COVID-19 Impact on Spinal Imaging in Healthcare Industry
The rapid spread of COVID-19 around the world with over 16.3 million cases and over 6,49,000 deaths brings new challenges for the all the communities around the word. The Coronavirus disease (COVID-19) pandemic outbreak has affected, inflicted and influenced million human life’s across all regions ranging from North America, Europe, Asia-Pacific, Middle East and Africa up to South America. The Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2) virus has spread across all regions ranging from Asia-Pacific, Europe, North America, Middle East and Africa and South America.
World Health Organization (WHO) has been declared Coronavirus disease (COVID-19) pandemic outbreak as a public health emergency of international concern (PHEIC) due to its rapid spread and contagious nature which is a life threating disease. The pandemic outbreak has impacted all the countries either in larger or smaller way and forced national and international authorities and governments to taken unprecedented actions to limit Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2) virus spread.
The Coronavirus disease (COVID-19) pandemic outbreak has enforced governments, national and international authorities to impose imposed isolation & lockdowns, close borders, businesses in the order to safeguard lives and wide-spread closures in limit and slowdown the wide-spread of the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2). Countries are facing a many layers emergency which is composed of international and domestic economic disruptions in demand and supply, collapse of prices and straining health systems.
Various authorities have made certain efforts and taking actions in the order to give pace to spending behavioural. The Coronavirus disease (COVID-19) pandemic outbreak crisis has affected global economy and created economic recessions in serval countries around the world. As per the International Monetary Fund “The global economy is projected to contract sharply by 3% in 2020, much worse than during the 2008–09 financial crises. The global economy is projected to grow by 5.8% in 2021 as economic activity normalizes. Global growth: for 2020 it is negative—a recession at least as bad as during the global financial crisis or worse.”
According to the United Nations “The global economy could shrink by up to 1% in 2020 due to the Coronavirus pandemic, a reversal from the previous forecast of 2.5% growth rate” and “Millions of workers in these countries are facing the bleak prospect of losing their jobs. Governments are considering and rolling out large stimulus packages to avert a sharp downturn of their economies which could potentially plunge the global economy into a deep recession. In the worst-case scenario, the world economy could contract by 0.9% in 2020".
The Coronavirus disease (COVID-19) pandemic outbreak by unprecedented strain by spread of Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2) virus has entirely changed Spinal Imaging market dynamics worldwide. Spinal Imaging practices have been drastically impacted irrespective of specialties as all healthcare providers are trying to triage the only urgency of daily imaging procedures and to find new ways and methods for management of less urgent imaging procedure where possible, which has drastically changed in the demand of Spinal Imaging devices and equipment.
Moreover, Coronavirus disease (COVID-19) pandemic outbreak arisen uncertainties have concerning the global market. Measures taken to limit and slow the transmission rate of Coronavirus disease (COVID-19) are decreasing the spinal imaging demand. Hospital emergency preparations in the order to expand capacity for the crisis are further diminishing the demand and volume of spinal imaging which can be performed safely.
History tells us that Economic recessions majorly tend to result in declined healthcare expenditures and spending. Healthcare groups have never faced any shock which is simultaneously exacerbated though the strict requirements of restrict the availability of imaging. Outpatient procedures are facing the biggest impact of these challenges.
However, all spinal - imaging volumes will decrease. Anecdotal experience depicts that spinal imaging practices will anticipate 50%-70% decrease in imaging volume which can last at least of 3-4 months which will depend on the geographic location and practices and the severity of the COVID-19 pandemic in each region.
Various reports has presented that imaging industry delinked volume and demand of device around the world and data collected from various countries depicts that only majority of the imaging procedures are categorized as non-essential imaging procedures which have been cancelled during the peak period of the COVID-19 which has affected the spinal imaging market and equipment revenue has been declined in the duration.
Spinal imaging equipment manufacturers are currently operating under contingency plans and risk management, workforce safety protocols, manufacturing operations, all at the same time. Some Spinal Imaging equipment manufacturing have established emergency response task force in the order to resolve any challenges as soon as possible to keep the business as operative as maximum as possible and to have understanding of all the situations and scenarios of their challenges and issue associated with the supply & demand in the market.
Various autonomous authorities, Regulatory authorities and governments including World Health Organisation, European Medicines Agency, Food and Drug Administration, have published new guidelines for management spinal imaging procedures during the Coronavirus disease (COVID-19) pandemic outbreak
Governments in various countries have stressed on the Policy measures, adopted few to Policy measures in the order to slow the disease transmission. The disease transmission rate has decreased the demand for spinal imaging. Governments have asked healthcare provider and manufacturers to facilitate patients with the emergency spinal imaging procedure to save life.
The Coronavirus disease (COVID-19) pandemic outbreak is pushing spinal imaging industry boundaries and forcing manufactures and researchers to find new ways of manufacturing new device, equipment’s and accessories with new innovative & unique design, new technologies and new functionality.
The DBMR Insights will provides case study based analysis of changes in market dynamics in terms of market share, new entrance, new developments, impact on domestic and localised market players, country level analysis, emerging market, PESTLE analysis, revenue pockets analysis, changes in market regulations, strategic decisions, product approvals, product launches, geographic expansions in the markets.
FIGURE 1 DBMR INSIGHTS ON COVID-19 PANDEMIC IMPACT ON GLOBAL SPINAL IMAGING MARKET DYNAMICS
understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create an impact solution for COVID-19 pandemic.