Impact of COVID-19 on Active Medical Implantable Devices in Healthcare Industry
Coronavirus disease (COVID-19) has expeditiously spread across the globe with large number of cases having reported worldwide. The COVID-19 pandemic is not only creating health crisis but also it is unfavorably affecting healthcare, economies and pharmaceutical sector as well as at their core.
The COVID-19 pandemic has made an unpredictable effect on daily lives as well as the global economy system. The impact on the healthcare sector has been drastic and a significant burden is created on healthcare systems across the world. Growing research on COVID-19 shows that the coronavirus pandemic has increased psychological distress both in the general population and among high-risk groups.
While all industries, occupations and services have been dented by the virus, active implantable medical device industry is no exception. Decreased numbers of surgeries due to lockdown rules and regulations have been restricted as they are non-essential in comparison with the emergent services required by people affected with COVID-19.
Implications of COVID-19 have considerable influence on the active implantable medical devices market. Various other factors which have indirect influence which led to decline in medical implantable surgery procedures include flight cancellations; supply chain disruption, travel bans, and mass quarantine along with growing panic among the population and uncertainty about future impacted the market.
IMPACT ON DEMAND
Due to affirmative restrictions, sudden shrink taken place in various surgeries. Reduction in implantable surgeries across the globe is adversely affecting the demand of active implantable medical devices. Due to lock down and social distancing norms, majority of patient pool prefer virtual vising through video calling or telehealth video visiting
There will be opportunities in the coming time for manufacturers of digital health technologies to position themselves for the COVID-19 recovery. When COVID-19 responses ease, there will be an excess of elective surgery procedures in emergency clinics. The pre-appointment programs can help smooth out the planning, arrangement, and conveyance of the surgeons and the doctors to meet the demands of patients.
· The telehealth tools permit surgeons to plan surgeries very easily. The surgeons realize that cloud-based pre-operation arrangements assist with all the required procedures for the surgeries. The need for remote execution could accelerate the integration of pre-operational planning with surgical guidance and robotics along with the appearance of “virtual” attendees in the operating theatre.
IMPACT ON PRICE
Due to the pandemic, there is delay associated with various types of limitations faced by the manufacturers to fulfil the end product order, which has resulted in the less availability of implantable surgery devices in the market and due to which the cost of available devices has increased with the several factors. Also, due to the Coronavirus disease (COVID-19) pandemic outbreak, manufacturers are forced to find new contract and suppliers for more manufacturing activities to different or new facilities location that are less impacted by outbreak. If the COVID-19 continues to spread for prolong period of time, then it is estimated that demand of implantable medical devices will downgrade by top importer countries.
IMPACT ON SUPPLY
The COVID-19 pandemic has transformed many organizations’ business environment; supply availability has been hampered by a number of 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 has been firmly monitoring the supply chain with the assumption that the COVID-19 outbreak may adversely impact on supply chain of medical devices, including shortages of implantable medical devices or potential disruptions in it supply chains.
To manage such crucial situation many organizations are looking forward to improve and diversify supply chain model in all aspects. Diversified supply chain model anticipated to minimize the export of medical devices as well as increase end-to-end visibility. 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
To tackle the pandemic situation and increase the company revenue and growth, company now opting digital media such as telecommunication, mobile applications, webinars and other digital media to support the patient requirement, product launches, participation in conferences. Moreover, to accomplish the market demand, small market players are 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.
· In August 2020, Medtronic announced the acquisition of Companion Medical, a private company manufacturer of InPen. This will expand the company’s ability to better serve people with diabetes.
· In January 2021, Boston Scientific announced that it has received FDA approval for Vercise Deep Brain Stimulation System. The portfolio consists of implantable pulse generator designed to provide optimal symptom relief. This will help the company to expand its business in coming years.
· In December 2020, BIOTRONIK announces that FDA have approved the availability of the Vital Data Sensor, which identifies body temperature increases potentially associated with fever, in the new BIOMONITOR IIIm injectable cardiac monitor (ICM). This enables company to increase their supply chain with new products in US.
The market is expected to decline due to increased restrictions imposed by various governments leading to closing of non-emergent healthcare facilities. The mass quarantined imposed by the government put stop to the transportation, international travels among others which reduce the chances of such surgery. The market player has experienced decreasing levels of customer demand for its products beginning in the second half of its first quarter of 2020.
It can be concluded that the COVID-19 pandemic situation have adverse impact on the market affecting the price, supply and demand of the active implantable medical devices market. However, in the crisis call, market players, government bodies and healthcare organization are work closely with healthcare professionals, customers, and patients for betterment of public health.
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.