The outbreak of the novel coronavirus pandemic has at one point paralyzed public healthcare systems around the world and suddenly led to a shortage of personal protective items, such as face masks and protective clothing, as well as critical care equipment like oxygen concentrators and oxygen tanks. Lockdown measures have also affected transportation services in many places and disrupted the supply chain of medical equipment.

The pandemic has highlighted the fact that the world badly needs to increase healthcare spending. Developing vaccines is for sure the top priority, but the flaws in the healthcare system also need to be tackled. As some places have begun to emerge from the worst of the crisis, and we are gradually seeing the light at the end of the tunnel, two medical topics deserve attention.

The first is medical technology. We have seen that as long as medical personnel are well protected, and if technological and digital solutions are adopted to boost efficiency and improve monitoring and diagnosis methods, the burden on the healthcare system can be significantly relieved. With the growing importance of medical technology, many governments and companies around the world are now adopting new means to improve the way medical personnel communicate with each other and to ensure patients are given appropriate care.

For example, amid the pandemic, many people avoid visiting or staying in hospitals for medical treatment. That has provided much room for growth for remote medical care. A variety of wearable medical devices have been launched, enabling patients to stay home and get diagnosed and have their health conditions monitored.

Meanwhile, to minimize invasive procedures, help patients recover faster and boost cost effectiveness, the medical sector also attaches much importance to robotics technology. Many public and private sectors around the globe are now investing in medical technology. According to research company Precedence Research, the global medical devices market is expected to be worth around US$671 billion in 2027, far higher than US$447 billion recorded in 2019.

The other topic concerns mental health software. Staying at home for a long time can make people feel lonely. If their work and income are affected, they may also experience emotional issues such as anxiety.

A World Health Organization study in 2016 found that every US$1 invested in scaling up treatment for depression and anxiety of employees leads to a return of US$4. Today, more and more enterprises provide their employees with mental health counseling service. Another survey conducted in 2020 showed that 69 percent of large companies now provide virtual mental health counseling service for employees, and 88 percent plan to do so this year.

One can expect mental health software featuring on-video counseling, treatment and prescription to grow rapidly. The mental health software market was valued at about US$1.3 billion in 2020, and is expected to be worth US$2.6 billion by 2025, with a compound annual growth rate of 13.8 percent.

（Chung Sau-ha, senior portfolio manager with Allianz Global Investors）

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