COVID-19 Impact on Neurophotonics in Healthcare Industry
Coronavirus disease (COVID-19), also known as SARS-CoV-2 or 2019-nCoV, is a human infectious disease caused by the Coronavirus that causes extreme acute respiratory syndrome. On March 11th, 2020, the World Health Organization declared the coronavirus COVID-19 outbreak to be a pandemic due to the rapid rise in human infection rates (WHO).
Neurophotonics is an open-access journal that publishes research on improvements in optical technology for brain research and their impact on basic and clinical neuroscience applications.
In the current situation, producers face difficulties with existing immature goods suppliers or contractors who are at risk or closed or unable to meet supply requirements due to challenges such as extended closing hours or staffing.
Manufacturers are required to qualify a new contract manufacturer (or new manufacturing facility) to supply raw materials. Any changes in the third party for the supply of raw materials, components, and commercialization of ophthalmic surgery devices could increase cost of production and can reduce profit margins, forcing manufacturers to increase the prices of the product to remain operative in the market.
IMPACT IN DEMAND
The demand for optical coherence tomography for ophthalmology market is decreased with an increase in the number of COVID-19 cases and cancellation or deferral of elective surgeries. The ophthalmic lasers market saw a severe drop in the second and third quarters of 2020. The international supply of lasers was restricted due to a lockdown and severe procedure rules.
The COVID-19 scenario has resulted in the postponement of specific elective medical procedures, impacted the demand for reprocessing systems and services. Within the healthcare general surgery domain, there has been increased concern regarding the level of acquired infections. As the COVID-19 pandemic is accelerating at a fast pace, it has raised pressure for the healthcare systems to deal with potentially infectious patients.
The pandemic had placed severe pressure on the U.S. economy. The manufactures of ophthalmology and generic medications were impacted by the global epidemic due to the rise in demand for essential products and suppliers to prevent COVID-19. The demand will have a positive impact on the market growth.
IMPACT ON SUPPLY
The COVID-19 pandemic has transformed many organizations’ business environments; supply availability has been hampered by several issues, including export and travel restrictions by some producing countries and lockdowns that have forced suppliers to (temporarily) shut down. However, disturbance in the neurophotonics products market puts global supply chains at risk.
Healthcare organizations have been firmly monitoring the supply chain with the assumption that the COVID-19 outbreak may adversely impact the supply chain of the medical product, including shortages of neurophotonics products or potential disruptions in its supply chains to minimize supply chain crises.
Several organizations are looking forward to improving and diversifying supply chain models in all aspects to manage such a crucial situation. A diversified supply chain model is anticipated to minimize the export of medical products and 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.
STRATEGIC DECISIONS FOR MANUFACTURERS
Many neurophotonics products market players are creating new strategies to deal with the COVID-19 outbreak challenges. The companies are now opting for digital media such as telecommunication, mobile applications, webinars, and other digital media to support the patient requires tackling the pandemic situation and increasing the company revenue and growth. Moreover, to accomplish the market demand, small market players utilizing the partnership agreement strategy. It is predicted that these strategies are anticipated to escalate up the company revenue and its growth in the forecasted period.
The key players engaged in providing products face challenges to keep the growth during coronavirus and maintain the demand and supply chain with the proper protection of their employees.
During the epidemic, telemedicine has become a fundamental approach for ophthalmologists to stay in touch with patients from the comfort of their own homes.
The impact of the novel COVID-19 virus is expected to leave a long-lasting impact on each industrial sector. The outbreak of COVID-19 prompted citizens to deal with confusion regarding the virus and its management. The virus poses a risk to human life and has caused economic distress and severe emotional strain. It produced a wave effect that gave rise to a new collection of requirements and needs that were not needed earlier.
The growing prevalence of contagious infections and COVID-19 has necessitated a stable healthcare network and adequate emergency medical services (EMS). Hence the reprocessed medical devices should be readily available for the emergency treatment of patients who suffer from other chronic diseases apart from COVID-19. However, the changes in the International Standard Organization (ISO) for neurophotonics, the strict regulatory framework, the consequences of the contractual agreement, and the disruption in supply chain management can hamper the market growth.
There are no data on the safety, immunogenicity, or effectiveness regarding the treatment of patients with infections along with mild COVID-19 symptoms. The supply chain units are taking stringent measures and risk mitigation protocols to provide and distribute the diagnostic devices to the manufacturers to the customer. The presence of key market players for the development and launch of disposable PPE will increase net sales and show a surplus growth.
Despite the indication of vaccination on the horizon, the pandemic is here to live for a considerable amount of time. However, the treatment will remain the same, irrespective of the SARS- COV 2 coinfection. The guidelines for the reuse of medical devices during the COVID -19 pandemic increase the need for prevention from infections. Specific recommendation guidelines should be taken care of while using reprocessed medical devices and services. A comprehensive approach for the prevention, screening and treatment of chronic diseases requires outsourced medical device services. This can reduce the cost savings. With the ongoing pandemic, the demand for topical medications and vaccines from the health community is increasing.