ID: MRFR/MED/2336-CR | July 2019 | Region: Global | 115 pages
Impact of Covid-19 Outbreak on Tracheostomy Products Market.
Several product and service industries have come to a pause due to the COVID-19 pandemic. One such industry that has faced the wrath of COVID-19 is the medical device industry. The pandemic has caused disruptions not only in the production of medical devices but has also caused disruptions in supply chains.
COVID-19, also known as novel coronavirus, has affected millions of people and is continuing to spread across the 215 countries or territories or areas. It has not only affected humanity but also has caused economic devastation around the world. This pandemic is likely to have caused devastating effects on the global economy and is certainly more intense than that was handled during the 2008-2009 global financial crisis.
As of 30th April 2020, the total coronavirus cases topped 3.3 million as more than 86,037 more people contracted the infection in a single day. The death toll worldwide as of April 30 stands at 233,830 and the number of recoveries at 1,039,061. Nearly 80% of the positive cases are from the US and countries in Europe. The US accounts for more than 33%, while Europe is the most affected continent.
Considering this pandemic situation, the US FDA changed its regulatory process and introduced the Emergency Use Authorization (EUA) for medical devices, such as personal protective equipment (PPE), in-vitro diagnostic (IVD) tests, ventilators, and respirators, which are used for treating COVID-19 patients. The Emergency Use Authorization (EUA) can speed up the premarket approvals process and helps manufacturers to launch its medical device in the market quickly.
The changing process of premarket approvals is expected to boost the growth of the emergency used medical device market. This EUA regulatory policy helps many companies to expand the availability of respiratory products and accessories during the COVID-19 pandemic situation. Recently, in January 2020, Smiths Medical (US) launched Portex tracheostomy tubes and kits. This launch helped healthcare professionals provide the best patient care in the emergency care department. According to MRFR analysis, the demand for tracheostomy products is expected to increase in July 2020.
The pandemic situation is now exposed to high risks in supply shortages over the next two to three months across the globe. This was caused by the quarantine policies adopted by different countries. Supplies were further impacted by the disruption of logistic and transportation systems, restricting access and movement of products to and from ports.