08/11/2020 | Press release | Distributed by Public on 08/11/2020 16:13
Following ResMed's fiscal fourth quarter revenue report:
Kamilla Kan, Medical Device Analyst at GlobalData, a leading data and analytics company, offers her view on the recent news:
'ResMed's year-over-year increase of 9% in revenue is largely due to the increase in sales and production of ventilators due to COVID-19. COVID-19 has had a profound effect on the ventilator market - in fact, GlobalData has adjusted its 2020 projections for the ventilator market by a whopping $3.8bn, estimating that it will reach $5.2bn due to COVID-19 pandemic. ResMed's moves to triple production of ventilators, as well as modifying and maximizing ventilator production to access this booing market, has been successful thus far in offsetting its declining sleep apnea devices.
'While countries may be gradually flattening the curve of COVID-19 cases now, and demand in the third quarter is expected to go down in the short-term, the anticipated second wave is likely to rise demand for ventilators again. 'Although ResMed did not offer projections for the upcoming first fiscal quarter of 2021, a sharp decrease in revenue is not expected as the sleep device segment is more resilient to lockdowns than predicted. Initially, the sleep apnea diagnostic systems market faced a decline in sales due to lockdowns, however, rapid development and integration of telehealth systems will allow the market to grow even throughout the pandemic. Furthermore, as healthcare starts to catch up with the world's embrace of technology in such a short amount of time, chronic disease management industry will continue evolution in infrastructures and optimization.'
Want to find out more? Send your questions to Rebecca Panks, PR Executive at GlobalData ([email protected])