06 Jul, 2020 COVID-19 pandemic severely impacting aesthetic implant market, says GlobalDataPosted in Medical Devices
Nearly one quarter of revenue from aesthetic implants in the US will be lost in 2020 due to the COVID-10 pandemic, as most procedures are considered to be elective and non-essential, according to GlobalData, a leading data and analytics company.
Eric Chapman, Medical Devices Analyst at GlobalData, says: “GlobalData estimates an overall reduction of 24.1% of revenue by the end of 2020, compared to previous forecasts before the outbreak of SARS-COV2. In Q1 2020, elective procedures were postponed in the US from around mid-March (2 out of 12 weeks), resulting in a decline of about 11.9% of revenue. Q2 2020 was the worst quarter for the aesthetic implants market, as the first peak of new COVID-19 cases occurred in April and many procedures had been cancelled or postponed. As a result, the market was down approximately 71.25%.”
Given that most aesthetic implant procedures are elective, the COVID-19 pandemic had a major impact on this market, as procedures were postponed. In some regions, up to a 70% reduction of patients seeking treatment has occurred since January 2020. In addition, clinics are voluntarily turning away patients to protect their staff and prevent the collapse of entire businesses.
Chapman continues: “In Q3 2020, GlobalData estimates that the market will begin to experience a gradual recovery from Q2 2020, as clinics begin to reopen and procedures are rescheduled. Initially, GlobalData estimated an overall reduction of 23.75% of revenue for the quarter – compared to predictions before the COVID-19 outbreak – however, a resurgence of new COVID-19 cases in regions such as the South and South West might result in clinics once again shutting their doors and further delays in procedures. By Q4 2020, GlobalData anticipates the start of a ‘surge period’ for aesthetic implant procedures, to make up for those that were postponed earlier in the year.
“This forecast is consistent with guidelines from societies such as the International Society of Aesthetic Plastic Surgery (ISAPS), American Society of Plastic Surgeons (ASPS), and data from the COVIDSurg Collaborative. As many states have now passed peak numbers of COVID-19 cases, these guidelines are being modified to allow for the resumption of clinical activities and reopening facilities for elective surgery in multiple phases.”