COVID-19 Pandemic: Economic Impact and Innovations Driving Growth in Digital Health and PPE Markets

Strategic Insights -

As concerns from the pandemic begin to recede, companies across the U.S. are facing the challenge of creating safe work environments for employees while enforcing social distancing measures. However, for some sectors, this is an opportunity. The digital health sector is experiencing strong growth as the transition to remote services has been significantly accelerated. Meanwhile, the importance and adoption of personal protective equipment (PPE) by the public have helped prevent even higher numbers of infected. The global personal protective equipment (PPE) market was valued at USD 52.7 Billion in 2019 and is expected to reach USD 92.5 Billion by 2025 while growing at a CAGR of 8.7%.

Key Takeaways:

  • NEXE Innovations Inc. has begun the development and prototyping of a compostable disposable facemask, leveraging existing collaborations in polymer science, plant-based materials, and municipal composting.
  • The company aims to create a fully functional compostable disposable facemask that meets international healthcare standards in the coming months, with sufficient funds to complete the project.
  • The global market for disposable masks exceeded $70bn USD in 2020, more than double the size of the market for single-serve beverage pods.
  • The importance and adoption of personal protective equipment (PPE) by the public have helped prevent even higher numbers of infected.
  • WELL Health Technologies Corp. has partnered with a leading national medical laboratory to provide eligible patients with online medical consultations and requisitions for COVID-19 (SARS-CoV-2) Antibody Testing.
  • CloudMD Software & Services Inc. has expanded its mental health services into the United States, providing individuals with direct access to clinical assessments and therapeutic support.
  • Owens & Minor, Inc. has announced an increase in full year 2020 earnings guidance, primarily driven by the deployment of PPE-related production equipment in the U.S.
  • The pandemic has accelerated the transition to remote services in the digital health sector, driving growth in this area.

Statistics:

  • Over 100 billion facemasks are currently being disposed of every month as the COVID-19 pandemic rages. (Source: J. C. Prata, A. L. Patrcio Silva, T. R. Walker, A. C. Duarte, T. Rocha Santos, Environ. Sci. Tech. 2020, 54, 7760.)
  • The global personal protective equipment (PPE) market was valued at USD 52.7 Billion in 2019 and is expected to reach USD 92.5 Billion by 2025 while growing at a CAGR of 8.7%. (Source: VynZ Research)
  • More than 2 in 5 residents in the U.S. report struggling with mental or behavioral health issues associated with COVID-19 pandemic, including anxiety, depression, increased substance use, and suicidal thoughts. (Source: Centers for Disease Control and Prevention)

Sources:

  • J. C. Prata, A. L. Patrcio Silva, T. R. Walker, A. C. Duarte, T. Rocha Santos, Environ. Sci. Tech. 2020, 54, 7760.
  • VynZ Research
  • Centers for Disease Control and Prevention
  • Grand View Research. Disposable Face Mask Market Size, Share & Trends Analysis Report By Product (Protective, Dust, Non-woven), By Application (Industrial, Personal), By Distribution Channel, And Segment Forecasts, 2020 - 2027.