By – Komal Surana
The world is grappling with the brutality of the Novel Coronavirus (COVID-19), and the doomed shadows of the pandemic have been in effect worldwide, distinguished in terms of severity and economic sustainability to fight against the virus. In light of such events, The government across the globe has been working under tremendous pressure not only to strategically adopt precautionary measures in preventing mass spreading but also to sustain the required essential services and activities of the related sectors.
Impact of COVID-19 – a one-stop destination for the information on the global pandemic, managed by a team of experienced research analysts, content creators, editors, and marketing experts. Our analysis includes the continuous tracking of the overall implication on the sector, consumer behavior, employment and welfare, mental health, and similar spectrums. Our studies will help you to identify the gap between the demand and supply with useful insights for your business.
The 10 of the hardest-hit sectors are construction and retail, agriculture, education, financial, aviation, manufacturing, healthcare, automobiles, textile, and oil & gas. Among all, the healthcare sector is undoubtedly at the epicenter of the pandemic strike. Based on assessments, here is a brief impact analysis in the healthcare sector:
The COVID-19 outbreak has severely impacted the entire supply chain in the healthcare industry, namely in sectors – diagnostics, medical devices or equipment, technology, pharmaceuticals, and healthcare IT. The disruption has influenced from the procurement of raw materials to production and distribution.
The production value of the global pharmaceuticals and medical equipment industry is projected to achieve sluggish growth of around 1.0% in 2020, reaching $1.9 trillion. In the baseline scenario, overall growth is anticipated to rise about 8.7% in 2021 and gradually decline thereafter. The segment is forecasted to sustain growth, backed by increasing healthcare spending, production diversification, and investments into new vaccines.
The medical devices or equipment segment involves imaging devices, medical ventilators, masks, anti-viral vaccines, hospital beds, hand sanitizers, and personal protective equipment. Currently, the global level demand has encouraged medical ventilators manufacturers to boost their production competencies 40-50%. Besides, prominent manufacturers have worked out collaboration with automakers to fulfill the surging demand. Companies, such as Medtronic, Vyaire Medical, and Hamilton Medical, are keen on sufficiently aiding hospital settings and medical facilities. The ventilators market is expected to enjoy around 35% growth in the coming few months as several establishments are entering in these products manufacturing, majorly supplemented by favorable regulation.
The disruption of the supply chain in the medical equipment market is expected to initiate “the next normal” trend, focused on digital health tech, sustainability, and robots. Besides, wide-ranging innovations are set to augment the overall R&D expenditure of the market. Digital health tech is an additional effort untaken to safeguard the health of seniors. For instance, Essence SmartCare, a telecare solution, has been providing a non-obstructive round the clock care system, equipped with voice-based monitoring and AI for senior citizens in lockdown. Moreover, the demand for health and immunity-boosting ingredients has accelerated innovations, which has become a core trend in the market.
With a dramatic dominance of the virus around the world, finding a vaccine has become the most critical scientific research in 2020, yielding discussions and additional funding for the pharmaceutical industry. More than 30 nations, philanthropic bodies, and the United Nations have pledged to fund $8 billion towards R&D for the COVID-19 vaccine. As per WHO listing, as of 2 June 2020, there are 10 candidate vaccines in clinical and 123 candidate vaccines in preclinical evaluations. Companies like CanSino Biological Inc., AstraZeneca, with Beijing Institute of Biotechnology, Oxford University, and Moderna are the frontrunner developers. However, owing to testing and regulatory requirements, vaccines are likely to be available in 2021, thus creating prospects for alternative treatments, one such as hyperimmune globulin treatment (HiG) made with convalescent plasma.
The diagnostics market has accumulated the highest demand for test kits in the last recent months. Numerous companies have boosted their production to develop new products at unprecedented speeds in order to endure the overall demand by undertaking a rapid-testing approach. In April, an Indian company, Bione, launched an innovative at-home use screening test kit, claiming the supply of 20,000 kits a week. In addition, WHO listing mentions the two diagnostic tests, both in vitro diagnostics, for emergency use. The tests are Cobas SARS-CoV-2 Qualitative assay for use on the cobas® 6800/8800 Systems and genesig Real-Time PCR Coronavirus (COVID-19), enabling quality assured diagnostics and increased testing.
The overall outlook is likely to improve with a decline in the grip of COVID-19 and after-effects of the pandemic. The healthcare sector with various associations & critical players in conjunction with the government is combating the crisis by pushing to achieve unexpected infrastructural, deployment of equipment, vaccines, diagnostics, drugs, medical devices, and staff requirements. In the context of such demands, several establishments are also working out to actively participate in research and development activities, partnerships & collaborations, and new product launches.