Economic Impact of COVID-19 on the Ventilators Industry

The outbreak of coronavirus (COVID-19) has affected almost every industry, either positively or negatively. This major healthcare concern has put a serious impact on the healthcare sector, including the personal hygiene industry, healthcare equipment, and pharmaceutical industry. As COVID-19 targets lungs and certainly cause complications such as acute respiratory distress syndrome and pneumonia; therefore, the ventilators are needed to deliver enough oxygen from the lungs to other parts of the body. However, with the increasing number of coronavirus cases across the globe, fear is growing among the healthcare professionals and the government over the shortage of ventilators. 

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The broadening of the COVID-19 pandemic, the ventilator manufacturers have ramped up capacity, production of ventilators. On March 18, 2020, Medtronic announced to increase the production of ventilators in order to address the COVID-19 pandemic. The company is expected to increase the ventilate production by nearly 40% and is on track to double its capacity and production to supply ventilators in response to the imperative needs of healthcare systems across the globe confronting coronavirus. Along with Medtronic, General Electric Co., Hamilton Medical, Ventec Life Systems, Inc., and Breas Medical AB are on the same path and have announced the ramp up off their ventilator production facilities during this situation. 

The inevitable shortage of ventilators due to the rapidly spreading of COVID-19 has urged for the production of creative new solutions, with which, the world’s automotive manufacturers are trying their luck in the manufacturing of ventilators for this global pandemic. On March 22, 2020, the Government of the US has given a green light to General Motors, Tesla, and Ford, regarding the production of ventilators. Similarly, several other automobile manufacturers have ramped up the production of ventilators to fulfil its need on the home grounds. For instance, Fiat Chrysler and Ferrari are planning to boost the production of ventilators for the increasing spread of COVID-19 in Italy. Likewise, on March 22, 2020, Mahindra Group announced to break new ground in the ventilators industry, to cater to the increasing demand for ventilators in India and across the globe.