At the time of evaluating the impact of COVID-19 outbreak on healthcare market the total positive cases reached 1,350,357, the death toll came out to be at 74,866, whereas the total recovered population is 287,481. It has been observed that countries such as South Korea, Taiwan, and Singapore have controlled the spreading of COVID-19 before it could reach the community level. On the other hand, well-developed economies such as the US, Italy, the UK, Spain, France, and Germany are not capable to control the COVID-19 even after having a robust healthcare infrastructure. This has resulted in a very high impact of COVID-19 outbreak on healthcare market.
However, precautionary measures such as strict social distancing and lockdown taken by many countries that include India, Italy, Germany, France, Spain, and the US have resulted in the decline in the number of cases of COVID-19. However, China has a low rate of new COVID 19 patients and is in a position of restarting its economy.
Impact of COVID-19 Outbreak on Healthcare Market by sector
Continuously rising positive cases are also generating the demand for medical ventilators across the globe. It has been observed the around 5% of the total positive COVID-19 cases are severe that require ventilators for the smoothness in breathing. This is resulting in a growing demand for medical ventilators across the globe. Most of the companies have extended their production capacity to meet the ongoing demand. For instance,
Also, many players such as Mahindra Group, Ford, and Maruti Suzuki are stepping into the healthcare industry.
It has been observed that many companies are repurposing their production lines to join the fight against COVID-19. Along with this, there are many industrialists and luxury hotels that are entering into the hygiene masks and quarantine center services, respectively.
Many new start-ups are also contributing to the fight against COVID-19 by introducing apps that help to track COVID-19 cases. A Canada-based company Emerge, a blockchain startup based in Toronto, is introducing a public safety system app called Civitas to assist local authorities in many nations.
Apart from a rise in demand and a shortage of medical supply capacity, the spread of medical protectionism has been one of the biggest problems for supply chains in healthcare so far. And though obstacles are eliminated there are still sourcing problems. Malaysia's shutdown may result in a shortage of global supplies of rubber from companies such as Top Glove. However, The G20 heads-of-state meeting has committed to "minimizing trade and global supply chain disruptions" caused by the coronavirus outbreak. Encouragingly, there is a determination to ensure that medical supplies and important agricultural products are distributed "where they are needed the
Objective behind Repurposing
During this critical situation, the priorities for most of the manufacturing companies are to protect their workforce along with the running operation. For meeting this objective, workers are required to protect themselves by wearing masks and disinfecting themselves properly. In countries such as China which now ready to reopen its manufacturing unit, the government allows only those companies for production who have enough face masks along with other required measures. As a result, there is a surge in the demand and supply of such products.
Most of the companies started their production units to meet the demand for such products for their workers to smoothly run their production unit. For instance, Foxconn an electronic company started to produce face masks itself with the clear aim of increasing its production. Also, in India, Anheuser-Busch InBev, that sells Budweiser and Haywards, the known brands of beer, tied-up with the state government to provide 15 lakh basic measure equipment along with face masks to the frontline workers. These companies are rapidly developing production capacities for masks that surpassed their demands and are beginning to help frontline workers in the medical sector and others in their daily battle against COVID-19 at no cost.
Repurposing, though, does not only help businesses retain their workforce and support the common good, it also allows them to keep production lines up in the time of poor demand, raising their modest sales and affecting their image positively.
We at MRFR are continuously tracking the Impact of COVID-19 pandemic on various industries within the healthcare sector that include an impact analysis over medical devices, diagnostics, pharmaceuticals, healthcare IT, insurance, medical tourism, healthcare facilities, etc. These studies help you to understand the drop and rise, owing to the impact of COVID-19 on these industries. Also, we help you to identify the gap between the demand and supply of your interested market. Moreover, the report helps you with the analysis of rapid clinical trials, amended government regulations, and many other useful insights.