COVID-19 Impact on the Intensive Care Unit (ICU) in Healthcare Industry
OVERVIEW
A recently recognized coronavirus, SARS-CoV-2, has caused an overall pandemic of respiratory ailment, called COVID-19. The virus first appeared in Wuhan, a city of China in December 2019. The patients suffering from COVID-19, are treated very carefully with all the precautions, because this disease spreads fast through physical contact. No vaccine is yet discovered for COVID-19, the precautions include frequent hand-wash and maintaining social distancing.
Intensive care unit (ICU) is one of the most essential units that are being used so vigorously. Intensive care is related to taking extra care and specialized treatment for critical patients. In this pandemic, the use of intensive care unit (ICU) is increasing day-by-day, and even in some countries the stocks are not up to the requirements. The demand for PPE kits, ventilators and more beds is increasing day-by-day.
Therefore, the market for intensive care unit (ICU) will grow in coming few years due to COVID-19, and the demand and sale of ventilators will surely increase in all the private and public hospitals.
IMPACT ON PRICE
Due to COVID-19, the intensive care unit (ICU) market is disturbed to a very big level. Since the patient number is increasing day-by-day so is the demand for intensive care unit (ICU) ventilators is increasing as well, which resulted in increasing the production of more and more intensive care unit (ICU) ventilators. Also due to sudden increase in cases, the demand for intensive care unit (ICU) is increasing which is fulfilled by all the manufacturers and producers still with a less amount of money. The recent data shows the increase in demand of ventilators and the increasing price as compared to the data available before COVID-19 as big manufacturing companies are producing large amount of ventilators but with a top notch quality.
Since the growing demand and sale of the ventilators, the competition between the manufacturers of ventilators is increasing, this has resulted in decreasing the overall cost of intensive care unit (ICU) ventilators.
IMPACT ON DEMAND
Since the pandemic, the economic growth of a country is declining day-by-day. And the manufacturing market for various items is shutting down due to the non-availability of man labor. But the demand for intensive care unit (ICU) equipment is increasing day-by-day all over the world so as to protect more and more patients. Before COVID-19, the demand for intensive care unit (ICU) equipment was not that much, but after COVID-19 the demand for intensive care unit (ICU) equipment is on peak. And the ventilator would be one of the largest manufactured item in the year 2020. The demand for domestic manufacturers is also increasing rapidly because of the increased exporting cost with many factors such as transportation or care of that equipment. The demand for intensive care unit (ICU) equipment is one of the key growth drivers in the intensive care unit (ICU) equipment market. Since the demand is increasing, the key players are likely to adopt new growth strategies which will keep the intensive care unit (ICU) equipment market growing more and more.
Since the demand is increasing so is the competition between different manufacturers to produce the largest amount of intensive care unit (ICU) equipment. And this demand for intensive care unit (ICU) equipment will remain high in the coming time in both private and public hospitals.
IMPACT ON SUPPLY
The current situations are getting worse due to the increase in number of patients diagnosed with COVID-19 and as an impact of this, the lockdown is increasing in major areas which affect the supply chain pattern.
The government is trying very hard to overcome this situation by producing in house ventilators in large amount but still has to export from abroad to fulfill the demand of ventilators in government hospitals.
For instance,
- Air Liquide medical systems are an Indian company producing a huge amount of ventilators which is helping Indian government to overcome increasing demand of ventilators in hospitals.
This pandemic has proved that Indian companies can also produce intensive care unit (ICU) equipment that too of very high and good quality. There are many local manufacturers that have contributed a very good share in fulfilling the demand of ventilators.
Even though the manufacturers or the producers are facing so many struggles due to COVID-19, they are still maintaining the supply chain.
STRATEGIC DECISIONS OF GOVERNMENT AND MANUFACTURERS
Since the outbreak of COVID-19 is becoming uncontrollable, the government and manufacturers are taking major steps for the production of more and more intensive care unit (ICU) equipment.
The government has said that the local manufacturers have played a very vital role in production of ventilators
- In March 2020, the government banned the exports of ventilators from India to abroad so as to meet the demand in future, but seeing the situation now the ban on export of ventilators to abroad is removed
- At least 47,000 ventilators are available to be used by private and government hospitals
If the demand for intensive care unit (ICU) equipment will increase in the near future, the growth of domestic manufacturers of intensive care unit (ICU) equipment will be seen. And it is highly expected that the manufacturers will always show good strategic decisions and will help to provide good quality of intensive care unit (ICU) equipment for future.
Conclusion
The available facts and figures implements that the market for intensive care unit (ICU) equipment is increased after COVID-19 and definitely will be increasing in the coming time period so as to fulfill the demand of private and public hospitals. But the main concern will be the quality of product, since the demand is increasing day-by-day and the man labor and raw materials is somehow decreasing, so as to fulfill the demand, these two factors need to be considered.
Local manufacturers are now adopting new and better qualities to produce large amount of intensive care unit (ICU) equipment so as to meet the need in coming futures. Even government is helping these manufacturers to overcome all the challenges that are being faced in the production of intensive care unit (ICU) equipment. Even the local manufacturers are focused on producing less costly, minimal invasive intensive care unit (ICU) equipment to fulfill the growing demand. Even the technological advancement, is also improving as better gas trade, improvement in oxygenation and very minimum damage to the lungs will also be contributing in the making of new intensive care unit (ICU) equipment.
