Impact of COVID-19 on Alcohol Septal Ablation Market in Healthcare Industry
The COVID-19 pandemic has influenced the whole planet with its major impacts on the economy and businesses across the globe. The COVID-19 spread worldwide in unprecedented ways due to its high infectious and contagious nature and lack of availability of its vaccine. As a result, the greatest medical challenge in the 21st century is yet to be faced by physicians worldwide. Though the emergence of the virus can be traced back to Asia, many European countries along with the U.S. have been struck massively by the pandemic. The virus has spread across all regions ranging from North America, Europe, Asia-Pacific, Middle East, and Africa up to South America. The COVID-19 has been declared as a pandemic by World Health Organization (WHO) due to its increased spread across the globe. After the declaration of the pandemic, various countries announced the complete lockdown such as India, China, and other Asian countries to decrease its spread. According to the latest situation report by World Health Organization (WHO) stated 175 million cases of Corona have been reported globally and 4 million patients are dead due to the coronavirus. On a slightly positive note, a total of 158 million people have recovered and a total of 2 million vaccine doses have been administered as well.
The outbreak of COVID-19 has had a huge impact on the healthcare and pharmaceutical industries among others along with a major impact on the alcohol septal ablation market. Alcohol septal ablation is a non-surgical procedure which requires the patient to be present physically for the procedure to take place. The decreasing number of non-surgical procedures during the pandemic which includes alcohol septal ablation as well will negatively affect the growth of the market.
IMPACT ON DEMAND
Coronavirus disease (COVID-19) is an infectious disease caused by a SARS-CoV-2 virus, currently, a large pool of the population is affected by this COVID-19 virus. Coronavirus disease (COVID-19) causes acute respiratory illness which ranges from mild to severe pneumonia with respiratory failure and sometimes it is also associated with cardiac complications. To reduce the spread of COVID-19, nearly all the countries have taken initiative action by the virtue of locked down and social distancing restriction. Due to affirmative restrictions, sudden shrink took place in various surgical and non-surgical procedures which required the physical presence of the patients. Reduction in the non-surgical procedures across the world which includes alcohol septal ablation adversely affected the demand for alcohol septal ablation procedures.
Due to lock down and social distancing restrictions, the majority of the patients are preferring virtual vising through video calling or telehealth video visiting. Telehealth video visits are demanding alternative treatment such as medication for the treatment of certain diseases which includes hypertrophic cardiomyopathy.
· According to Centres for Disease Control and Prevention (CDC) in 2019, 43 percent of the health centres were capable of providing telehealth services while in 2020 during the COVID-19 pandemic it was reported that 95 percent of the health centres were providing telehealth services
· The Outbreak of COVID-19 has created a backlog in the number of elective surgeries taking place around the world.
Consequently, the growth of the alcohol septal ablation market is anticipated to downgrade as this procedure needs the patient to be physically present.
IMPACT ON SUPPLY CHAIN
COVID-19 has led to a disruption in the supply chain of medical devices and equipment which are essential for carrying out alcohol septal ablation procedures as well as to diagnose hypertrophic cardiomyopathy. In different countries diagnoses of other diseases have slowed down due to increased pressure to diagnose COVID-19. This led to a significant delay in the diagnosis of hypertrophic cardiomyopathy which ultimately resulted in a reduction in the number of alcohol septal ablation procedures.
To manage an adverse situation many organizations have looked forward to improving and diversifying the supply chain model in all aspects. A diversified supply chain model anticipated minimizing the export of medical devices and equipment as well as increase end-to-end visibility. The COVID-19 pandemic has shown various ways for supply chain management which may remain effective within a remote working environment.
The COVID-19 pandemic has truly transformed some organizations’ business environment; the supply chain of the organizations has been hampered by several issues, including export and travel restrictions by some countries, and lockdowns that have forced suppliers to temporarily shut down in the majority of the cases.
To minimize supply chain crisis, healthcare organizations have been firmly monitoring the supply chain with the assumption that the COVID-19 outbreak may adversely impact the supply chain of a medical device or equipment, including shortages of catheters that are required for alcohol septal ablation or potential disruptions in its supply chains.
STRATEGIC DECISIONS FOR MANUFACTURERS
COVID-19 can hamper the production and supply chain of catheters used in the alcohol septal ablation procedure but it also provides the companies to improve their business by different means.
· Abbott, a leading manufacturer of ablation catheters has invested thousands of millions of U.S. dollars in high-tech manufacturing, leveraging and fortifying their strong supply chain as soon as the pandemic began
· Teleflex Incorporated., a major manufacturer of catheters has implemented remote and flexible working arrangements which leverage their teleconference and digital meeting capabilities to continue supporting their customers and healthcare professionals
This signifies that despite this COVID-19 situation, different strategic decisions made by these companies would make their business grow.
COVID-19 had a terrible impact on the global economy. Many establishments had to remain shut while others scaled down their operations or put on hold expansion plans as they tried to survive this unprecedented crisis. The other impact of the COVID-19 pandemic outbreak is the delay in primary surgical and non-surgical procedures for the treatment of certain diseases. Patients prefer alternative treatment procedures that have no requirement for physically appearing in hospitals or clinics. Consequently, the demand for devices used in alcohol septal ablation has decreased, due to minimization in various non-surgical procedures.
Diagnosis of heart diseases decreased drastically during the COVID-19 pandemic which consequently led to increased deaths due to heart disease.
If the lockdown continues to stretch for a long period, then a huge drop is expected in non-surgical procedures that take place around the world including alcohol septal ablation. Consequently, demand for the devices used in the procedure is anticipated to be minimized, which may lead to a decrease in the price of the overall alcohol septal ablation procedure. Thus, it is predicted that COVID-19 negatively affects the price of the alcohol septal ablation market.
If the COVID-19 keeps on spreading similarly, then it is estimated that the demand for medical devices like catheters which are used in the alcohol septal ablation process will downgrade by top importer countries. As the top importer countries who are responsible for importing essential medical devices are currently busy dealing with the pandemic it can be said that demand for devices used in alcohol septal ablation has decreased.
Pandemic has taken a toll on every aspect of life, including the global economy. With the significant downfalls in many sectors, a collaborative effort of government, industry players, and consumers can win the fight against COVID-19.
COVID-19 pandemic is expected to leave a long-lasting impact on the healthcare sector. The outbreak of the virus forced the general citizens to deal with the virus and its management. This virus has not only crippled the general healthcare sector but has also greatly affected the economic sector. The forced lockdowns imposed by various countries would leave a long-lasting impact on their economy.
It still continues to inflict the world with appalling economic and social dilemmas, capable enough to leave severe backlash on the economy for the next several years. The first wave had already inflicted severe blows to the population as well as the economy. The currently experiencing second wave is expected to be more disastrous not only to the masses but also to healthcare markets.
Though it is estimated that the pandemic will negatively affect the growth of the global alcohol septal ablation market, the strategic decisions made by different companies, governments, and other organizations will help out in handling this crisis eventually.