Pre-COVID Impact on Europe Disposable Underpads Market
Before the COVID-19 pandemic, a modest growth rate in the Europe disposable underpads market was witnessed. As leading brands use various promotional strategies and price cuts to gain edge, it would drive down product prices thus impacting their profit percentage. Nonetheless, Europe's aging population will continue supporting the expansion of the market. Several companies, such as Medline, Medtronic, Getinge Group, Cardinal Health among others, have a strong retail presence across the region, which is useful for adults living at hospitals, geriatric-home care, and Pharmacies. This may also rise on account of injury or trauma to the penis, urethra, or bladder and is also associated with the pregnancy. The factor has risen the use of disposable underpads in Europe. Through improvement in campaigns and product developments, some of the leading institutions are aiming at eliminating stigma associated with incontinence. Awareness campaigns are designed to help consumers realize the importance of proper sanitation. These initiatives benefited the companies offering disposable underpads, including their manufacturers. According to the World Health Organization (WHO), incontinence affected 5% to 7% of the world’s population in 2012, with rising incidence rates of obesity and aging identified as two of the primary factors responsible for its high prevalence of incontinence. In addition, it is reported that women are three times more susceptible to incontinence than men and therefore, dominate a large share of the target user/customer base. The increase in the number of aged population, surge in awareness of biodegradable underpads, and rise in concern regarding personal hygiene are some of the key factors responsible for driving the growth of the overall Europe disposable underpads market. Meanwhile, the share of people aged 65 and over in Europe will rise from 19% to 29% of the population, and people aged 80 and over will increase from 5% to 13%. Over the past couple of years, there has been a rise in the rate of internet penetration in Europe. Taking its macroeconomic factor into consideration, disposable underpads manufacturers have been taking steps on going online to promote their product in a much more effective manner. E-commerce as a mode of distribution channel will expand in Europe during the forecast period. Various advantages associated with e-commerce over offline stores such as reduced product costs, lesser travel time, and availability of comprehensive range of benefits to retailers and merchants, will propel the growth of disposable underpads market in the region.
Thus, these are the market strategies followed by the key players before the COVID-19 which has resulted in a positive, steady and continued growth of the disposable underpads market in Europe.
Present Impact On Europe Disposable Underpads Market
As the coronavirus disease 2019 (COVID-19) pandemic spreads, it will continue to affect the healthcare industry. Europe's disposable underpads market are no exception, and the effect on their uptake and adoption will be multifaceted. The global COVID-19 pandemic, together with the preventive and precautionary measures taken by businesses, communities and governments, is impacting, and it is expected will continue to impact significant aspects of market, including demand for products, operations, supply chains and distribution systems, and ability to research and develop and bring new products to market. In the E.U., a single regulatory approval process exists, and conformity with the legal requirements is represented by the CE Mark. To obtain a CE Mark, defined products must meet minimum standards of performance, safety, and quality, and then, according to their classification, comply with one or more of a selection of conformity assessment routes. The competent authorities of the E.U. countries separately regulate the clinical research for medical products and the market surveillance of products once they are placed on the market. The regulation initially provided a three-year implementation period but that timeline has been delayed to May 2021 due to COVID-19 and its impact on audits and technical file review by Notified Bodies. After that time, medical devices and products marketed in the E.U. will require certification according to these new requirements, except that devices with valid CE certificates, issued pursuant to the Medical Device Directives before May 2020. Thus the new companies which are proceeding to launch their disposable underpads in Europe have halted their plans. The novel coronavirus disease 2019 (COVID-19) will continue to have an adverse effect on companies business, results of operations, financial condition and cash flows, the nature and extent of which are highly uncertain and unpredictable which will affect the disposable underpads market.
