Impact of COVID-19 on Electromyography Devices in Healthcare Industry
OVERVIEW AFTERMATH OF COVID-19 AND GOVERNMENT ROLE
A recent SARS-CoV-2 virus has caused a general pandemic of respiratory disease, called COVID-19. The infection initially showed up in Wuhan, a city in China, in December 2019. The patients experiencing COVID-19 were dealt with cautiously with all the safety measures since this disease spreads aggressively through actual contact.
As per the WHO report, globally, as of 5th June 2021, there have been 179,513,309 confirmed cases of COVID-19, including 3,895,661 deaths, reported to WHO. As of 23rd June 2021, a total of 2,624,733,776 vaccine doses have been administered. In India, from 3rd January 2020 to 10:21 am CEST, 25th June 2021, there have been 33,257,768 confirmed cases of COVID-19 with 597,727 deaths, as reported to WHO. As of 17th June 2021, a total of 317,983,185 vaccine doses have been administered.
NCS and EMG findings indicate a direct action of COVID-19 on nerves and muscles. SARS−COV-2 demyelinating polyneuropathy and elements of myopathy could be new pathological entities to be considered in the COVID-19 management. More studies would be required to confirm these electrophysiological findings.
IMPACT ON DEMAND
Since the pandemic, due to the lockdown situation, the economic growth of a country is declining day by day. And the manufacturing units for various items shut down due to the non-availability of manpower.
Coronavirus disease (COVID-19) causes acute respiratory illness ranges from mild to severe pneumonia with respiratory failure. Moreover, neurological involvement is more common in severely affected patients with COVID-19 than in those with less severe illness. Electromyography devices are required to treat severe coronavirus disease (COVID-19) patients,
Moreover, the growing number of COVID-19 patient pools in developed, as well as developing countries illustrates the huge future demand for electromyography devices across the globe.
· According to the World Health Organization (WHO), till 25th February 2021, there have been 112,209,815 confirmed cases of COVID-19, including 2,490,776 deaths
IMPACT ON SUPPLY
Because of the pertinacious COVID-19 lockdown, sanctions have been forced by administrations of different nations. These limitations and boundaries across the nation’s borders prompted a diminishing stockpile because of restricted materials and labour force and the halting of the assembly line.
The supply chain units are taking stringent measures and risk mitigation protocols to provide the devices to the manufacturers to the customer. The presence of key market players for the development and launch of the electromyography devices will increase the net sales and may show a surplus growth in the market.
Additionally, the manufacturers are also taking crucial steps to ensure the availability of raw materials by and also they have to look into the quality of products. But since the demand is increasing day by day, so as to meet the demand, the major manufacturers and suppliers are collaborating with each other’s to ensure the supply of raw materials.
To manage such critical situations, many organizations are looking forward to improving and diversifying the supply chain model in all aspects. A diversified supply chain model is anticipated to enhance the availability of electromyography devices in the market as well as increase end-to-end visibility. The resulting COVID-19 pandemic has shown the various ways for supply chain management, which may be effective within a remote working environment.
IMPACT ON PRICE
Because of COVID-19, the market is upset to a major level. The few foundations have been stay shut while others had downsized the activities or put a pause to the extension plans as they attempted to endure the uncommon emergency.
States must develop and implement policies that allow for interstate licensure and practice of medicine (entailing the use of telemedicine) to enable consultation and communication to remote areas and ensure the swift flow of information across state lines.
Now, as the demand for telehealth innovation is turning out to be very demanding by human beings, this will make the market more competitive due to new and more innovative equipment that will be launched by the makers, by decreasing the overall cost of the new and innovative new product launches.
The current COVID-19 episode has influenced essentially every industry on earth, and the electromyography devices market is no exemption. There has been a tremendous and sudden lessening in the volume of elective joint substitutions worldwide as wellbeing situation legitimately organize their COVID-19 reaction.
STRATEGIC DECISIONS OF GOVERNMENT AND MANUFACTURERS
The key players engaged in global wound healing manufacturing are making improvements to keep the speed during COVID-19. They are taking every single choice cautiously so the development can be expanded on a consistent schedule for the market. The manufacturers are likewise giving a great deal of consideration in the improvement of inventive items that can be utilized for the attractive impacts. Organizations working in the electromyography devices market are embracing a few systems, including joint effort, arrangements, association, and market development to improve their business. These essential choices by the organizations are required to give huge occasions to the market players working in the electromyography devices market.
A large pool of the population is affected by the COVID-19 virus, and its spread is expanding across the world in the last few months. To deal with the COVID-19 outbreak challenges, many electromyography devices market players are creating new strategies. To tackle the pandemic situation and to increase the company revenue and growth, companies are now opting for digital media such as telecommunication, mobile applications, webinars, and other digital media to support patient requirements. Moreover, to accomplish the market demand, small as well as major market players utilizing the strategy such as partnerships, agreements, and organizing conferences. It is predicted that these strategies are anticipated to escalate up the company revenue and its growth in the forecasted period.
· In April 2020, Neurosoft S.A. organized NYC Neuromodulation 2020 Conference. This conference has anticipated enhancing the company’s presence in the global market.
Furthermore, for the economic recovery after the pandemic of COVID-19, the manufacturers of electromyography devices have to adopt several types of strategic initiatives in terms of increasing R and D activities, conduct numerous types of market surveys to know the current situation and mind-set of consumers towards their need. The increasing R and D activities will help the manufacturers to launch the advanced devices by knowing the advanced technology or need of the end-user.
· In August 2020, NIHON KOHDEN CORPORATION launched Version 12 of the Polysmith software used in Polysomnography Devices. This new version of software launched by the company includes more than 40 market-driven features, which aids in good analysis and outcomes. Thus, this product launch by the company leading to enhance the sales growth of the company.
It is estimated that the COVID 19 pandemic outbreak is having a positive impact on the growth of the global electromyography devices market owing to the elevation in demand for electromyography devices. Moreover, many governments and organizations are exclusively focusing on the rapid recovery of COVID-19 patients, and this priority, as well as the essential requirement, is illustrating the further growth of the electromyography devices market. Many government bodies and major electromyography devices market players are closely associated with patients as well as healthcare professionals for better patient health as well as experience.
It can be concluded that the COVID 19 pandemic situation has a significant impact on the global electromyography devices market, including the price and demand of electromyography devices.
· December 2017, Eone-Diagnomics Genome Center (EDGC), a Korean genetic analysis company, announced its decision to apply machine learning-based artificial intelligence (AI) technology to its non-invasive prenatal test (NIPT) NICE0. In 2019, AI specialist FDNA and PerkinElmer Genomics partnered to launch Face2Gene Labs for newborn testing. This decision enabled the company to flourish further in the market and helps in revenue generation.