company Frost and Sullivan, Western Europe’s medical device market is on track to recover from the COVID-19 pandemic by 2023.
The report, titled ‘Impact of COVID-19 on Elective Procedures in Western Europe, 2020–2023’, projects that the market for selective medical devices for elective procedures will reach $16.8 billion (€13.76B) by 2023. according to an aspirational compound annual growth rate of 29.2%.
WHY IT MATTERS
Because of COVID-19, there was a 45.5% decline in the selective medical devices market for elective procedures from the pre-COVID projections for 2020. However, the restrictions and challenges raised by the pandemic have forced medical device manufacturers to think in new ways, creating growth opportunities in the sector.
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