Global COVID-19 Mitigation Products Market - 2022-2029

Global COVID-19 Mitigation Products Market - 2022-2029

Market Overview

COVID-19 Mitigation Products Market was valued at USD YY million in 2021. It is forecasted to reach USD YY million by 2029, growing at a CAGR of YY% during the forecast period (2022-2029).

Mitigation products reduce the risk of contamination and slow the spread of Covid 19. The COVID-19 global pandemic has increased the demand for essential mitigation products and services. COVID-19 has put pressure on MedTech and the pharmaceutical industry, with high demand for diagnostic tests, vaccines, ventilators, personal protective equipment (PPE), and other essential medical supplies. The global COVID-19 mitigation market is growing due to several factors such as rising demand for COVID-19 vaccine, growing awareness towards protection from COVID-19 globally, and rising government and non-government organization's initiatives to meet the global demand for diagnostics, protection, and other products related to COVID-19.

Market Dynamics: Increase in FDA initiative drives market growth.

With high COVID-19 emergencies, the FDA has taken several proactive steps to contact medical device manufacturers and others in the supply chain, including hospitals and group purchasing organizations. The FDA has reached over 1,000 device manufacturing sites globally, focusing on virtual devices and services. The outreach has focused on two main types of virtual devices: those that are in high demand due to the COVID-19 pandemic outbreak, such as PPE and ventilators, and devices that may be prone to a potential shortage if there is a supply disruption. The FDA issued a EUA to increase the supply of filtering facepiece respirators by authorizing certain imported disposable respirators that are not the National Institute for Occupational Safety and Health (NIOSH)-approved for use by health care professionals. Hence, with increasing such efforts and strategies to increase the availability of devices and services, the market is expected to grow over the forecast period worldwide.

Market Segmentation: The ventilator segment is projected to be the dominant segment in the market during the forecast period.

The COVID-19 Related Manufacturing Plant segmented as Ventilators, Serologic Test Kits, Self-collection PCR Test Kits, PCR Reagents, PCR Systems, Gloves, PPE Gowns and others.

Advancements in mechanical ventilators aimed to provide improved services, settle on better choices, and improve patient comfort alongside the blending of pathophysiology, medicine, and engineering to enhance the quality of medical care in respiratory distresses. To meet rising demand worldwide, all ventilator manufacturers are ramping up their production, analyzing the criticality of the situation; even other companies, such as various leading US-based car manufacturing companies, are also considering manufacturing ventilators by teaming up with ventilator manufacturing companies to set up as many units as much as possible. It is estimated that in April 2020 that over 900,000 ventilators were in demand worldwide, with a shortage of 80,000 in the U.S. alone. Major companies that provide the U.S. with the devices include General Electric Co., Medtronic PLC, Hill-Rom Holdings Inc., ResMed Inc., and Sweden's Getinge AB are adopting various strategies to meet the rising demand. For instance, in the first three months of 2020, Drägerwerk AG & Co. KGaA saw a sharp rise, increasing by 116.7%. In the medical division, orders rose by 177.2%, driven primarily by demand for ventilators. On March 30th, 2020, Smiths Group contracted with the U.K. Government for a significant ramp-up in producing its life-saving Smiths Medical paraPAC plus™ ventilators. Production is expected to grow rapidly, increasing from hundreds a month to thousands a month to fulfill 10,000 units in response to the U.K. Government's challenge to U.K. technology and engineering businesses to help save lives in the coronavirus pandemic.

In pharma industry products segment, vaccine sub segment held significant share in the market.

The pharma industry is expected to grow significantly over the forecast period due to ongoing clinical trials for the COVID-19 vaccine. In August 2020, about 172 economies were engaged in discussions to participate in COVAX, a global initiative to work with vaccine manufacturers to provide countries with equal access to safe and effective vaccines when licensed and approved. COVAX has the largest and most diverse COVID-19 vaccine portfolio globally, including nine candidate vaccines, with a further nine under evaluation and conversations underway with other major producers. COVAX, the vaccines pillar of the Access to COVID-19 Tools (ACT) Accelerator, is co-led by the Coalition for Epidemic Preparedness Innovations (CEPI), Gavi, the Vaccine Alliance, and the World Health Organization (WHO), in partnership with developed and developing country vaccine manufacturers. It is the only worldwide initiative working with governments and manufacturers to ensure that COVID-19 vaccines are available globally to higher- and lower-income countries.

Geographical Penetration: North America is the dominating region during the forecast period.

The North American region is estimated to dominate the global COVID-19 mitigation products accounting for the largest market share over the forecast period. The rate of coronavirus deaths per 100,000 people in the U.S. is lower than in several European countries. By 2022, U.S. healthcare spending stood at $3.3 trillion, more than 42% of global healthcare expenditures. By March 2020, Congress approved an unprecedented $2.2 trillion COVID-19 first relief package. It includes $161 Billion to the VA, CDC, FDA, Medicare, the Strategic National Stockpile, and COVID-19 Vaccines. It does not cover the $50 billion monthly deficit reported by the Hospitals Managers Association. In August 2020, CDC developed two laboratory tests identifying SARS-CoV-2, the virus that causes COVID-19. The newer of these tests are also used to test for influenza A and B viruses. Testing for all three viruses simultaneously will provide public health officials with the information they need to help reduce the spread of these viruses in the community while conserving resources in short supply.

Latin America has become a prime location for global COVID-19 vaccine trials, with widespread viruses in the community allowing developers to test their vaccines' efficiency. Mexico also carries out late-stage trials for France's Sanofi, U.S. pharmaceutical giant Johnson & Johnson, and two Chinese companies.

Competitive Landscape:

The COVID-19 mitigation products are highly competitive and consist of several major and new market players. Some of the global COVID-19 mitigation products markets are 3M Company, Abbott, Sanofi, Pfizer, Eli Lilly, Merck, 3Scan, Advenio Technosys, Amara Health Analytics, and Avalon, among others. The major players are adopting several growth strategies such as product launches, clinical trials, acquisitions, and collaborations, contributing to the growth of the COVID-19 Mitigation Products globally. For instance, On January 2020, Nihon Kohden debuted its NKV-550 Series Ventilator System, which offers a full suite of applications necessary in a critical care setting for neonates through adults. The ventilator features an integrated touchscreen, an intuitive user interface, and on-screen help functions. On April 2nd, 2020, Clensta International, a leading biotechnology company, launched the Clensta Instant Hand Hygiene Solution, advanced formula for hand sanitization. The novel product offers instant 99.9% germ protection with antimicrobial and antiseptic properties, establishing the new product as a quick solution for all-around protection and freshness. Also, In March 2020, Regeneron Pharmaceuticals and Sanofi launched a Phase II/III clinical program in the U.S. evaluating the marketed arthritis drug Kevzara (sarilumab) as a severe treatment for COVID-19 coronavirus infection in up to 400 patients.

The global COVID-19 mitigation products market report would provide an access to approximately 120 market data tables, 131 figures and 170 pages