What? When? Why?
Latest Happenings in Business World
13
Dec-2021
Global ENT Devices Market Size To Cross USD 21.61 Bn By 2026
The demand for ENT devices is growing significantly across the globe.
As per our research report, the global ENT devices market size is estimated to value USD 21.61 billion by 2026 and grow at a CAGR of 7.4% during the forecast period.
The COVID-19 pandemic has significantly affected the demand for ENT devices worldwide. This was due to the drastic reduction in the number of inpatient and outpatient services for other illnesses and implementing infection prevention and control measures. As a result, the number of procedures for detecting and diagnosing ENT diseases has been drastically reduced. Although in early 2021, the market has recovered slightly with social distancing and normalization of hospital regulations.
The global ENT devices market is primarily driven by the increasing incidence of ENT disorders across the globe like sinusitis, tonsillitis, tinnitus, pharyngitis, etc. Due to this, there is a high demand for various ENT treatments, such as endoscopic sinus surgeries, functional endoscopic sinus surgery, balloon sinus dilation, etc. According to the Centre for Disease Control and Prevention (CDC), in the United States, about 12.18% of the adult population or 29.48 million people have chronic sinusitis. Additionally, over 0.55 million surgeries are performed annually to treat chronic sinusitis in the United States. According to the NHS, chronic sinusitis is a prevalent condition in the United Kingdom, affecting 10% of the total adult population. According to the National Institute of Allergy and Infectious Diseases, chronic sinusitis affects around 135 million people in India.
According to WHO estimates, more than 468 million people worldwide have disabling hearing loss, and ear infections are the leading cause. Almost 6.18% of the world's population, or 438 million of this population, are adults (245 million men and 192 million women), and 35 million (7.5%) of them are children. About a third of the population over 65 suffers from disabling hearing loss. In addition, the government of emerging economies is actively supporting the development of ENT procedures. The government has also taken several initiatives to reduce the prices of ENT surgeries, which will address affordability issues and fuel the growth of the market.
The ENT devices market has many growth opportunities due to the presence of favorable reimbursement policies and regulations associated with sales and distribution.
However, the high cost of purchasing and investing in ENT devices is slowing the market's growth. In addition, other factors such as lack of awareness of the full potential of ENT devices, insufficient medical investments, and poor healthcare facilities in some underdeveloped countries will result in harming the market growth.
KEY MARKET INSIGHTS:
- Based on the product, the diagnostic device segment had a revenue of USD 3.55 billion in 2018. Newly developed ENT diagnostic devices, such as technologically advanced endoscopes, have high efficiency over conventional endoscopes. Therefore, the increasing demand by clinicians for cost-effective, accurate, and efficient diagnostic tools will significantly boost the growth of this segment during the analysis period.
- However, the hearing aid segment is predicted to experience a growth rate of 9.38% through 2026. In addition, it has been reported that hearing loss patients have shown a higher risk of developing dementia. Therefore, the availability of higher-quality hearing aids will reduce the possibility of developing dementia and improve cognitive learning.
- Based on diagnostic devices, in 2020, the endoscope segment accounted for the majority of the ENT device market. The segmental growth was due to the research and development of endoscopes, which led to the launch of different endoscopes that are effective for surgeries.
- Based on end-user, the hospital and outpatient hospital segment accounted for the largest market share in 2020. The growing increase in disposable income the increasing affordability of ENT treatments, the improvement of healthcare infrastructure, and the increasing awareness of the success or failure of the procedure are the main drivers of this segment.
- Based on the region, North America ranks as the region having the largest market share. The regional market was sized at over USD 6.5 billion in 2019, driven by high acceptance rates for technologically advanced devices by developed countries like the United States and Canada. In addition, factors such as favorable reimbursement policies, good health infrastructure, and increased cases of ENT disorders will drive the market growth revenues.
- However, Asia-Pacific is sure to experience a significant growth rate and post the highest CAGR for the forecast period of 9.38% through 2027 owing to the favorable regulatory landscape for ENT devices, product differentiation, widespread launches, increase in the geriatric population who are more prone to hearing diseases and throat infections, which will increase the demand for ENT devices that will benefit regional growth.
- Johnson & Johnson Services, Inc. (DePuy Synthes), Stryker, Zimmer Biomet, Orthofix Medical, Inc. B. Braun Melsungen AG, Medtronic, NuVasive, Inc., Globus Medical, ATEC Spine, Inc., Captiva Spine, Inc., SeaSpine, Spinal Elements, Inc., Spine Wave, Inc., Spineology, Inc. and Xtant Medical Holdings, Inc. are companies dominating the global NET devices market.
WRITTEN BY: Market Data Forecast
Market Data Forecast
CATEGORY
RECENT POST
CLIENTS
.png)
.png)
