DublinAnd January 25 2022 /PRNewswire/ – “Otolaryngology Devices Market – Global and Regional Analysis: Action Focus, End User, Product Type, Country-level Analysis – Analysis and Forecast, 2021-2030” report has been added to ResearchAndMarkets.com Show.
Global Otolaryngology Devices Market Report Highlights Market Value $13.799.5 million In 2020 is expected to reach 25,127.7 million dollars by the end of 2030.
The market is expected to grow at a compound annual growth rate of 6.12% during the forecast period from 2021 to 2030.
Overview of the global Otolaryngology Devices Market
ENT devices are used to diagnose and treat various disorders of the ear, nose and throat. Devices can be categorized into diagnostic devices, surgical devices, visualization devices, hearing aids, surgical shavers, hair removal devices, and others.
The global ENT devices market is experiencing a high degree of technological integration over the past years. The market includes many major medical device companies and local companies. Key factors having a positive impact on market growth include the increasing prevalence of hearing disorders, the increasing technological integration of ENT devices, and the growing preference for minimally invasive surgical procedures in the ENT specialty.
During COVID-19, the growth of the ENT devices market was negatively affected, especially in 2020. Although the market recovered rapidly in the last quarter of 2020, the integration of telehealth in the ENT specialty was a positive impact of COVID-19 on the market.
Global market drivers for ENT devices
Factors driving the market growth include the increasing prevalence of hearing disorders, the increasing integration of technology in ENT devices, and the growing preference for minimally invasive procedures in the ENT specialty. The increasing prevalence of hearing disorders is a major market driver in both established and emerging economies.
For example, according to a study published in The Lancet in March 2021titled “Prevalence of Hearing Loss and Years Living with Disability, 1990-2019: Results of the Global Burden of Disease Study 2019,” nearly 1.5 billion people had a hearing impairment globally in 2019. This indicates that one in five people of some form of hearing impairment worldwide.
Furthermore, hearing impairment is the third common factor of years to live with disabilities (YLDs) in the global population. The prevalence of hearing loss is expected to increase over the next decade. According to the World Health Organization (WHO), the number of people with hearing loss (DHL) could reach 630 million in 2030 and more than 900 million by 2050.
Hence, the increasing prevalence of hearing disorders will drive the adoption of hearing aid treatments and boost the growth of the global ENT devices market.
Global ENT Devices Market Challenges
Factors limiting the growth of the global ENT devices market include the high cost of ENT procedures and social stigma associated with hearing disorders. The high cost has limited the volume of actions in emerging and advanced economies alike.
For example, according to a study published in NCBI in 2018, titled “Healthcare costs and cost-effectiveness in laryngotracheal stenosis,” treatment of laryngotracheal stenosis (LTS) is an expensive ENT procedure. The average annual cost associated with the disease was USD 4080.09.
Moreover, according to another study titled “Comparing the Financial Burden of Head and Neck Cancer Survivors with that of Other Cancer Survivors”, which was published in March 2019Patients who receive treatment for head and neck cancer incur higher expenses compared to other cancer patients. These patients also incur higher out-of-pocket costs.
Hence, the high cost of the procedures and non-reimbursement is detrimental to the growth of the global Otolaryngology Devices market.
Global ENT Devices Market Opportunities
The emergence of regional ENT device manufacturers and cooperation between local healthcare authorities and major medical device companies are key opportunities in the global ENT device market.
Major companies operating in the market can expand into emerging economies by partnering with local healthcare authorities. This synergy will enable companies to effectively penetrate markets and expand their customer base.
For example, Cochlear Limited has partnered with The Royal Victorian Eye and Ear Hospital in the UK to develop Geelong Cochlear Care Centre. The center is Cochlear Limited’s first care center in the UK and is expected to improve the company’s presence in the country.
Impact of COVID-19 on the global ENT devices market
During COVID-19, the growth of the ENT devices market was negatively affected, especially in 2020. Although ENT facilities continued to operate, corporate sales were negatively affected.
However, the market grew slightly in 2020 and is expected to witness significant growth during the forecast period 2021-2030. The increasing technological innovations in the global market and the increasing adoption in emerging economies are the factors of market growth.
The major players in the market and competition summary
Some of the strategies covered in this section are financing activities, mergers and acquisitions (M&As), partnerships and alliances, business expansion, regulatory and legal activities, and new offerings. The companies’ preferred strategy was to launch new products or new offerings followed by partnerships, alliances and business expansion.
- Procedure Type – Transnasal and Transnasal Flexible Procedures (Diagnostic and Intervention), Turbine Reduction and Endoscopic Polypsy, Tympanostomy and Ventilation Operations
- End User – Hospitals, ENT clinics, mobile centers, etc.
- Product type – Diagnostic devices, surgical devices, hearing devices, visualization devices, surgical razors and hair removal devices, etc.
- Opportunity evaluation
- short term potential
- long term potential
- Patent Publication Growth Trend
- Patent analysis by country/group
- Product size
- Ongoing clinical trial studies
Impact of COVID-19 on the global ENT devices market
- Effect on facilities
- Impact on device adoption
- Impact on market size
- Pre-COVID-19 phase
- During the COVID-19 phase
- Post COVID-19 phase
- Market size and forecast
- by region
- According to the application
- by Ear, Nose and Throat Procedures
- Headlights Market Vs. Surgical ring market
- Endoscopic ear surgery vs. open surgeries
- Action size
- market size
- The increasing prevalence of hearing disorders
- Increasing integration of technology in ENT devices
- Increasing preference for minimally invasive surgical procedures in the ENT specialty
- The high cost of ENT procedures
- Social stigma associated with hearing disorders
- Emergence of regional ENT device manufacturers
- Synergies between local healthcare authorities and major medical device companies
- Ambu A/S.
- Atos Medical App
- Boston Scientific Company
- Cochlear Limited
- A/S is required.
- Eckert and Ziegler Big AG
- HOYA . company
- Johnson & Johnson
- KARL STORZ SE KG & Co
- Medtronic plc
- Olympus Corporation
- Richard Wolf GmbH
- Smith & Nephew plc
- Sonova Holding AG
- Stryker Company
For more information on this report, visit https://www.researchandmarkets.com/r/q4vkpp
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SOURCE Research & Markets