Demand for medical devices may be at a high, but major U.S. medical device companies are still feeling the effects of the down stock market due to the global coronavirus outbreak. In fact, medical device company stocks have performed as poorly as others over the last two weeks, according to a new report.

Debbie Wang, a senior analyst at Morningstar who follows the medical device industry, said she and others on the company’s healthcare research team were marveling just how hard healthcare-related stocks are declining. They speculate that potential loss in procedure volume is driving down medtech shares.

“From a medtech standpoint, there is uncertainty in the near term around medical resources and how COVID-19 might dampen the usual procedure volume we see for hip and knee replacements. Even non-elective procedures could be hurt,” Wang said.

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