The factors fueling the expansion of the market are the rising implementation of favorable policies by various governments, soaring geriatric population and the subsequent rise in the need for elderly care, and the growing incidence of chronic diseases across the world. During the COVID-19 pandemic, the governments of several countries have taken important measures such as imposing full or partial lockdowns for reducing the spread of the virus and the number of infected persons. This caused the shutting down of industries or in some cases, a significant reduction in the operational capacity of plants, which, in turn, disrupted the logistics and supply chains. Moreover, the industry has been experiencing a slump since the end of 2019. Because of these factors, the market is exhibiting a very slow growth rate in the current times.