Airway stents market to lose 13% revenue in 2020: GlobalData
YOY US sales for airway stents declined by 18.4 per cent in Q1 2020, expected surge in Q4 2020 will not be enough to offset revenue losses until the end of 2021 or early 2022
Nearly 13 per cent of revenue from airway stents will be lost in 2020 due to COVID-19, as many surgical procedures have been postponed, according to GlobalData. Before the pandemic was declared, GlobalData had calculated a global market size, of $51.3 milllion for airway stents, compared to $46.1 million when accounting for the impact of COVID-19. Global estimates include the markets for 39 countries, according to a release.
Market leader Boston Scientific will experience the most revenue lost during the COVID-19 pandemic while other companies such as Atrium Medical Systems and Merit Medical Systems will also experience the effects of sales declines.
Eric Chapman, medical devices analyst, GlobalData, said, “In Q1 2020, many procedures were postponed from around mid-March (two out of 12 weeks) and this two week period had a significant impact on the overall sales of airways stents. By analysing GlobalData’s proprietary US hospital purchasing dataset, it has been determined that year-on-year (YOY) sales for airway stents declined by 18.4 per cent in Q1 2020.
“By Q2 2020, sales had reached a low point with YOY revenue down 38.8 per cent, as the number new COVID-19 cases had reached a peak and many procedures had been cancelled or postponed.”
In Q3 2020, GlobalData estimates that the market will begin to experience a gradual recovery as procedures are rescheduled. Initially, GlobalData estimated an overall reduction of 15 per cent of revenue for the quarter, compared to predictions before the COVID-19 outbreak; however, a resurgence of new COVID-19 cases might result in further delays in procedures.
Chapman added, “By Q4 2020, GlobalData anticipates the start of a ‘surge period’ for the airway stents market, to make up for sales that were postponed earlier in the year. However, this surge will not be enough to offset revenue losses until the end of 2021 or early 2022. It is possible that these companies will reduce the price of their products to stimulate sales, as has been seen in other markets.”