Impact of COVID-19 on Advanced Anesthesia Monitoring Devices in Healthcare Industry
The first case of the COVID-19 pandemic was found in Wuhan, China. This 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 the healthcare sector worldwide.
The overall fall in the demand for advanced anesthesia monitoring devices was observed during the COVID-19 pandemic due to a decrease in the number of surgeries. The effect on the healthcare industry has also been dramatically impacted and a huge pressure is being created on healthcare services that are already stressed across the globe. Emerging technological advancements has further escalated the demand for advanced anesthesia monitoring devices in the market.
Many European countries along with the U.S. and the Asia Pacific have been struck massively by the pandemic. The virus has spread across all regions ranging from the Middle East and Africa, Europe, Asia-Pacific, North America, up to South America. The COVID-19 has been declared as a pandemic by WHO due to its increased spread across the globe. Following the pandemic’s declaration, numerous countries have declared the full lockdown, including the U.S., Germany, India, and China to limit its spread.
IMPACT ON DEMAND
Coronavirus disease (COVID-19) is an infectious disease caused by a SARS-CoV-2 virus while a large pool of the population is affected by this COVID-19 virus. Coronavirus disease (COVID-19) causes acute respiratory illness ranges from mild to severe pneumonia with respiratory failure. To minimize the spread of COVID-19, nearly all the countries have taken initiative action by the virtue of locked down and social distancing restriction. Owing to such affirmative factors, demand for advanced anesthesia monitoring devices has been minimized.
But due to lockdown and social distancing restrictions, the majority of the patient pool are preferring virtual vising through video calling or telehealth video visiting.
· According to the report published by the British Journal of Surgery, in May 2020, an estimated 585,000 elective surgeries were postponed in the 12-week lockdown in India alone, and 28.4 million elective surgeries worldwide are expected to be cancelled or postponed.
Thus, the cessation of surgical procedures is the major factor that is likely to hamper the usage of advanced anesthesia monitoring devices.
IMPACT ON PRICE
The coronavirus disease (COVID-19) pandemic has had an enormous impact on the global advanced anesthesia monitoring devices market. The demand for advanced anesthesia monitoring devices services across the globe is anticipated to decrease due to the patient pool which cancelled their scheduled and elective surgeries.
If the COVID-19 continues to spread for prolong period, then it is estimated that the demand for advanced anesthesia monitoring devices services will downgrade by developed as well as developing countries. Moreover, top advanced anesthesia monitoring devices importer countries such as United States, Europe is primarily concentrating to deal with Coronavirus (COVID-19); owing to this reason demand for these advanced anesthesia monitoring devices has decreased from the United States followed by Italy.
If the lockdown continues to stretch for long period then a huge reduction may take place in several surgeries, which may lead to a decrease in the price of advanced anesthesia monitoring devices. Resulting it is predicted that COVID-19 has an adverse impact on the price of advanced anesthesia monitoring devices.
IMPACT ON SUPPLY CHAIN
The COVID-19 pandemic has transformed many organizations’ business environments; supply availability has been hampered by several issues, including export and travel restrictions by some producing countries, and lockdowns that have forced suppliers to (temporarily) shut down.
To minimize supply chain crises, healthcare organizations have been firmly monitoring the supply chain with the assumption that the COVID-19 outbreak may adversely impact the supply chain of medical devices, including shortages of advanced anesthesia monitoring devices or potential disruptions in its supply chains.
To manage such a crucial situation many organizations are looking forward to improving and diversify supply chain models in all aspects. A diversified supply chain model is anticipated to minimize the export of medical devices as well as increase end-to-end visibility. The resulting COVID-19 pandemic has shown the various ways for supply chain management which may be effective within a remote working environment.
STRATEGIC DECISIONS OF GOVERNMENT AND MANUFACTURERS
A large pool of the population affected by this COVID-19 virus and spread is expanding across the world for the last few months. To deal with the COVID-19 outbreak challenges, many advanced anesthesia monitoring devices market players are creating new strategies. To tackle the pandemic situation and increase the company revenue and growth, the company now opting for digital media such as telecommunication, mobile applications, webinars, and other digital media to support the patient requirement. Moreover, to accomplish the market demand, small market players utilizing the partnership agreement strategy. It is predicted that these strategies are anticipated to escalate up the company revenue and its growth in the forecasted period.
It can be concluded that the COVID 19 pandemic situation has an enormous impact on the global advanced anesthesia monitoring devices market due to a decrease in the number of surgeries.
However, companies as well as government bodies exclusively concentrating on how they can make the most effective and best contribution to control the spread of the virus and save lives. They also ramping up the production of essential medication to a new level and ensure that speed does not affect or destroy the quality of products.