02 Oct 2020
Posted in Coronavirus
COVID-19 pandemic impacting urinary tract stents market with 11.4% lost revenue expected in 2020
Many surgical procedures have been postponed during 2020 due to COVID-19. This will lead to over 11% loss of revenue from urinary tract stents in the US, according to GlobalData, a leading data and analytics company,
GlobalData includes ureteral, prostate and urethral stents within this market for indications such as urolithiasis, urethral strictures, pyeloplasty, benign prostatic hyperplasia (BPH) and prostate cancer. Boston Scientific, Cook Group and Becton Dickinson are the market leaders for urinary tract stent sales and most revenue lost during the COVID-19 pandemic will be experienced by these companies.
Eric Chapman, Senior Medical Devices Analyst at GlobalData, says: “GlobalData estimates an overall reduction of 11.4% of revenue for urinary tract stents by the end of 2020, compared to previous forecasts before the outbreak of SARS-COV2. In Q1 2020, procedures were beginning to be postponed in the US from around mid-March (two out of 12 weeks), and as a result, sales were already down 10.5%. By Q2 2020, as the number of new COVID-19 cases had reached a peak and many procedures had been cancelled or postponed, the market was down approximately 34%.”
In Q3 2020, the market has begun to experience a gradual recovery as procedures have been rescheduled. Initially, GlobalData estimated an overall reduction of 15% of revenue for the quarter, compared to predictions before the COVID-19 outbreak. Yet, a resurgence of new COVID-19 cases might result in new delays for procedures.
Chapman adds: “By Q4 2020, GlobalData anticipates the start of a ‘surge period’ for the urinary tract stents market, to make up for procedures 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.”