Nasal Oxygen Cannula Market Overview
The outbreak of COVID-19, initiated in China, is now swept across the globe, affecting more than 200 countries. Though scientists have made significant progress in identifying the nature of the virus, they are yet to figure out therapies and vaccines to restrict the spread of coronavirus. With the increasing morbidity and mortality rate, the future is progressing towards uncertainty.
The World Health Organization (WHO) declared COVID-19 to be a pandemic, which is spreading rapidly, affecting different countries and their economies. With more than 630,000 reported cases, COVID-19 is forecasted to impact vital elements of any country including the food and healthcare sector.
Respiratory Disorder Accelerates Adoption of Nasal Oxygen Cannula with Prongs
The nasal oxygen cannula with prongs, being an essential component of healthcare is likely to experience a hike in demand. Owing to the respiratory disorder arising in corona patients, nasal oxygen cannula with prongs has gained significance across all end users, accelerating the adoption rate of these oxygen cannulas.
The readiness activities in healthcare industries for the upcoming challenges that the corona virus may arise is further escalating the adoption rate of nasal oxygen cannula with prongs. The ongoing surge in clinically validated corona virus cases is generating a plethora of opportunities in the nasal oxygen cannula with prongs.
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Increase in COVID-19 Morbidity Surges the Demand
The pandemic is estimated to have a profound impact on the Chinese economy, both in the short and long term. The restricted movement in the Chinese economy is set to have a parallel influence on every sector, as China acts as a major manufacturer of parts used across different industries. The Healthcare industry leads in this segment owing to the side effects of exposure to coronavirus in the general population along with the healthcare providers.
The surge in the patient population is augmenting the demand for healthcare necessities in the market. Massive efforts are taking place to increase the capacity of the healthcare system. Acute care necessities are likely to witness a significant hike in demand in the light of growing COVID-19 cases which require emergency responses such as high flow ventilators and oxygen masks.
Hospitals Contribute Major Revenue in Market
Alarmed by the increasing morbidity and mortality rate, governing authorities in different countries are setting up treatment centers. The number of end-users has suddenly increased, paving the way for growth in demand and supply of acute care necessities such as nasal oxygen cannula with prongs. Hospitals are expected to boost revenue growth in the market due to the spike in patient traffic.
The respiratory issues developing in COVID-19 patients is set to impart oxygen therapy a major application of nasal oxygen cannula with prongs. With an intensified focus on COVID-19 patients, health care providers are increasing their capacity to provide oxygen to the patients, laying grounds for the nasal oxygen cannula with prongs market to thrive.
Supply Chain Disruption Decelerates Revenue Growth
With the surge in restrictions in supply chain movements across different industries, the global economy is feared to shrink in the coming years. Moreover, the continuation of these restrictions without supporting fiscal responses is projected to further contact the world economy. As countries seal their borders, major disruptions are arising in international trade, which ultimately impacts the global supply chain. Global manufacturing and production capacity along with commodity-related revenues is expected to witness a steep decline.
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Key Challenges to Wider Adoption of Nasal Oxygen Cannula with Prongs
Although the healthcare industry is on the path of progress in terms of revenue, COVID-19 has given rise to certain challenges that restrain market growth. Different factors such as government directives to restrict movement outside homes are creating manpower shortage in the market, inversely impacting the production and manufacturing capacity of nasal oxygen cannula with prongs market. Besides manpower, materials shortage is emerging as a major challenge, posing a hurdle in the growth of nasal oxygen cannula with prongs market. Growing disruptions in the supply chain and trade are gradually depleting the revenue generated in the market.
Government Initiatives Boost Market Growth
Government support and funding are expected to churn the capacity of the healthcare sector to satiate the growing demand. Encouraged by the government, private hospitals are actively participating in the treatment of COVID-19 patients. In addition to hospitals, private nursing homes are also extending their support in the admission of COVID-19 patients. Such initiatives are collectively boosting the production and adoption rate of nasal oxygen cannula with prongs.
The government has also increased healthcare funding to deal with the scaling rate of COVID-19 patients. This funding will act as a backbone in the production of healthcare essentials, thereby propelling the progress of nasal oxygen cannula with prongs market. As the coronavirus progresses towards the third stage of transmission in countries such as India, the end-users and government are increasing their preparedness with stocking up of medical supplies, to deal with community transmission.
Key Market Players Focus on Production Expansion
Market players are investing their funds and manpower to enhance their production capacity to suffice the continuously accelerating demand. Many regional players are actively participating in the quest to fight the global pandemic of the corona virus. The current market strategy is based on amplifying the supply and meeting the demand.
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