Market Research Report
Global COVID-19 Mitigation Products Market - 2020-2027
|Published by||DataM Intelligence||Product code||955727|
Delivery time: 1-2 business days
|Global COVID-19 Mitigation Products Market - 2020-2027|
|Published: August 31, 2020||Content info:||
The COVID-19 global pandemic has increased the demand for essential mitigation products and services. COVID-19 has put the pressure on medtech and pharmaceutical industry with high demand for diagnostic tests, vaccines, ventilators, personal protective equipment (PPE), and other essential medical supplies. They are taking extraordinary measures to rapidly ramp up manufacturing capacity and capabilities by adopting several strategies such as partnerships with companies outside the sector, open-source equipment layout, and deployment of medically trained employees to support public-health needs. The global COVID-19 mitigation products size was worth US$ XX billion in 2019 and is estimated to reach US$ XX trillion by 2027, growing at a CAGR of XX % during the forecast period (2020-2027).
The global COVID-19 mitigation market is growing due to several factors such as rising demand for COVID-19 vaccine, growing awareness towards protection from COVID-19 globally and rising government and non-government organizations initiatives to meet the global demand for diagnostics, protection, and other products related to COVID-19. With high COVID-19 emergencies, the FDA has taken several proactive steps to remain in contact with medical device manufacturers and others in the supply chain, including hospitals and group purchasing organizations. The FDA has reached out to over 1,000 device manufacturing sites globally, focusing on the essential devices and services. The outreach has focused on two main types of essential devices: those that are in high demand due to the COVID-19 pandemic outbreak, such as PPE and ventilators, and devices that may be prone to a potential shortage if there is a supply disruption. The FDA issued a EUA to increase the supply of filtering facepiece respirators by authorizing the use of certain imported disposable respirators that are not National Institute for Occupational Safety and Health (NIOSH)-approved for use by health care professionals. Hence, with increasing such efforts and strategies to increase the availability of devices and services, the market is expected to grow over the forecast period worldwide.
The COVID-19 pandemic is projected to show positive growth in different markets including, diagnostic products & services, pharma industry products, intensive care products & services, personal & protection gear, medical ICT, and COVID-19 related manufacturing plant.
The intensive care product & services include invasive mechanical ventilators, noninvasive ventilators, portable ventilators, next-generation ventilators, kidney dialysis, COVID-19 homecare (HW, SW, services), surge capacity hospitals & ICUs, extracorporeal membrane oxygenation procedures, and others.
Advancement in mechanical ventilators aimed to provide improved services, settling on better choices, and improving patient's comfort alongside blending of pathophysiology, medicine, and engineering to enhancing the quality of medical care in respiratory distresses. To meet rising demand worldwide, all ventilator manufacturers are ramping up their production, analyzing the criticality of the situation, even other companies such as various leading US-based car manufacturing companies are also considering manufacturing ventilators by teaming up with ventilator manufacturing companies to set up as many units as much as possible. It is estimated that in April 2020 that over 900,000 ventilators were in demand worldwide, with a shortage of 80,000 in the U.S. alone. Major companies that provide the U.S. with the devices include General Electric Co., Medtronic PLC, Hill-Rom Holdings Inc., ResMed Inc. and Sweden's Getinge AB are adopting various strategies to meet the rising demand. For instance, in the first three months of 2020, Dragerwerk AG & Co. KGaA saw a sharp rise, increasing by 116.7%. In the medical division, orders rose by 177.2%, driven primarily by demand for ventilators. On March 30th 2020, Smiths Group has made a contract with the UK Government for a significant ramp-up in the production of its life-saving Smiths Medical paraPAC plus™ ventilators. Production is expected to grow rapidly with increase from hundreds a month to thousands a month to fulfil 10,000 units in response to the UK Government's challenge to UK technology and engineering businesses to help save lives in the coronavirus pandemic.
The pharma industry is expected to grow significantly over the forecast period due to ongoing clinical trials for COVID-19 vaccine. In August 2020, about 172 economies are engaged in discussions to potentially participate in COVAX, a global initiative aimed at working with vaccine manufacturers to provide countries globally equal access to safe and effective vaccines, when they are licensed and approved. COVAX has the largest and most diverse COVID-19 vaccine portfolio globally, including nine candidate vaccines, with a further nine under evaluation and conversations underway with other major producers. COVAX, the vaccines pillar of the Access to COVID-19 Tools (ACT) Accelerator, is co-led by the Coalition for Epidemic Preparedness Innovations (CEPI), Gavi, the Vaccine Alliance, and the World Health Organization (WHO), in partnership with developed and developing country vaccine manufacturers. It is the only worldwide initiative working with governments and manufacturers to ensure COVID-19 vaccines are available globally to both higher-income and lower-income countries.
North America region is estimated to dominate the global COVID-19 mitigation products accounting for the largest market share over the forecast period. The rate of coronavirus deaths per 100,000 people in the U.S. is lower than in several European countries. By 2019, the U.S. healthcare spending stood at $3.3 trillion, more than 42% of global healthcare expenditures. By March 2020 Congress approved an unprecedented $2.2 trillion COVID-19 first relief package. It includes $161 Billion to the VA, CDC, FDA, Medicare, the Strategic National Stockpile and COVID-19 Vaccines. It does not cover the monthly deficit of $50 Billion that the Hospitals Managers Association reported. In August 2020, CDC has developed two laboratory tests that identify SARS-CoV-2, the virus that causes COVID-19. The newer of these tests are also used to test for influenza A and B viruses. Testing for all the three viruses at the same time will provide public health officials with the information they need to help reduce the spread of these viruses in the community while conserving resources that are in short supply.
Latin America has become a prime location for global COVID-19 vaccine trials, with the widespread of the virus in the community allowing developers to test the efficiency of their vaccines. Mexico is also carrying out late-stage trials for France's Sanofi, U.S. pharmaceutical giant Johnson & Johnson and two Chinese companies.
The COVID-19 mitigation products is highly competitive and consists of several major players and emergence of new players in the market. Some of the players in the global COVID-19 mitigation products market are: 3M Company, Abbott, Sanofi, Pfizer, Eli Lilly, Merck, 3Scan, Advenio Technosys, Amara Health Analytics, Avalon, among others. The major players are adopting several growth strategies such as product launches, clinical trials, acquisitions, and collaborations, which are contributing to the growth of the COVID-19 Mitigation Products globally. For instance,
The global COVID-19 mitigation products report would provide an access to an approx. 58 market data table, 54 figures and 250 pages.
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