How COVID-19 Impacted on Intraoperative Radiation Therapy ?

Impact of COVID-19 on Intraoperative Radiation Therapy in Healthcare Industry

The COVID-19 pandemic has influenced the whole planet with its major impacts on the economy and businesses across the globe. The COVID-19 spread worldwide in unprecedented ways due to its high infectious and contagious nature and lack of availability of its vaccine. As a result, the greatest medical challenge in the 21st century is yet to be faced by physicians worldwide. Though the emergence of the virus can be traced back to Asia, many European countries along with the U.S. have been struck massively by the pandemic. The virus has spread across all regions ranging from North America, Europe, Asia-Pacific, Middle East, and Africa up to South America. The COVID-19 has been declared as a pandemic by World Health Organization (WHO) due to its increased spread across the globe. After the declaration of the pandemic, various countries announced the complete lockdown such as India, China, and other Asian countries to decrease its spread. According to the latest situation report by World Health Organization (WHO) stated 175 million cases of the corona have been reported globally and 4 million patients are dead due to the coronavirus. On a slightly positive note, a total of 158 million people have recovered and total of 2 million vaccine doses have been administered as well.

Countries all around the world witnessed a large number of patients suffering from COVID-19 and post COVID-19 complications such as cardiovascular disease, diabetes, and kidney problems. As a result, the hospitals and clinics were filled up with COVID-19 patients and less preference was given to cancer patients. Moreover, the surgical procedures for the same were brought to a halt which will lead to the downfall of the growth of intraoperative radiation therapy in the current situation. However, with the number of cases decreasing in number and increase in vaccination against COVID-19 across the globe, the market for intraoperative radiation therapy market might get a boost due to some relaxation in COVID-19 cases which will result in increasing demand for intraoperative radiation therapy with patients coming forward to clinics and hospitals for treatment.

The novel coronavirus has profoundly impacted all fields, including healthcare, medical device services, automotive, and pharmaceutical among others. It has led to shutdowns of mass production and disruptions in the supply chain that have impacted the economies of possibly every nation in the world. The pandemic also affected the intraoperative radiation therapy industry as the patients fear contracting the virus which compelled patients to stay at home instead of completing their post-lumpectomy radiotherapy regimens.

IMPACT ON PRICE

The Coronavirus disease (COVID-19) pandemic has a huge impact on the price of the global intraoperative radiation therapy market.

It is estimated that if COVID-19 continues to spread for prolong period then the demand for cancer therapy devices will highly upsurge for top importer countries. For therapies and the diagnostic, the United States solicit a huge number of medical X-ray IORT devices followed by China and Japan. Henceforth, for diagnosis dependency of these countries highly increases on other exporters and many countries solely depend on the U.S. and Japan for the cancer therapy equipment. Consequently, this leads to a rise in X-ray IORT device cost along with types such as Electron IORT and related accessories.

For instance,

This increase in the price of the cancer therapeutic devices may hamper the market growth if it continues to be consistent. Additionally, if the lockdown continues to stretch for long period then the import of the intraoperative radiation therapy market is estimated to be more restricted, which may lead to a rise in the price of these devices.

IMPACT ON DEMAND

Various screening, diagnostic, and surgical procedures were restricted at hospitals and cancer treatment centres, which resulted in disruptions in the intraoperative radiation therapy market. However, as per World Health Organization (WHO), the modern day vaccination drives are increasing the demand for intraoperative radiation therapy market, since cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020.

The majority of the population worldwide is suffering from cancer diseases due to poor lifestyle choices, smoking, consumption of alcohol, lack of physical activity, and other factors. With the increase in the prevalence of cancer, the demand for intraoperative radiation therapy is increasing as well to offer proper diagnosis and treatment to the patient.

For instance,

· There were an estimated 18 million cancer cases around the world in 2018, which increased to 19.3 million in 2020

COVID-19

Thus, having cancer may also increase the risk of the severe illnesses from COVID-19 as the cancer therapy treatment reduces the immunity of the human body. This has provided for the increasing demand for intraoperative radiation therapy diagnostic tools, especially in cancer-dedicated hospitals and surgical centres, where all the patients with cancer-related problems are treated.

Thus, with the increased cases of cancer, the demand for intraoperative radiation therapy is expected to increase in upcoming years.

IMPACT ON SUPPLY CHAIN

The supply chain was widely affected by the COVID-19 pandemic as acute restrictions and lockdowns produced many urgent situations in the early days of the pandemic which needed immediate attention. The supply chain disruption has transformed many organizations’ business environments, including the supply chain of the intraoperative radiation therapy market. The supply chain disruption mainly impacted the Asia-pacific region at the initial time and especially the market of and from China due to challenges from restricted movement and quarantine period.

For instance,

· According to the Food and Drug Administration (FDA), 63 manufacturers which represent 72 facilities in China that produce essential medical devices were facing an obstacle in the manufacturing of medical devices and their supply, owing to citing workforce challenges, and the necessary quarantine of workers. Moreover, closing borders of various countries is anticipated to diminish the supply chain business environment.

To minimize supply chain crises, FDA has been firmly monitoring the supply chain with the assumption that the COVID-19 outbreak may adversely impact the supply chain of a medical product, including shortages of critical medical products in the U.S. or potential disruptions in supply chains.

To manage such a crucial situation many organizations and countries are looking forward to improving and diversified supply chain models in all aspects. A diversified supply chain model anticipated minimizing the export of medical products as well as increase end-to-end visibility.

For instance,

· Federal indirect tax body the Goods and Services Tax (GST) Council of India has decided to cut taxes on medical supplies

· The European Commission made a decision for helping Member States affected by the pandemic to temporarily suspend customs duties and VAT on medical device

IMPACT ON PRICE

The Coronavirus disease (COVID-19) pandemic has a huge impact on the price of the global intraoperative radiation therapy market.

It is estimated that if COVID-19 continues to spread for prolong period then the demand for cancer therapy devices will highly upsurge for top importer countries. For therapies and the diagnostic, the United States solicit a huge number of medical X-ray IORT devices followed by China and Japan. Henceforth, for diagnosis dependency of these countries highly increases on other exporters and many countries solely depend on the U.S. and Japan for the cancer therapy equipment. Consequently, this leads to a rise in X-ray IORT device cost along with types such as Electron IORT and related accessories.

For instance,

This increase in the price of the cancer therapeutic devices may hamper the market growth if it continues to be consistent. Additionally, if the lockdown continues to stretch for long period then the import of the intraoperative radiation therapy market is estimated to be more restricted, which may lead to a rise in the price of these devices.

CONCLUSION

Pandemic has taken a toll on every aspect of life, including the global economy. With the significant downfalls in many sectors, a collaborative effort of government, industry players, and consumers can win the fight against COVID-19.

It is estimated that the COVID-19 pandemic outbreak has slightly impacted the growth of the intraoperative radiation therapy market as due to the rising cases of COVID--19 worldwide, the surgical and therapies procedures were brought to a halt in establishments such as hospitals, clinics, and surgical centres.

However, with the increase in cancer patients worldwide the demand for intraoperative radiation therapy will increase in the coming years. Moreover, poor lifestyle, smoking, consumption of alcohol, lack of physical activity, and other factors will contribute to the incidence of chronic disease such as cancer which is anticipated to increase the global intraoperative radiation therapy market in the coming years.

It still continues to inflict the world with appalling economic and social dilemmas, capable enough to leave severe backlash on the economy for the next several years. The first wave had already inflicted severe blows to the population as well as the economy. The currently experiencing second wave is expected to be more disastrous not only to the masses but also to healthcare and medical device markets.

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