Impact of the COVID-19 Pandemic on Medical Devices Market and Medical Services Market of the Eurasian Economic Union Member States (EAEU)

Abstract

AbstractThe spread of coronavirus infection has become a trigger mechanism for global economic shocks for almost all industries, especially for the medical sector. The health care system, pharmaceutical industry enterprises, the market of medical services, and manufacturers of medical devices are known to have experienced the greatest burden.Despite all the contradictions, such as control and restrictive measures, disagreements on models of combating coronavirus, restrictions related to the border closure, transport links, etc., the EAEU countries (Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia) have shown an example of timely response and counteraction to the spread of COVID-19 pandemic. At the same time, Russia acted as a guarantor and basis for the economic well-being of the entire Eurasian economic entity.Based on all abovementioned, there is a necessity to consider detailed current changes in the markets of medical devices and medical services in the Eurasian Economic Union countries and, in particular, in the Russian Federation, what is considered to be the object of the research.The latest data on the market of medical devices and services, legislative acts, theoretical and methodological developments in the field of evolutionary and institutional economics were used in the research.KeywordsMedical device marketMedical services marketCoronavirus pandemicCOVID-19Medical device manufacturingDynamics and volume of the medical device marketJEL CodesF20F29E44L10