The recent developments and the catastrophic consequences surrounding the COVID-19 pandemic have affected most industries, including the medical aesthetic industry. To comply with the social distancing guideline, many skincare clinics have had to shut down for an indefinite period.
The financial impact on businesses has been immense; most practitioners have had to shut down their clinics which has resulted in drastically reduced revenues and reduction in inquiries. This situation will continue as most US states have announced the continuance of restrictions on people’s movements and the indefinite closure of all non-essential businesses.
The staggering impact of the current outbreak has put a question mark on the present and future of the medical aesthetic industry. In this post, we will delve into the areas of this specific industry in terms of dealing with the situation and whether it is resilient enough to make a comeback.
The Current and Future Impact of COVID-19 on the Medical Aesthetics Industry
We have put together some scenarios that the medical aesthetic industry may face due to COVID-19.
The impact of the outbreak may force people to change their perspective. When aesthetic clinics resume operations, customers’ priorities will have taken a different direction and undergoing skin treatments will be the last thing on their list. As a result, there could be a sharp drop in aesthetic treatments.
The clients may not cancel their appointments and may instead just postpone them. They may consult the aestheticians online and the aesthetic industry may survive.
All aesthetic treatments will be suspended for an indefinite period. Some clinics may survive, but others may not. Practitioners, who have a second stream of income, are likely to survive if their business has lower overhead expenses. Depending on the situation in the future, due to loss of income, customers may not be able to spend on aesthetic treatment. A large section of people will be relying on government aids and their insurance.
There could be a spike in the aesthetic business after the crisis gets over, as more people could be looking for less expensive and minimally invasive skincare treatment. However, it remains to be seen whether clients will be able to afford even relatively inexpensive treatments because COVID-19 has had a significant impact on their income and lifestyle. Again, it will be a matter of priority.
What the Future May Have in Store
The outbreak of COVID-19 has shown us how fast things can change, from a prosperous situation into a bleak future. In the current situation, the future of businesses will depend on the circumstances, decision-making and adaptability.
Just like most industries, the medical aesthetic industry has a cloud of unpredictability hovering over it. For now, the industry and the practitioners can resort to digital consultations and after-care to survive. Many consultants have shifted to the digital platform and are offering consultations via Skype, FaceTime, Zoom and other video communication apps. We still have to wait and see if future legislative changes will alter the landscape of the aesthetics market.
A recent study by the consulting firm McKinsey shows that the economic impact of the COVID-19 pandemic on various industries will be more far-reaching than any recession. However, there are still signs that the aesthetic industry may claw its way back with resilience. In China, the total sales in the aesthetic industry in February dropped by 80 percent compared with the previous year. In March, the decline was 20 percent, which is a significant comeback under the current scenario.
We fully understand the uncertainty and confusion in this lockdown phase. However, if you are having skin issues, it is best to get it treated. We are open and are offering our services based on appointments. Schedule a consultation by calling us at 408-294-2399. You can also send an email to us at info@raniMD.com, and we will get back to you shortly.