Stankevicius MGM Review: RNR Medical Equipments Trading LLC Reports on Medical Trading during COVID-19 Q3
Released 11:55 28-Aug-2020
The global COVID-19 pandemic led the world into a great increase in the demand for the essential medical equipment such as masks, gloves, respirators, and COVID-19 tests in order to help healthcare workers to combat the ongoing pandemic as well help people to defend themselves against the virus.
According to resources the medical supplies market around the world is estimated to reach USD 78 billion to USD 100 Billion from 2019 to 2021, at a CAGR of ~13.4%. During the 1st quarter of 2020, the UN itself has delivered over 6.4 million gloves, 1.8 million surgical masks, and 1 million medical attires across the world. UNICEF projected the needs through the year 2020 could be reached until 2.2 billion surgical masks, 1.1 billion gloves, 13 million goggles, and 8.8 million face shields and it's already proven as per now almost 900 million masks and 600 million-plus gloves has been sold globally. As the demand is increasing daily, trying to satisfy these high demands, countries have started to face a massive shortage and are increasingly forced to ration these goods.
As the growing positive cases of COVID-19 patients keeps increasing, the demand for medical supplies equally increases as they are in need of proper treatment. According to statistics, as of 28th august 2020, the number of coronavirus cases have increased to 24.3 million while the death toll from this virus has risen to 828,000. Although this sudden rush in demand positively impacts the medical supplies market, the large spread of the disease has led the way into a massive shortage of medical supplies in the front line. And it has propelled many non-pharmaceutical companies to manufacture various medical products. In April 2020 SanTan Brewing and Pernod Ricard's Facility which are US companies originally famous for alcohol beverage production repurposed its beer and rum production line to manufacture hand sanitizers. As the countries' growing fear of these supply shortages, the governments have ordered their trading partners to ban or limit the export of medical supplies so that they can fulfil their domestic demands.
While the demand is high, on the other hand, fraud is another issue required to be seriously looked at. Various parties are taking advantage of the market and performing wrong doing activities in terms of general trading within the medical sector. Unlicensed, fraudulent medical products have been released to the market and sold to governments which resulted in huge financial losses. The economy in 2020 has taken a big hit, however there are players in the market using the opportunity for business prosperity.
As in the overview, the medical trade market requires attention and caution. The market is open for business but has its own risks to considering when dealing internationally with various parties without knowing enough information about them. Due diligence, inspection and company profiling are must to do before going into business with medical trading companies.
RNR Medical Equipments Trading LLC strongly advises and recommends to hire a professional consultant for international trading matters within hyped markets such as medical trade for COVID-19.
About RNR Medical Equipments Trading
RNR Medical Equipments Trading provides top trading options within premiere global network with access to medical equipment merchandisers globally from the US to Europe, to Middle East, to Asia Pacific. RNR Medical Equipments Trading focuses on assisting clients to get access to trending trading medical items while at the same time providing suppliers due diligence and contracting services.
About RNR Group
RNR Group is a leading international trade and business management group focusing on providing personalized business solutions to private clients internationally, powered by high-end services and experience. RNR Group is actively following the latest change in global markets to remain at the front of the industry.
RNR Group is also a co-founder of BRICS+ global initiative. The key mission of BRICS+ is to become a practical tool to overcome economic, political and religious barriers by contributing to the improvement of the investment climate between countries.
RNR Group is working on establishing the world's first UNESCO International Interdisciplinary Innovation Centre as well as advising the governor of Krasnodar to establish Ecological Fund of Krasnodar Region which will promote Krasnodar as global centre of ecology.
Stankevicius MGM is not an investment advisor. Before investing consult with a professional investment advisor. This review is done based on business experience.