Impact of COVID-19 Outbreak on Healthcare Market
It was the very first time in the history of humankind that a health crisis led to shutting down the entire world economy, excruciatingly showing how inseparable the economy and healthcare have become. Across the globe, the healthcare systems were not built to address this crisis, a large-scale, unpredictable challenge that needs urgent mobilization of resources and affects the whole population. In several ways, the Covid pandemic completely opposed how the healthcare market has been taking over the past years, especially across developed nations.
At the time of examining the impact of the COVID-19 outbreak on healthcare market, the total number of positive cases crossed 1,350,357, the recovered population is 287,481, whereas the dead count resulted in being 74,866. It has been noticed that nations like Singapore, South Korea, and Taiwan restricted the spread of the COVID-19 pandemic. However, the well-developed countries such as Germany, France, Italy, the US, Spain, and the UK failed to stop the spread of COVID-19 even after having a strong and well-developed healthcare systems.
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This has led to a serious impact of COVID-19 on the healthcare market. The rapid growth in the number of cases across several regions worldwide has caused growth in demand for various medical devices or equipment, particularly ventilators. Various market leaders across the globe boosted the production of these medical devices to fulfill this growing demand worldwide. However, precautionary measures imposed such as partial or complete shutdown, lockdowns, and social distancing have succeeded in cutting down the number of new cases across the globe.
Impact of COVID-19 Outbreak on Healthcare Market Segment Analysis
The COVID-19 pandemic has had a severe impact on various healthcare market segments, such as medical devices/ equipment, diagnostics, pharmaceuticals, technology, healthcare IT, health insurance, medical tourism, and healthcare facilities.
Based on medical devices/ equipment, the market is divided into nurse call systems, personal protective equipment, hospital beds, medical ventilators, sanitation, masks, imaging devices, etc.
Based on diagnostics, the healthcare market is split into consumables, kits & reagents, and analyzers.
Based on pharmaceuticals, the healthcare market is bifurcated into drugs and vaccines.
The market is split into PCR, cleanroom technology, personalized medicines, and next-generation sequencing-based on technology.
Based on healthcare IT, the global healthcare market is divided into EHR/EMR, telehealth, EPharmacy, and MHealth.
The healthcare market is divided into ambulatory care settings, hospitals, diagnostics laboratories, and nursing homes based on healthcare facilities.
Impact of COVID-19 Outbreak on Healthcare Market Regional Analysis
The COVID-19 pandemic has had a major impact on the healthcare sectors of major regions such as North America, South America, Europe, Asia-Pacific, and the Middle East & Africa.
As per the MRFR analysis report, the North American regional healthcare sector faced the maximum impact of the COVID-19 pandemic. The region is further divided into Mexico, Canada, and the US. The US healthcare market had the maximum number of active cases among these nations in 2020.
The Asia-Pacific regional healthcare market was the second most affected region globally. Even though the first case was found in China, India had the greatest number of active cases across the region. At the pandemic’s start, the region faced a major shortage of PPE kits, proper medications, etc. Due to the multiple strong growths, markets such as China and India outdid others. However, the suppliers across Singapore and Thailand offered negative total shareholder returns, owing to their heavy dependence on international patients.
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Bayer, a German multinational pharmaceutical company, announced that it is setting up over 27 telemedicine centres across 12 districts across eight states in India over the next two years via Bayer Foundation India. With telehealthcare becoming a new trend in the recent COVID-19 pandemic times, the company has identified the states of Madhya Pradesh, Bihar, Maharashtra, Uttar Pradesh, Chhattisgarh, Gujarat, Karnataka, and Jharkhand to launch telemedicine facilities, which will offer healthcare via telehealth.
Bayer collaborated with multispecialty clinic Piramal Swasthya, the public health arm of the Piramal Foundation, and RxDx Healthcare, which are both skilled in running telemedicine in primary health centers located in some targeted districts.
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