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The year 2020 is a difficult time for many industries. As we have written earlier, imaging diagnostics has also been hard hit by the COVID-19 pandemic, but there is good news! According to our assumptions, the situation is beginning to improve, which is confirmed by the results presented by the Voxel Group for the third quarter of 2020. So what can we expect on the diagnostic imaging market in 2021?
Imaging diagnostic in the Voxel group: the third quarter is optimistic
Voxel Group presented results for the third quarter of 2020. In its presentation, the company informs that the third quarter saw an 11% decrease in the number of CT, MRI and PET examinations compared to the same period in 2019. However, comparing the number of examinations carried out in the third quarter of 2020 with the number from the second quarter of 2020, the group recorded as much as 44% growth. In October 2020, the company carried out the largest number of examinations since the beginning of the pandemic – 18,700, which means an increase of 4.5% compared to the number of examinations carried out in September 2020.
It is worth noting that in the third quarter of 2020, the Voxel group recorded an increase in revenue from the conducted imaging examinations, which was undoubtedly influenced by the increase in the number of PET tests by 11% compared to the same period in 2019. What is important, in general, the company did not notice a significant decrease in the number of examinations during the autumn wave of the epidemic.
Strong market rebound expected already in 2021
In 2021, we estimate that the dynamics of the imaging diagnostics market will be as high as 30-40%, depending on the scenario (more on this topic in our report). It is worth noting that in 2021 there will be growth despite the fact that the economic situation will still be worse than in 2019.
Among the factors that may positively influence the market development in the long term are the increase in public spending on healthcare, including e.g. oncological diagnostics and measures resulting from the abolition of the limits on certain imaging examinations, the increase in awareness and care for health and the gradual improvement in the population’s wealth, enabling the use of private healthcare, including private imaging diagnostics services.
Diagnostic laboratory boosts results in Voxel group
Let us recall that the Voxel group includes Vito-Med hospital, whose new business line, i.e. the implementation of COVID-19 diagnostic tests using the Real Time PCR molecular evaluation method, has a positive impact on the institution’s revenues. In June 2020, the Vito-Med diagnostic laboratory was included in the list of COVID laboratories for the needs of MZ and started performing diagnostic tests of SARS-CoV-2 infection. The laboratory performs tests financed by NFZ and private examinations.
In total, in October 2020, the laboratory carried out 65,500 tests worth PLN 18.3m. What is more, since November 2020 Vito-Med hospital is a hospital of the third level of reference for the treatment of COVID-19 stroke patients.