Impact of COVID-19 on Non-Small Cell Lung Cancer Diagnostics in Healthcare Industry
As a result, the hospitals and clinics were filled up with COVID-19 patients and less preference was given to non-small cell lung cancer patients. Moreover, limited access to clinics, social distancing, the lockdown of the population, which results in a slow-down in patient flow and referrals, has also impacted the market growth.
IMPACT ON PRICE
The coronavirus disease (COVID-19) pandemic does not significantly impact the global non-small cell lung cancer diagnostics market.
But it is estimated that if COVID-19 continues to spread for a prolonged period, then the demand for non-small cell lung cancer diagnostic equipment and devices will highly upsurge for top importer countries. For therapies and the diagnostic United States solicit the huge number of medical devices, followed by China and Japan.
· According to the General Administration of Customs (GAC), China's exports of medical machinery and devices increased 40.5 percent in 2020 compared to the previous year, reaching USD 18.138 billion
· According to the World Trade Organisation, the U.S. imports and exports of medical goods increased by 16 %, reaching USD 1,139.00 billion in value
Henceforth for diagnosis, dependency of these countries highly increases on other exporters and many countries solely depend on China and the U.S. for the non-small cell lung cancer diagnostic equipment. Consequently, this may lead to a rise in the overall non-small cell lung cancer diagnostic cost.
This increase in the price of the non-small cell lung cancer diagnostic may hamper the market growth if it continues to be the same.
Additionally, if the lockdown continues to stretch for a long period, then import of non-small cell lung cancer diagnostics market is estimated to get more restricted, which may further lead to a rise in the price of the these devices
IMPACT ON DEMAND
Various screening, diagnostic and surgical procedures were restricted and at hospitals and cancer treatment centers, which resulted in disruptions in the non-small cell lung cancer diagnostics market. However, even during the pandemic, the lung cancer cases were subsequent, which is expected to increase the demand for non-small cell lung cancer diagnostics market.
· According to World Health Organization (WHO), in 2020, lung cancer accounted for 2,206 771 deaths among both sexes. The lung cancer statistics include both small cell lung cancer and non-small cell lung cancer. About 13% of all lung cancers are small cell lung cancer and 84% are non-small cell lung cancer.
This proves an increase in the number of non-small cell lung cancer patients even during the COVID-19 pandemic. Moreover, according to the American Cancer Society, Inc., lung cancer patients are likely to get infected with coronavirus because of the changes in their immune system that control their body's defense systems.
· According to a study published in PubMed, patients with lung cancer are at an increased risk of becoming infected with the virus and experience higher morbidity and mortality than the general population
Thus, having cancer such as non-small cell lung cancer may also increase the risk of severe illness from COVID-19 as the cancer therapy treatment reduce the immune system of the body. .
IMPACT ON SUPPLY CHAIN
· According to the FDA, 63 manufacturers representing 72 facilities in China that produce essential medical devices face obstacles in manufacturing 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, as it may hamper export of the medical supplies
To minimize supply chain crises, the FDA has been firmly monitoring the supply chain with the assumption that the COVID-19 outbreak may adversely impact the supply chain of medical products, including shortages of critical medical products in the U.S. or potential disruptions in supply chains.
Many organizations and countries are looking forward to improving and diversified supply chain models in all aspects to manage such a crucial situation. A diversified supply chain model anticipated minimizing the export of medical products as well as increase end-to-end visibility.
· The Brazilian government published a resolution eliminating import taxes on 141 medical products and hospital equipment
· The European Commission made a decision for helping Member States affected by the pandemic to suspend customs duties and VAT on medical devices temporarily
· Federal indirect tax body the Goods and Services Tax (GST) Council of India has decided to cut taxes on medical supplies