“While the expected short-term impact to our financial results is significant, it is consistent with the impact discussion broadly across the medical device industry,” says Geoff Martha, Medtronic president. “Importantly, we are starting to enter the early stages of a global recovery. As hospitals begin to resume broader treatment of non-COVID-19 patients around the world, we expect our business to begin to recover as well.
For the long term, there’s a lot of promise. The global medical devices market was valued at $425.5 billion in 2018 and is expected to reach $612.7 billion by 2025, according to. Addressing the health of an aging population requires new technologies and virtual care solutions. Medtronic ranks #1 in healthcare and #129 on the Global 2000. All eyes will be on new CEO and former GE Healthcare alum, Geoff Martha who just officially stepped up to take the place of retiring Chairman & CEO and nine-year veteran Omar Ishrak. Martha vows to cut bureaucracy and drive Medtronic’s push for solutions to unmet clinical needs. For the 2020 Global 2000 list, which analyzed financial results for the twelve months ending on April 30, 2020, Medtronic recorded $31.
Healthcare companies will experience the biggest surge in innovation in years. I expect to see research and development budgets to increase significantly. Governments will put more emphasis on making the industry work for both companies and consumers. Marketing Business
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