COVID-19 Impact on Healthcare Market Overview
Market Research Future (MRFR), in its recent study on the COVID-19 impact on Healthcare Market size, asserts that the market is expected to grow exponentially by 2022. The widespread application of respiratory devices such as nebulizers, humidifiers, and ventilators for COVID-19 patients has resulted in increased sales and profits for companies operating in the respiratory medical device sector. This outbreak has also created lucrative opportunities for small and mid-size enterprises operating in the life science industry. Staying abreast of emerging technologies could positively impact the continuing competitiveness of product lines of companies that are operating in the life science industry.
Medical device companies, in fact, are experiencing better sales by sufficing the requirement for x-ray machines, testing equipment, gloves, protective clothing, and diagnostic kits. Besides, they are also offering funds for the R&D into the cure as well as treatment of this virus. With an aim to deal with the present overly inflated prices and labels of “out of stock” of protective gears, thermometers, respirators, hand sanitizers, and surgical masks, the HSA has limited the import of such high demand goods for personal use.
What began in China as an outbreak towards the closing of 2019 has now developed worldwide. People are living through fear and uncertainty. The healthcare industry had a tremendous impact following the current COVID-19 epidemic outbreak. Most of its current focus is on its near-term challenges. Unlike other industries, the healthcare industry is set to face a surplus level of growth opportunities in establishments and niche segments alike.
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Impact of COVID-19 on Healthcare Market by Segmentation
The healthcare industry has been dramatically impacted by the COVID-19 outbreak and covers different healthcare sectors such as healthcare facilities, medical devices/equipment, medical tourism, diagnostics, health insurance, pharmaceuticals, Healthcare IT, and technology.
By medical devices/equipment, COVID-19 Impact on Healthcare Market has been segmented into nurse call systems, sanitation, personal protective equipment, masks, hospital beds, imaging devices, and medical ventilators. Of these, medical ventilators are in wide demand as it is widely used for COVID-19 patients. Leading market mavericks such as Medtronic, Hamilton Medical, and Vyaire Medical are increasing production capacities to cater to the hospital settings and medical facilities.
By diagnostics sector, COVID-19 Impact on Healthcare Market has been segmented into consumables, kits and reagents, and analyzers. The last few months have seen an exponential rise in the demand for diagnostic test kits. Bione, an Indian based company, has recently launched rapid tests that are cost-effective and have low turn-around time.
By pharmaceutical sector, Impact of COVID-19 on Healthcare Market has been segmented into drugs and vaccines. Presently, there are two candidate vaccines under the Phase 1 clinical trial that is being developed by CanSino Biological Inc. with the Beijing Institute of Biotechnology & Moderna/NIAID. Besides, there are about 42 candidate vaccines that are under the pre-clinical stage. In addition to this, experts in healthcare research have analysed that the COVID-19 outbreak has taken a large toll on the mental stability of patients as well as citizens. A lot of people are getting prone to neurological and psychiatric disorders, such as anxiety, depression, and traumatic stress. This is set to increase the sales of antipsychotic drugs, antidepressants, and other medications, as a result, increasing the impact of COVID-19 on the pharmaceutical sector.
By the healthcare IT sector, COVID-19 Impact on Healthcare Market is segmented into EHR/EMR, ePharmacy, mHealth, and telehealth. Telehealth is playing a pivotal part in relieving COVID-19 burden in hospitals. Health Innovation Hub in Germany, in response to this epidemic, has published several trusted telemedicine services, which include prices, functionality, reimbursement policy, and costs, which can be integrated easily into a physician’s practice without hardware investments or know-how.
COVID-19 Impact on Healthcare Market by Region
Since the outbreak of COVID-19 in Wuhan, China, the global healthcare sector is witnessing a rapid surge in demand for essentials. The pandemic has now covered almost every country on Earth. The disease, as specialists feel, can be cured by the body’s own immunity. However, the containment of the spreading of the virus requires supplies like sanitizers, PPEs, medical ventilator, rapid testing kits, hydroxychloroquine, and others. In China, Japan, and South Korea, the curtailing of the spreading of the disease took almost three months.
In Europe, Italy emerged as the first epicenter. The healthcare industry is trying hard to get the upper hand there. France, Germany, Spain, and Sweden are having a tough time. In Germany, automobile manufacturers have been asked to produce ventilators. In Italy, apparel brands like Armani and Gucci have joined hands to produce masks.
In North America, the epicenter is now the US. The country is importing hydroxychloroquine in huge shipments from India. China, South Korea, and others are supplying PPE, rapid testing kits to various countries across the world. The rapid surge in patients has forced governments and private bodies to increase their expenditure for the healthcare sector.
The Middle East & African healthcare industry relies largely on the imports of medical devices and drugs. Several countries in Africa and Gulf Corporation do not have access to state-of-the-art life science infrastructure, which hinders the diagnosis and treatment of COVID-19 patients. To overcome this challenge, the government officials and public, as well as private firms from the region and overseas, are brainstorming initiatives that can increase the disease diagnosis rate in this region. For instance, as on Chinese medical experts, composed of nurses, laboratory technicians, and doctors, started the process of testing and management of COVID-19 patients in Nigeria. This is set to augment the healthcare market in the MEA region.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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