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Posted by smithmorgan on August 14, 2024 at 6:02pm 0 Comments 0 Likes
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Posted by smithmorgan on August 14, 2024 at 5:58pm 0 Comments 0 Likes
COVID-19 Impact on Cosmetic Non-Surgery and Services in Healthcare Industry
The first situation of COVID-19 epidemic was found in Wuhan, China. This epidemic has prejudiced the whole planet with its major impacts on the economy and industries across globe. The COVID-19 spread universally in unprecedented ways due to its high communicable and contagious nature and lack of availability of its conduct and vaccine on large scale. As a consequence, the greatest medical challenge in the 21st century is yet to be faced by doctors worldwide. Though emergence of the virus can be followed back to Asia, many European countries along with the U.S. have been hit massively by the pandemic. The disease has spread across all districts ranging from Europe, North America, Middle East and Africa, Asia-Pacific up to South America. The COVID-19 has been professed as a epidemic by World Health Organization (WHO) due to its augmented spread across the globe. After the declaration of the epidemic, various countries announced the whole lockdown in the U.S., Germany, India and China among more in direction to decrease its spread. The lockdown of countries leads to reduced number of cosmetic non-surgical procedures as they are non-essential in comparison with the emergent services required by people affected with COVID-19. According to the situation report by World Health Organization (WHO) published on 20th April 2021, it has been stated that the 64% hike in COVID-19 cases is observed in India followed by 2% increase in the U.S. and 17% increase in Turkey among others.
The implications of COVID-19 having considerable influence on the cosmetic non-surgery and services market are now starting to be felt. Various issues which have indirect effect on the decline in cosmetic non-surgery and services procedures include travel bans, mass quarantine, flight cancellations, along with growing panic among the population and uncertainty about future.
IMPACT ON DEMAND
Exponential rise in circumstances of coronavirus across the globe is increasing the demand for the essential medical goods such as diagnostic kits, PPE kits and disinfectants among more. However, the dermatologist being doctors are behaving responsible in order to prevent the transmission of virus from one person to another as the treatment of cosmetic procedures which lack surgeries are taking place in less number. Only the emergency and urgent cases are considered which includes burns, rapid allergy among others. For aesthetics operations, many surgeons worldwide have followed the self-imposed moratorium on all aesthetics operations advised by most of the major medical societies which have had tremendous socio-economic effects on most private practices such as clinics. With COVID- 19’s impact bound to be felt in subsequent years, there's a long way to go. And there is still a strong desire for returning to "natural" activities, with the essence of this being personal confidence and satisfaction. COVID-19 has not altered the underlying need for aesthetic treatments, it has merely produced yet another entry obstacle. The path to therapeutic progress and a road to normality must consist of constantly mitigating physical threats, retaining a cool and authoritative attitude and coordinating continuing steps to safeguard patients.
The key findings of survey done by Cynosure, from May 1st - May 14th, 2020 among 3,000 global patients, spanning five key markets, namely the U.S, U.K, Spain, South Korea and Australia are as follows:
• 85% of the patient wants to return to the treatment in 12 months after the lifting of the posed restrictions.
• Among the 85% patients, 31% are eager to visit the aesthetics clinic for their treatment however, 32% wants to return after 3 months of settling of COVID-19 and 22% wants to return within 6-12 months.
• 51% of patient of cosmetic non-surgery and services market have COVID-19 as a major concern, however 44% patients have income situation and affordability as key concerns.
• The reassurance measures by patients to feel more comfortable returning to aesthetics treatments includes:
o Use of facial masks and gloves by staff
o Limiting number of patients in practice at any one time
o Use of facial masks by patients in waiting room
o Reassurance and communication about practice disinfection and safety
In the first half of 2020 (H1), the cosmetic non-surgery and services market is expected to decline due to increased restrictions imposed by various government leading to closing of non-emergent healthcare facilities includes procedures such as botulinum toxins, laser hair removal, chemical peels and derma fillers among more. The mass quarantine imposed by the government put stop to the transportation, international travels and aesthetics clinics which reduces the chances of such procedures.
The market players have experienced decreasing levels of customer demand for its products beginning in the second half of its first quarter of 2020. COVID-19 needs some of its customers to shelter-in-place and doesn't operate. Fewer operations are being conducted in such situations where the clients are employed. When performing procedures, clients focus mostly on medically necessary procedures that should not be delayed. Non-urgent, non-essential procedures are getting cancelled or delayed. Some of the clients of aesthetic medicine market will feel less confident about investing in their practices and focus on keeping their cash. The market may often face difficulties collecting on its receivables as a consequence of cash saving initiatives by its clients. Reducing consumer orders will increase the sum of money that the business hopes to receive.
