Saloni Walimbe, content writer at Global Market Insights, discusses the impact of Covid-19 on the demand for medical products, as well as the necessity for home healthcare solutions during the pandemic.
The ongoing Covid-19 crisis has prompted the shutdown of many aspects of civilised life, ever since it was declared a pandemic by the World Health Organisation (WHO) in March 2020. Various drastic measures have been put into effect to mitigate the spread and contain the virus, ranging from social distancing protocols, to improved hygiene directives, to complete lockdowns in numerous locations.
The impact of the virus is being felt on a global scale, with experts holding the belief that a vast majority of the population is at risk for potential infection in the times ahead. This rising prevalence of the Covid-19 disease, which is caused by the SARS-CoV-2 virus, has created a significant upsurge in demand for efficient and robust diagnostics, reagents, medicines and vaccines.
The global medical products market, especially, is observing a massive surge in interest from various facets of the healthcare industry, who are working tirelessly towards bolstering their response to the pandemic.
What are medical products?
Medical products refer to a vast array of systems and devices that are used predominantly in the assistance and treatment of patients. These supplies help enhance patient’s comfort and mobility, improve their body position, and even aid in pain reduction and other issues.
There are many types of medical products available for healthcare applications, including, wheelchairs, walkers, orthopaedics, medical beds and bathroom assistive products.
In essence, healthcare products are those supplies that give patients stability, help avoid accidents or balance loss, and support them in carrying out their regular routines more easily.
Rising prevalence of home healthcare applications and the impact on medical products demand
With the coronavirus crisis expanding globally, the burden on overwhelmed healthcare systems has witnessed a tremendous surge. In fact, the US federal government has declared a state of emergency in the nation, necessitating prolific changes to care delivery and medical processes.
As more and more nations evaluate new policies to try and ease the burden on their healthcare industries, one of the most prominent steps that has emerged as a solution is the inclusion of hospital-at-home services into primary care initiatives.
Home healthcare is being considered a viable option for several reasons in the present scenario, such as high comfort and safety levels, minimal mobility issues, and efficient care at home. Additionally, emerging hospital-at-home programmes, designed to facilitate hospital-level health management and assessment in the home, offer great feasibility, resource savings, and help mitigate the risk of Covid-19 transmission in-hospital.
A notable example of such a programme is the Medically Home programme, offered in Boston, Massachusetts, which delivers hospital-level medical care in the home. The programme is available for patients suffering from myriad ailments, from pneumonia to heart failure to Chronic Obstructive Pulmonary Disease (COPD). Once a patient qualifies for the programme, clinicians can arrange for the various key tools required for efficient home healthcare, including nursing, home medical products, oxygen therapy solutions, or even home radiology tools.
One of the most crucial aspects of good home healthcare is medical products. Home health supplies, tools, equipment, and devices assert a significant influence on patient care. Many companies and medical products industry participants have taken this into consideration and devised various solutions for healthcare products to be used for home care.
For example, med-tech company Stryker has recently developed a novel low-cost emergency response bed, called the Emergency Relief Bed. The medical product is designed to enable healthcare workers to offer quick and efficient patient care. The bed possesses many beneficial properties including adjustable backrests for patients suffering from respiratory distress, attached intravenous pole, and low height for easy accessibility. The innovative product can be considered an efficient home medical product solution to address the needs of rising numbers of Covid-19 patients.
Initiatives undertaken to accommodate the rising demand for efficient medical supplies
As the burden on the healthcare industry continues to intensify, the gap between demand-supply of medical products is witnessing a substantial rise as well. In order to address and mitigate these shortages, several initiatives are underway, from industry players and regulatory authorities alike.
For instance, a new report has been published by the WTO Secretariat to address ongoing supply shortages stemming from the pandemic, as well as the treatment of medical products in Regional Trade Agreements (RTAs).
Meanwhile, Royal Philips has made efforts to increase the production of critical healthcare products and other solutions to identify and meet treatment needs for coronavirus patients. This move is a part of the firm’s broader strategy to expand ventilator production to nearly double over the upcoming eight weeks and register a four-fold production increase by the latter half of 2020.
The Indian public procurement portal, Government e-Marketplace (GeM) has also made a similar move, by adding approximately 146 products to its portfolio of medical supplies. Product categories include disposable thermometers, Covid-19 sample collection kits and ICU beds. This strategy is aimed at lending support to the government in its efforts to combat the Covid-19 pandemic.