COVID-19 Impact on Pharmaceutical Packaging in Chemicals and Materials Industry

COVID-19 Impact on Nursing and Residential Care in Healthcare Industry

  • Healthcare
  • Feb 19, 2021

COVID-19 Impact on Nursing and Residential Care in Healthcare Industry

COVID-19 is a type of a communicable disease that created ripples throughout the world in early 2020 taking the lives of millions around the globe and infecting more. The disease is caused by a virus SARS CoV-2 is highly infectious and passes on through human interaction. It has been said to cause the respiratory tract infection, causing damage to upper and lower respiratory tract.

The spread of the disease brought the world to a halt affecting the medical services market in almost every part of the world. The market was impacted by the widespread of the disease. There were numerous unprecedented changes seen in the market and impacted the economy hugely.

The market refers to autonomous and collaborative care by trained nurses for individual of all ages, communities and families. These personnel are competent practitioner who encourages wellbeing while helping people in managing their diseases, examine patients, and provide therapies and prescriptions.

The increasing prevalence of geriatric population, surging volume of patients suffering from physical disabilities are acting as drivers for the market.

IMPACT ON PRICE

There has been a whirlwind past months due to emergence of COVID-19. The medical service provider firms are facing financial challenges as the disease brought whole world to a full stop. The sales of few medical services experienced a downfall while others managed to stay afloat.

  • According to Genesis Healthcare third quarter 2020 result estimates that COVID-19 pandemic reduced earnings nearly USD 60 million and continues to have a significant adverse impact on the company's revenues.

IMPACT ON DEMAND

The Coronavirus pandemic left a huge impact on the market. The emergence of COVID-19 set some significant operational changes in how the services should be supplied. With the increase in the incidence of COVID-19 itself and existing infectious diseases, the demand for nursing and residential care increased at a faster rate. Due to higher demand, the availability of these healthcare services is greatly affected.

Due to rising cases of COVID-19 patients and growing geriatric population which are more susceptible to infection, it was advisable to prefer residential care thus increased the demand of the market to a great extent. The surging volume of patients suffering from physical disabilities, increasing sedentary lifestyle, growing geriatric population has further increased the demand for the market.

IMPACT ON SUPPLY

As the world came to a halt for almost six months due to the emergence of COVID-19, the supply chain could not escape the impact. The governments throughout the globe imposed a total lockdown to contain the spread of the disease. Consequently, the supply chain and third-party logistics came to a standstill due to the closure of borders.

Even though the demand for residential care services was high, the availability was affected due to disruptions in the supply chain, trade, and travel restrictions. Supply of raw materials was also affected, due to which the devices' production was restricted. Bottlenecks in the supply were foreseen due to limited production. Still some companies managed to overcome the challenges and saw high growth.

KEY INITIATIVES BY MARKET PLAYER DURING COVID-19

As the reality of COVID-19 dawned upon the world, the key players in the market swiftly planned for strategies to cope with the effect of the crisis. Major players in the market took the various initiatives to cope up with the situation.

  • In July 2020, Genesis Healthcare announced that it has received Post-Acute Care Heart Failure Center Certification to eight Genesis Healthcare skilled nursing facilities in its effort to reduce avoidable hospital readmissions and to improve the patient care quality. The certification is first of its kind to recognize skilled nursing facilities to reduce hospital readmissions for heart failure patient. This certification will make the company’s position unique in the market and to grow in coming years.
  • The Ensign Group Inc. provided in-house therapy, skilled nursing services throughout the pandemic. Their healthcare personnel provided the best care and treatment plans at patient home.

These strategies helped the company in coping with the pandemic and ensure business operations, minimize the impact of COVID-19 and providing full support to government in their efforts to combat the disease and help the front line workers.

CONCLUSION

COVID-19 has impacted each and every market with no exception. The market has been affected the same. With rise in the number of geriatric population who require more residential care as they are more susceptible to infectious diseases and specifically in this pandemic, increasing prevalence of population with physical disabilities among other factor has brought people to go for nursing and residential care and has shown growth in the market. The trend has been suggested to show steady growth in upcoming years.