The market expects this reduction to continue through the second quarter of 2020 and possibly for the remainder of 2020, but its extent at this time cannot be quantified. The above factors and trends may also affect demand for its service contracts. The economic effect of the present pandemic is often experienced by doctors and its clients. For certain patients who have lost their careers have decreased research or had to devote their cash to other goals as elective cosmetic procedures are less of a concern than other items. However, after the restrictions get lifted, the cosmetic non-surgery and services market will catch its own pace back as people are more attracted towards the aesthetics leading to growing demand of aesthetics market in future.
IMPACT ON SUPPLY
The COVID-19 situation has led to disrupted supply chains for cosmetic non-surgery and services market. The shortage of the instruments used in the procedures along with no access to healthcare facilities where these non-surgical and non-essential procedures could be done leads to decreased availability of such procedures. This means that the supply of aesthetics non-surgical procedures is limited in situations where their demand is high.
The unexpected eruption of COVID-19 and its succeeding impact on limitations on trade and measure of belongings has resulted in a stoppage of vast shares of the global economy, resulting in disturbed supply chains due to inadequate materials and workforce and stoppage or discontinuing of business. Furthermore, several medical equipment manufacturing companies are retooling for priority manufacturing to produce other essential medical supplies and equipment such as ventilators.
The trade limitations have left no choice but making national manufacturing of essential medical devices a requirement. During the epidemic, as the demand upsurges, counterfeiting and price gouging of trade in goods surge as well.
KEY INITIATIVES BY MARKET PLAYERS DURING COVID-19
• In May 2020, Galderma underwent partnership with CETAPHIL to focus on hand health and safety with their "In Good Hands" initiative to fight COVID-19.
• A donation of USD 2.00 million has been made by Allergan plc to community organization responding to the COVID-19 pandemic.
• In May 2020, Sinclair Pharma partnered with Suneva Medical for innovative Silhouette Instalift sutures. This partnership has broadened the aesthetic range of Suneva Medical to meet the increasing need in the market for safe and minimally intrusive cosmetic alternatives.
STRATEGIC DECISIONS BY MANUFACTURERS
Managers overseeing new product launches of cosmetic non-surgery and services market will carefully make moves in uncertain times. The strategic decisions for cosmetic non-surgery and services manufacturers being utilized in the COVID-19 diagnosis and for those manufacturing specialized devices will vary.
In the coming months, OEMs of non-critical devices and their suppliers are expected to face more challenges. The possibility of multiple interactions with providers at institutions handling coronavirus cases will not be advisable leaving the market in the low. The reduction in orders will lead to higher inventory in specialized OEMs as compared to OEMs supplying cosmetic non-surgery and services devices to COVID-19 diagnosis centers. The impending recession will also cause decline in orders.
The approaching months can be considered unchartered territories for producers. Supply chain managers might want to reflect dealing with OEMs that are able to overwhelm market disruptions. Manufacturers need to take essential steps pertaining decisions concerning production processes, shifting to other amenities if needed, variations in quality assurance, costs and procedures related to screening of workforce and offering of care if obligatory, changes in working hours and others.
CONCLUSION
Desire of the patients for the cosmetic care is high but the practice must gain the confidence and loyalty to offset the economic concerns after the COVID-19 situation. Each market is faced with individual barriers so to gain back the normality, those barriers are required to be overcome. Many opportunities will come with obstacles in addition to the barriers which will help in reviving the industry. Concerns specifically related to COVID-19 such as personal contact, social distancing issues or PPE issues were reported by 51% of patients with income condition and affordability coming in second at 44%. One technique for re-engaging selected patients is to use promotions and offers. Finance is a barrier to entry with respondents concerned about potential economic changes affecting their previous routines. Concerns about personal interaction, social distancing or PPE concerns about income situation and affordability are all factors to consider when using payment plans. Cleaning protocols clustered treatment choices or "bolt-on" type treatment deals in combination with new safety measures can make patients feel more at ease, reassured and optimistic about returning to treatments.
Although COVID-19 continues to raise obstacles for the sector, clinics and clinicians should adapt the lessons in order to ensure stable, reliable and secure procedures and continuing correspondence to help inform patients and promote a timely return to care once clinics are reopened. Read more COVID-19 Resources
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