Impact of COVID-19 on the Global Urology Device Market
The rise of COVID-19 cases around the globe has inundated many healthcare facilities with critically ill patients, and medical equipment such as dialysis equipment, endoscopes, lithotripsy devices, and others. COVID-19 causes acute respiratory distress in patients leading to acute kidney injury. When the patient’s body is not able to remove excess waste and fluids from the body, then it may result in multi-organ failure and kidney failure. Thus, the urology device market has a positive impact on COVID-19, due to the usage of dialysis equipment in the treatment of patients.
In addition, many countries are facing a shortage of dialysis equipment such as the US, Georgia, England, and others. Hence, there is a demand and supply gap in the urology device market. Also, top companies like Baxter, Fresenius Medical Care AG & Co. KGaA, B. Braun Melsungen AG, and others have expedited their manufacturing capacity, to meet the requirement of COVID-19 pandemic.
According to standard healthcare protocol, the dialysis equipment is used to cleanse the blood having excess sodium & other waste, and transfer it back to the patient’s body. The influx of COVID-19 patients and shortage of dialysis equipment, resulting in the accommodation of patients on the availability of machine/equipment. According to the Intensive Care National Audit and Research Centre, about 29% of the ventilated COVID-19 patients require dialysis.
The key players in the Urology Device Market are developing and enhancing products to survive the COVID-19 crisis. For instance, in May 2020, CHF Solutions announced product enhancement of Aquadex Ultrafiltration, a device that would help to stabilize patients’ situation when the dialysis equipment is unavailable. The system was initially used for cardiology patients to remove extra fluids during cardiac procedures. Due to the COVID-19 crisis, the use of Aquadex Ultrafiltration shifted towards COVID-19 treatment, due to the growing need for fluid management in COVID-19 patient.
The short term rise in demand for urology devices is favorable for top key players of the market such as Baxter, Fresenius Medical Care AG & Co. KGaA, B. Braun Melsungen AG, and others. These companies have expedited their manufacturing capacity, to meet the requirement of COVID-19 pandemic. Where in the new small players in the market have a negative impact on this, they are facing hindrance in receiving new business agreements owing to low goodwill compared to other prominent players in the market. These new small player’s distribution reach is also limited. Moreover, the key player of the market has long term tie-ups with government institutes and hospitals. At this time of the epidemic, the consumers stick to long term agreement plans, rather than switching of suppliers. These agreements diminish the opportunities, leading toward the closing down of small players in the market.