3 MedTech Subsectors Poised To Perform Impressively In Q121

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The global economy continues to grapple with the persistent crisis triggered by the coronavirus pandemic. While most sectors were hit hard by the economic turmoil, the MedTech sector was resilient enough to recover from the chaos quite swiftly.

The sector started showing signs of a turnaround from the second half of 2020, courtesy of a number of positive developments. These are regulatory clearances and the launch of several COVID-19 diagnostic tests besides the rapid consumer adoption of digital healthcare options plus critical care products and services.

Below we discuss three MedTech subindustries, which have been performing steadily through the pandemic year and are likely to have held ground in the soon-to-be-reported quarter. 

Diagnostic Testing

With the recent emergence of the new coronavirus strains and the resurgence of a fresh wave of cases from the end of 2020, demand for testing witnessed a sharp spike. Lately, the diagnostic testing space is flourishing with newer and more improved tests being developed on a daily basis by several leading MedTech players.

Per a Fortune Business Insights report, the global COVID-19 diagnostics market value stood at $6.22 billion in 2019 and is anticipated to reach $11.40 billion by 2027, seeing a CAGR of 7.9%. Apart from an uncontrolled spread of coronavirus worldwide, the development of real-time test, robust WHO recommendations to make COVID-19 diagnostic a top priority and the rising government initiatives targeted toward the implementation of mass testing are fueling the market.

In this regard, it can be mentioned that in March 2021, PerkinElmer (PKI - Free Report) introduced two Research Use Only (RUO) solutions, namely PKampVariantDetect SARS-CoV-2 RT-PCR Assay and Next Generation Sequencing-based NEXTFLEX Variant-Seq SARS-CoV-2 Kit to detect genomic mutations reported in connection with SARS-CoV-2 variants. Notably, laboratories can utilize these assays through nucleic acid extracted from samples that tested positive earlier.

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