Emergency Medical Supplies Market Share Soars as COVID-19 Pandemic Leads to Supply Shortage, Says GMI
SELBYVILLE, Del., April 7, 2020 (Newswire.com) - In the face of a storm like COVID-19, the emergency medical supplies market is poised for robust growth, as demand for medical equipment and other healthcare supplies has surged in recent months. The rampant COVID-19 virus and the threat to the global health system functioning have prioritized the production of medical supplies.
Global Market Insights, Inc. has recently added a new report on “Emergency Medical Supplies Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026”, which estimates the global market valuation for emergency medical supplies will cross substantial gains in the forecast timeframe.
Of late, demand for PPE, such as surgical gloves, face shields, and diagnostic equipment, such as lab screening test kits, swabs and viral transport mediums, lab confirmation test kits, extraction kits and cartridges for RT-PCR automatic systems, have soared dramatically. Moreover, watchdogs such as WHO are pitching to ramp up the production of ventilators, suction pumps, and CPAP.
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A report from Imperial College of London has estimated that around 30% of COVID-19 hospitalized patients may need mechanical ventilation, thereby instilling confidence among forward-looking companies in the emergency medical supplies industry.
On April 2, 2020, the World Bank gave the green signal for the first set of emergency support operations for emerging economies globally, using fast-track and a dedicated facility for COVID-19 response. While the World Bank has earmarked $1.9 billion to 25 countries, it is working globally to redeploy resources in its financed projects of around $1.7 billion, such as the use of emergency components of existing projects (CERS) and triggering of CAT DDOs.
Amid the supply chain disruptions being witnessed in medical supplies, the World Bank is aiding countries' access to emergency medical supplies by reaching out to suppliers on behalf of governments. For instance, the World Bank is providing $1 billion in emergency financing to India to underpin better screening, purchase PPE, contact tracing and establish isolation wards.
The emergency medical supplies market has received a major boost following the call from global bodies, such as the UN, to rev up the production of ventilators, face shields, to name a few. The UN health agency is reported to be working with various partners to bolster the access to PPE, ventilators, medical oxygen and other life-saving products.
With coronavirus continuing its punishing march globally, over 932,000 confirmed cases and more than 46,000 deaths as of April 3, 2020, have been reported by the WHO. Rapidly diminishing stocks of emergency medical supplies are being observed globally. The massively concerning supply issues with PPE have placed the onus on stakeholders, such as leading medical device companies and government agencies, to help boost the supply chain of emergency medical supplies.
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Taking stock of the situation, forward-looking companies have revved up production of P2/N95 respirator, gloves, gowns, eye protection, ventilators, among others. Governments are also aiding domestic companies to boost production to propel PPE supplies. For instance, the Australian government is vying to leave no stone unturned to bolster domestic production of masks and other equipment. Australia is reported to have received 230,000 new P2 masks and distributed surgical masks and P2 masks.
The soaring number of COVID-19 cases in Europe (Italy, the U.K., Spain) and North America (the U.S) has signified the importance of emergency medical supplies. It is reported that 25 out of 27 are partaking in the purchase of ventilators and protective kits.
In a bid to ramp up the supply of filtering facepiece respirators, the FDA issued Emergency Use Authorization (EUA) to authorize the use of certain imported disposal respirators, which are not NIOSH (National Institute for Occupational Safety and Health) approved for use by healthcare professionals.
The FDA has also joined hands with textile manufacturers to assess the manufacturing product lines pertaining to masks which can be used for surgical procedures. The agency is also working to bolster PPE supplies, including gloves, surgical masks and gowns in the U.S., following the havoc COVID-19 has wrecked in the country.
Stakeholders are also eying to boost production and streamline the supply of products that are in high demand such as ventilators and PPE and other emergency medical supplies which may be prone to supply chain disruption.
Browse related report:
Neonatal Ventilators Market Size By Product (Invasive Ventilation, Non-Invasive Ventilation) By Mobility (Intensive Care Ventilators, Portable/Transportable Ventilators), By Technology (Mechanical Ventilators, High Frequency Ventilators, Volume Targeted Ventilators, Hybrid Ventilators), By Mode (Pressure Mode Ventilation, Combined Mode Ventilation, Volume Mode Ventilation), By End-use (Hospitals, Clinics, Ambulatory Surgical Centres) Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025
https://www.gminsights.com/industry-analysis/neonatal-ventilators-market
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