The medical device industry’s recovery to pre-pandemic market value and beyond could be on the horizon. “The financial statements throughout 2021 by some of the largest medical device companies indicate strong recovery for most of their business units, although the duration and sustainability of their recent growth remains volatile,” stated Brian Hicks, senior analyst of medical devices at market analytics company GlobalData. “This is primarily due to the ongoing race of global vaccinations and administration of booster shots against the emergence of potentially even more fatal variants of concern, such as the Omicron variant, which may induce additional cancellations of elective procedures.”

GlobalData has projected that the medical device market (excluding in vitro diagnostics and hospital supply segments) will surpass $335 billion this year and exceed $700 billion by 2030—all despite the fact that the increase in COVID-19 cases due to the Omicron variant could lead to the cancellation of elective surgeries across the country.