Impact of COVID-19 Outbreak on Healthcare Market Economic Impact, Dynamics and SWOT Till 2027
Market Highlights
According to MRFR analysis, the COVID-19 pandemic is expected to pose a huge impact on the overall healthcare industry.
Governments and various associations in conjunction with several market players are actively participating in facing the current crisis. The key players are involved in research and development activities, strategic collaborations & partnerships, and new product launches, to cater to the current needs of vaccines, drugs, diagnostics, and medical devices such as ventilators.The Impact of COVID-19 Outbreak on Healthcare Market has been divided, by region, into North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
The COVID-19 outbreak has severely impacted the entire supply chain in the healthcare industry from the procurement of raw materials to production and distribution. The need for medical ventilators at a global level has triggered the manufacturers to increase production by up to 40% to 50%. The manufacturers have also collaborated with automakers to meet the growing demand. For instance, as of 30 March 2020, GE Healthcare and Ford Motors entered into a strategic partnership. As per the agreement, Ford Motors will provide its manufacturing capabilities to quickly scale production, and GE Healthcare will provide its clinical expertise and will license the current ventilator design from Airon Corporation, a US-based privately held company specializing in high-tech pneumatic life support products.
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Regional Analysis
The US is expected to account for the largest number of COVID-19 cases followed by Spain, Italy, Germany, France, and China. The study includes the impact of COVID-19 in North America with the US, Canada, and Mexico, whereas South America is categorized into Brazil and the Rest of South America. The countries included in the European regional study include Germany, France, the UK, Italy, Spain, the Netherlands, Belgium, Switzerland, and the rest of Europe. The impact analysis also covers Asia-Pacific segmented into Japan, China, India, South Korea, Australia & New Zealand, and the rest of Asia-Pacific. The study in the Middle East & Africa has been divided into Saudi Arabia, Iran, Africa, and the Rest of MEA.
Segmentation
The Global Impact of COVID-19 has been covered for various healthcare sectors including medical devices/equipment, diagnostics, pharmaceuticals, technology, Healthcare IT, health insurance, medical tourism, and healthcare facilities.
The medical devices/equipment has been divided into medical ventilators, imaging devices, hospital beds, masks, personal protective equipment, sanitation, and nurse call systems. Medical ventilators are a key industry that has faced a rapid boom. The widespread use of ventilators during this COVID-19 outbreak has substantially raised the production bar of prominent players across the globe. Currently, there are about 170,000 ventilators in the US and another 12,700 in the National Strategic Supply, a cache of medical supplies maintained by the federal government to respond to national emergencies. Moreover, the prominent players are also keen on increasing their production capacities. This move has been worked out by many players, including Vyaire Medical, Hamilton Medical, and Medtronic, to sufficiently aid the medical facilities and hospital settings. The market for ventilators is expected to grow at a rate of more than 35% in the coming months as more players are manufacturing these products. In addition, the market in 2019 might not see the dominance of specific players. Furthermore, ease of regulation might increase the number of new entrants in the market.
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The COVID-19 infection has increased the usage of masks exponentially. To meet the increasing demand for masks, many companies such as Reliance Industries Ltd. (India) have started the production of face masks in India. In early March 2020, the World Health Organization (WHO) has called to increase the production of masks by 40% to meet about 89 million mask demand per month from medical workers working in the frontline. Before the outbreak, China has manufactured more than half of the world’s masks. The corona outbreak has resulted in an increase in the production of masks to 100 million units in China and the production of N-95 masks has reached 1.6 million units. The manufacture of masks has increased by 12-fold in the country.
The diagnostics sector is further categorized into analyzers, kits & reagents, and consumables. The demand for diagnostics test kits has spiked since the past few months. Several companies have increased their production to meet the global demand. The companies are also launching new cost-effective rapid tests with low turn-around time. In April, Bione, an Indian company, launched a new screening test kit for at-home use. The product is approved by the Indian Council of Medical Research (ICMR) and displays the results in 5 to 10 minutes. The cost of these test kits is between USD 25 to USD 30. The company claims to supply 20,000 kits per week. Furthermore, in February, PCL, a South Korean IVD company has launched a testing kit, named COVID-19 Ag GICA Rapid, to detect COVID-19 with a turn-around time of 10 minutes. The test kit uses nasal discharge as a sample with an accuracy rate of around 85 percent.
The pharmaceutical is further segmented into vaccines and drugs. Several pharma companies are striving hard to advance potential therapeutics or vaccines towards the current situation. Currently, there are two candidate vaccines under Phase 1 clinical trial being developed by CanSino Biological Inc. with the Beijing Institute of Biotechnology and Moderna/NIAID. Also, there are around 42 candidate vaccines in the pre-clinical stage being developed by companies such as Inovio Pharmaceuticals, Takis/Applied DNA Sciences/Evvivax, Zydus Cadila, Sinovac, Codagenix/Serum Institute of India, and Sanofi Pasteur among others. The approval of any new pharmaceutical products to fight the coronavirus pandemic would be credit positive for the pharma companies involved. But the revenue opportunities for these products are difficult to estimate due to the uncertainty surrounding the severity and the duration of the pandemic, as well as other variables. These include the probability of success, the ability to scale up manufacturing, the level of competition, and product pricing, which would likely vary by region.
THE Healthcare IT sector is categorized into telehealth, mHealth, ePharmacy, and EHR/EMR. Telehealth is playing a crucial role in relieving the burden of COVID-19 on hospitals. For instance, the FCC has developed and approved a USD 200 million programs to fund telehealth services and devices for medical providers. The support provided through the COVID-19 Telehealth Program will help eligible health care providers purchase telecommunications services, information services, and devices necessary to provide critical connected care services, whether for treatment of coronavirus or other health conditions during the coronavirus pandemic. In addition to this, several startup companies are taking this opportunity to launch a new product in telehealth. For instance, Pager, a New York-based digital health startup has announced that it has developed an additional AI (artificial intelligence) feature specific to COVID-19 triage and risk assessment to its care navigation and telemedicine platform. This product is offered white-labeled to health system providers and health insurance payers. Telehealth not only caters to the need of target patients but also helps to mitigate the imbalances and shortages of healthcare professionals. Thus, new product launches, favorable government initiatives, and awareness among the population are expected to boost the application of telehealth during the COVID-19 crises.
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