iCrowdNewswire Dec 31, 2020 8:44 AM ET
Covid-19 Outbreak On Healthcare Market Overview
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.
Many gaps in our understanding of health, wellness, and prevention have been brought to the fore by the COVID-19 pandemic. It has the potential to disrupt traditional prevention and care standards. Although world organisations thought they had conquered infectious diseases and started to concentrate on non-communicable diseases, the outbreak of COVID-19 reminds us to be constantly vigilant in the future in identifying and preventing any communicable diseases, thus opening up previously unknown opportunities for businesses to grow. For both incumbents and established market participants, this disruption has created multiple opportunities along the healthcare value chain.
However, precautionary measures such as strict social distancing and lockdowns adopted by many countries including India, Italy, Germany, France, Spain and the US have led to a decrease in the number of COVID-19 cases. China, though, has a low incidence of new patients with COVID 19 and is in a position to revive its economy.
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The market for medical ventilators around the globe is also producing consistently the positive cases. Approximately 5% of the overall positive COVID-19 cases have been found to be extreme, requiring ventilators for smooth breathing. This is leading to a growing demand around the world for medical ventilators. Many firms are repurposing their manufacturing lines to enter the battle against COVID-19, it has been reported. There are also numerous industrialists and luxurious hotels joining the hygiene masks and quarantine centre rooms, respectively. Many new start-ups are also adding to the battle against COVID-19 with the launch of applications that help track cases of COVID-19.
Covid-19 Outbreak On Healthcare Market Regional Overview
Countries such as South Korea, Taiwan and Singapore have been noted to have monitored the dissemination of COVID-19 before it could hit the level of the population. On the other hand, even after having a robust healthcare infrastructure, well-developed economies such as the US, Italy, the UK, Spain, France and Germany are unable to control COVID-19. This resulted in a very high healthcare market impact of the COVID-19 outbreak.
The spread of medical protectionism has been one of the biggest problems for healthcare supply chains so far in addition to an increase in demand and a shortage of medical supply capacity. And although barriers are eliminated, there are still issues with sourcing. The shutdown of Malaysia may result in a shortage of global rubber supplies from companies such as Top Glove. The G20 heads-of-state meeting, however, committed to “minimising trade and global supply chain disruptions” due to the outbreak of the coronavirus. The determination to ensure that medical supplies and important agricultural products are distributed “where they are most needed” is encouraging.
The priorities for most manufacturing companies during this critical situation are to protect their workforce along with the running operation. To achieve this goal, employees are required to protect themselves by wearing masks and properly disinfecting themselves. In countries such as China, which is now ready to reopen its manufacturing unit, the government allows only those companies to reopen its production unit.
Covid-19 Outbreak On Healthcare Market Competitive Landscape
Most companies started their production units in order to satisfy the demand for such products so that their employees could run their production unit smoothly. These businesses are rapidly developing production capacities for masks that have exceeded their requirements and are beginning to provide free assistance to frontline workers in the medical sector and others in their daily battle against COVID-19.
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Repurposing, however not only helps companies retain their employees and promote the common good, it also enables them to keep production lines up in times of poor demand, raising their modest sales and positively affecting their image.
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