Pune, India, January 2019 /MRFR Press Release/- Market Research Future published a half-cooked research report on the Global Market for ENT devices.
The Global ENT devices market is expected to grow at an approximate CAGR of 6.2% during forecast period, 2018–2023.
Rising cases of hearing loss is the key factor driving the ENT devices market. As per the 2017 study published in The Hearing Journal, nearly 44 million US adults over the age of 20 are expected to have hearing loss by 2020.
Various other factors such as favorable reimbursement for ENT procedures, high prevalence of chronic sinusitis, geriatric population, technological advancements, growing adoption of minimally invasive ENT procedures, and high demand for cosmetic ENT procedures are also expected to propel the growth of the market.
However, low high cost of CO2 lasers, and high cost of devices can hinder the market growth over the forecast period.
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The Global ENT devices market is segmented based on product, end user, and region.
The Global market for ENT devices, by product is segmented into diagnostic devices, surgical devices, hearing aids, hearing implants, Co2 lasers, and image-guided surgery systems. The diagnostic devices segment is further classified as endoscopes and hearing screening devices. The endoscopes further segmented as rigid endoscopes and flexible endoscopes. The rigid endoscope segment includes otoscopes and sinuscopes. The flexible endoscope segment includes rhinoscopes, laryngoscopes, pharyngoscopes, and nasopharyngoscopes. The surgical devices segment is further classified as powered surgical instruments, radiofrequency (RF) handpieces, handheld instruments, balloon sinus dilation devices, ENT supplies, ear tubes, voice prosthesis devices. The handheld instrument segment includes rhinology instruments, otology instruments, laryngeal instruments, head and neck surgery instruments and others. The ENT supplies segment includes packing material, nasal stents & splints.
Based on end user, the market is segmented into hospitals, ambulatory settings, ENT clinics, research and academic institutes, home care settings, and others.
The Americas dominated the global market for ENT devices owing to the presence of major market players, increasing cases of hearing loss and developed economies like US and Canada within the region.
In 2017, it was estimated that Europe stood second in the global ENT devices market. This can be attributed to the rising research and development investments and increasing technological advancements.
Asia Pacific was projected to be the fastest growing region in 2017. Increasing healthcare expenditure drives the regional markets of the Asia Pacific region. According to the data suggested by the Australian Institute of Health and Welfare, Australia spent nearly USD 181 billion on health in 2016–2017.
On the other hand, the Middle East and Africa held least share in the global ENT devices market due to the low per capita income, especially within the African region.
Some of the key players in the global ENT devices market are Atos Medical AB, Cochlear Limited, Hoya Corporation, Johnson & Johnson Services, Inc., Karl Storz Gmbh & Co. Kg, Medtronic PLC, Olympus Corporation, Rion Co. Ltd, Siemens Healthcare, Smith & Nephew PLC, Sonova Holding AG, Starkey Laboratories Inc., Stryker Corporation, Widex A/S, William Demant Holding A/S, and others.