Impact of Covid-19 on Respiratory Therapeutic Devices Market
COVID-19 is a respiratory disease caused due to coronavirus. Currently, the world is facing a pandemic due to this disease. The pandemic has posed a huge impact on the respiratory therapeutic devices market currently. This is because coronavirus affects the lung tissues, hence causing respiratory problems.
The Food and Drug Administration (FDA) recognized the need for respiratory therapeutic devices, such as medical ventilators and respirators, among others. The regulatory body issued Emergency Use Authorizations for respirators and Emergency Use Authorizations for systems that can decontaminate certain types of N95 respirators for reuse by healthcare personnel in healthcare settings. FDA also recognized that the need for respiratory therapeutic devices might outpace the supply available for healthcare facilities during the COVID-19 pandemic. Therefore, it collaborated with manufacturers of ventilators, ventilator accessories, and other respiratory therapeutic devices to achieve a better understanding regarding the supply chain issues related to the COVID-19 outbreak and to help in the mitigation of any widespread shortages of these devices.
The demand for respiratory therapeutic devices such as ventilators, disposable masks, reusable masks, respiratory drug delivery devices, airway clearance machines, and oxygen systems, among others has increased. Companies have expanded their manufacturing capacities to cater to the demand for these products. As of 5 May 2020, companies such as Koninklijke Philips N.V., Medtronic, Vortran, and ResMed have increased their production of vital respiratory devices. On 1 April 2020, Koninklijke Philips N.V. announced that it is adding manufacturing lines, increasing the number of shifts, hiring additional manufacturing employees, and shifting current employees to support the increasing demand for respiratory devices. Following is a table demonstrating the developments carried out top players in the respiratory therapeutic devices market:
Some companies have also started to launch new products to cater to these demands. For instance, on 13 May 2020, Griffyn Robotech, an artificial intelligence (AI) innovations company based in Pune, India announced that it has developed an AI specialized ventilation device named SHWAAS, to help the country fight against COVID-19 and cater to an estimated demand of 50,000 ventilators in the next two months. Moreover, on 21 April 2020, scientists at the University of Barcelona, Spain, announced that they have designed a prototype of a ventilator that can support the treatment for coronavirus and other severe respiratory diseases, especially in the low-income countries of the world. This is because the ventilator can be built at a low cost using off-the-shelf components. Furthermore, engineers and researchers are coming up with innovative solutions, such as a device named Ventil, which when attached to a ventilator, can allow for the ventilation of two patients at a time.
Governments of various countries are adopting measures to support the import and export of respiratory therapeutic devices. For instance, on 14 April 2020, governments of some Latin American countries, such as Brazil, Argentina, and Colombia, among others, scrapped import duties on some respiratory equipment coming from India as a temporary trade-relief measure to fight against COVID-19. These respiratory devices including gas masks, oxygen therapy devices, tracheostomy kits, laryngeal airway masks, and ventilators, among others. Governments are also creating alliances with manufacturers to handle the situation and the international regulatory agencies are also considering accelerated approval of certain respiratory devices. For instance, as of 5 April 2020, the UK government asked the automobile manufacturers such as Ford, Honda, and Rolls-Royce to temporarily shift a part of their assembly line focus from cars to the development of respiratory equipment. This agreement is currently undergoing a regulatory approval process. The following figure demonstrates the mobile ventilator production plan of Ford, in collaboration with GE Healthcare.
The pandemic has posed quite a negative impact on the market of respiratory therapeutic devices such as CPAP devices, as they are not used in the treatment of COVID-19 and hence are less in demand currently. Additionally, manufacturers of these devices are also focusing on the manufacturing of respiratory devices that can be used for the treatment of COVID-19. They are also facing a shortage of raw materials to manufacture products.
Source: Press Releases and MRFR Analysis
Source: Press Releases and MRFR Analysis