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.
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".
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.
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
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