Implications of COVID-19 on Medical Devices Industry
Globally, the exponential rise in the number of COVID-19 cases has significantly increased the pressure on the healthcare ecosystem, specifically on the healthcare providers. Despite, the pro-active actions incorporated by the governments across the globe, to curb the pandemic, the spread of COVID-19 is yet to be contained considerably. With no left options, governments worldwide are forced to recommend the healthcare community to postpone elective surgeries. Hence, the ongoing COVID-19 pandemic is expected to slash annual procedural volumes significantly and result in immense pressure on waiting list backlogs, all over the world. Moreover, the healthcare systems are staggered and the effectual supply of medical care to all patients has become a challenge worldwide. COVID-19 has thrown the medical device industry with supply chain disruption. The supply chain dependencies and export curbs due to the widespread global outbreak of the pandemic are the major reason behind the severe shortage.The countries in Asia-Pacific such as China are among the highly favored sourcing destinations for enterprises in the medical device market. However, the eventual shutdown of these manufacturing facilities to contain the impact of COVID-19 in China is resulting in a severe supply shortage for enterprises in the medical device market. A key feature of the current global inadequacy to respond to COVID-19 is the severely limited capacity to provide mechanical ventilation to critically ill patients. The COVID-19 pandemic has led to a shortage of ventilators globally.
Globally, the exponential rise in the number of COVID-19 cases has significantly increased the pressure on the healthcare ecosystem, specifically on the healthcare providers. Despite, the pro-active actions incorporated by the governments across the globe, to curb the pandemic, the spread of COVID-19 is yet to be contained considerably. With no left options, governments worldwide are forced to recommend the healthcare community to postpone elective surgeries. Hence, the ongoing COVID-19 pandemic is expected to slash annual procedural volumes significantly and result in immense pressure on waiting list backlogs, all over the world. Moreover, the healthcare systems are staggered and the effectual supply of medical care to all patients has become a challenge worldwide. COVID-19 has thrown the medical device industry with supply chain disruption. The supply chain dependencies and export curbs due to the widespread global outbreak of the pandemic are the major reason behind the severe shortage.The countries in Asia-Pacific such as China are among the highly favored sourcing destinations for enterprises in the medical device market. However, the eventual shutdown of these manufacturing facilities to contain the impact of COVID-19 in China is resulting in a severe supply shortage for enterprises in the medical device market. A key feature of the current global inadequacy to respond to COVID-19 is the severely limited capacity to provide mechanical ventilation to critically ill patients. The COVID-19 pandemic has led to a shortage of ventilators globally.