As a result of the COVID-19 pandemic, many governments, including Spain, France and Germany have, or have considered, restrictions on exports of medical and pharmaceutical products including disposable underpads. These restrictions are implemented till date, which cause a significant disruption to source disposable underpads and could experience increased prices and lost sales. In addition, the pandemic also may give rise to new risks or heighten many of the risks previously identified, including risks associated with competitive pressures, supplier relationships, regulatory and licensing, changes to the Europe healthcare environment, cyber security, and access to capital markets. The COVID-19 virus has created not only a healthcare crisis but also an economic one and a COVID-19 recession is now a reality. The disposable underpads have generally been immune to recessions in the past. Demand for disposable underpads has been a constant since people get sick, whether times are good or bad. While healthcare workers are busy dealing with COVID-19 patients, healthcare offices are still suffering from the decline in other patients. Some primary care practices have reported reductions in the use of healthcare services of up to 70%. This factor negatively impacted the market in the region.
Post Impact on Europe Disposable Underpads Market
It was initially believed that the COVID-19 would be short, but that does not seem to be the case anymore. As long as there is community spread of the disease, it will not be safe for people to re-engage. There are both formal restrictions in place and a general hesitancy of people to expose themselves to risk. It is unlikely that the healthcare economy will stabilize until the COVID-19 crisis is addressed. The longer the recession lasts, the greater will be the economic harm. Europe's disposable underpads market can handle short-time shutdowns, but sustained shutdowns might be more difficult to manage. Jobs will decline, which means fewer people will get paid, and those who are working may have to face wage declines. This will result in reduced spending, and ultimately the people's healthcare spending declined in Europe. Especially in France, where the healthcare and medical products such as disposable underpads are costlier than other countries in the region. The financial performance of disposable underpads providers in the coming years will be impacted by several factors, including the macroeconomic performance and recovery of the country, the pace at which elective care returns, and the agility of the leadership in adapting their operating models to these changing circumstances. Labor costs may rise in some countries as worker shortages in selected disciplines emerge, particularly in manufacturing or production houses. A growth in task-shifting models may also follow potentially with higher wage bills to leverage nonspecialists. However, there is a change in hospitals functioning how they used to. A lot of changes will have to happen on the administrative and clinical level to adapt to the paradigm shift that this pandemic has created. Now in place of usable underpads the patients are given disposable underpads.Additionally, once the lockdown is lifted, there might be an increase in patient flow, especially people who have elective surgeries planned and pending for over two months now. This factor will increase the use of disposable underpads in hospitals. Ensuring timely treatment and complete patient safety is going to play an important role in restoring the trust of people in visiting hospitals, who have, due to COVID-19 fear, refrained from going to hospitals.There should be an increase in the amount of investments by the government for strengthening the healthcare industry with respect to private public partnership, development of a stronger pharma supply chain. In Europe, medical tourism has been an especially important aspect in terms of generating revenue for the sector, but due to COVID-19, it is set to see a downtrend, at least in the short term. Therefore, filling that revenue gap by preparing a parallel plan for medical tourism is crucial. Thus when medical tourism will restart in Europe it will accelerate the disposable underpads demand in the region.
After COVID-19 demand for disposable underpads is expected to grow continuously over the forecast period due to increasing adoption of these products in home care settings, especially in Europe. A growth of the market is projected to be further driven by its easy availability in local pharmacies.
Upon Considering All The Above Facts
Hospitals and health systems which are major consumers of disposable underpads in Europe have significant depth of intellectual capital and expertise are at an advantage in the COVID-19 world. Key players who can deliver disposable underpads, develop and disseminate new protocols, rebuild supply chains and implement innovative adaptations had the upper hand with addressing the challenges of COVID-19 which could also help them in future. This has led some organizations, like regional health systems, to announce transactions with academic medical centers or teaching hospitals. Partnerships can also help key players to address gaps in infrastructure that the COVID-19 pandemic highlighted, such as storing capacity. In this case, regionalization has become more prevalent as a healthcare merger and acquisition strategy. Key players also realized last year that they must focus on core business strengths to maintain financial stability while divesting or creating partnerships to manage underperforming areas. But divestitures may spark more partnerships, as health systems seek to fill the gaps to ensure consumers maintain access to disposable underpads in any situation.
The BDO also showed that healthcare merger and acquisition activity by for-profit health systems as both acquirer and seller increased in 2020. The number of financially distressed sellers also remained stable last year at 16 percent of announced transactions compared to 20 percent in 2019.
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