COVID-19 was identified in Wuhan, China in December 2019. Severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) is a new coronavirus family causing illness in humans and animals. The virus transmits from person to person through droplets. Most common symptoms include, coughing, sneezing, difficulty in breathing, fatigue, headache, sore throat among others.
Based on the data from various countries, among the positive cases, 14%-15% are hospitalized and 3% to 4% need intensive care unit admission. Globally, as of 7th February, 2022, there have been 395,881,222 confirmed cases including 5,758,587 deaths.
Even though, the impact of COVID-19 fatalities is less than that of the road accidents, the loss to the families is beyond measurable. As per various studies, every person who dies due to Corona-virus disease, could have lived for at least 20 more years.
COVID-19 pandemic presents the unprecedented challenge to human life. The impact is highly devasting and has resulted in significant loss of the human life socially, economically, mentally, and physically. Every aspect of the human life has been affected and the hopes of ending this fight has become thinner with the emergence of second and third waves of pandemic. Presently, the impact of COVID-19 on mankind is extensive and can be measured by studying various categories as below:
The pandemic emerged from China and spread over 200 countries has negatively impacted the global economy. According to the estimates by the federation of American Scientists, the global economic growth was reported at the rate of -4.5% to -6.0% in 2020.
Lockdown measures were imposed by governments of various countries to curb the spread of infection. However, this resulted in the loss of livelihoods for many workers. This mainly affected the labor force operating informally on daily wages basis. Many start-ups and enterprises faced challenges for their existence, resulting in massive discontinuation of employments. For many people, no employment means no food and no access to quality medical facility which are bare minimum necessities of human being for survival.
Social distancing has changed the way of living normal life as we used to live before pandemic.
Many social gatherings are cancelled or postponed. Most of the employees from the IT and some of the other sectors, are working from home for more than a year. Working from home has many advantages such as saving of travel time, fuel for transportation and thereby environmental pollution, less spending on apparels and accessories, more time for family among others. However, it has become so stressful as well as there is no or limited separation of work life and family life. People have accepted this way as new normal and driving the economy even working from home. This new adaptation has impacted trends in demand for multiple products and services which were tailored to meet the changed lifestyles of people.
Healthcare industry has witnessed a mixed impact in terms of the product demands. Demand for the products such as PPE kits, medical gloves, masks, sanitizers, ventilators, ICU equipment and supplies, and COVID-19 diagnostics and medications were skyrocketed with high level shortages. The shortages of these products resulted in uneven supply globally. Even though the most of the healthcare products witnessed high demand, many experienced a decline in the sales during the year FY 2020 for example, surgical products. This was attributable to the postponed elective surgical procedures, cancellation of appointments due to overburdened medical facilities, and significant decline in number of aesthetic procedures.
Despite lot of negativities surrounding pandemic, there has been revolutions raised from the necessity to adapt to the emergency situations. These expedited the innovation, critical thinking, and transformation of multiple sectors making a strong positive impact.
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