ENT Devices Market By Product Type (Diagnostic Devices, Surgical Devices, Hearing Implants, Hearing Aids, & Splints), By End User (Hospitals, ENT Clinics, Ambulatory Settings, Home Care Settings, Research Institutes), By Geography - Global Opportunity Analysis & Industry Forecast, 2022-2027
ENT Devices Market Overview
The ENT Devices Market size is estimated to reach $23.8 billion by 2027. Furthermore, it is poised to grow at a CAGR of 6.7% over the forecast period of 2022-2027. The primary purpose of an ENT device is to aid medical professionals in the diagnosis and treatment of patients suffering from diseases or disorders of the ear for hearing screening, nose, and throat (ENT), and other regions of the head and neck. Sinusitis, hearing loss, and nasal polyps are all very prevalent ENT problems in the general population. Balloon Sinus dilation devices are medical devices that are used to widen sinus apertures during sinus surgery in order to cure sinus drainage issues. Endoscopes (sinuscope and rhinoscope) for surgical visualization, as well as a sinus balloon dilation system, sinus implants, and various Sinus Dilation Devices. Hearing aid, nasal splints, hearing implants, and other ENT Devices are widely used. Owing to the expanding geriatric population and disposable income among the worldwide population, the ENT Devices Market is expected to rise during the projected period of 2022-2027. However, the high cost of ENT Devices acts as a barrier to the industry's expansion.
ENT Devices Market Report Coverage
The report: “ENT Devices Market Forecast (2022-2027)", by Industry ARC covers an in-depth analysis of the following segments of the ENT Devices Market.
- The increasing prevalence of ENT-related illnesses, as well as the increasing penetration of less invasive ENT procedures, are among the important trends driving market expansion. Technological improvements are also vital in the market's expansion.
- Market penetration is expected to improve dramatically if other governments increase healthcare spending and per capita income rises.
- Owing to the increasing occurrence of ENT illnesses, such as hearing loss and sinusitis, and increased attempts to give improved access to healthcare services in these countries, sales are likely to grow rapidly in developing nations.
- The ENT Devices Industry Report will include a detailed analysis of the Strengths, Weaknesses, and Opportunities of the leading companies in the market.
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ENT Devices Market Segmentation Analysis- By Type
The ENT Devices Market based on type can be further segmented into Diagnostic Devices, Surgical Devices, Hearing Implants, Hearing Aids, and Splints. The diagnostic ENT Devices segment held a dominant market share in the year 2021. The availability of many items and the existence of key market participants have contributed to this expansion. Hill-Rom., Karl Storz GmbH & Co KG, MAICO Diagnostics GmbH, BioMed Jena GmbH, and others are among the market's leading providers of diagnostic ENT Devices. These companies' primary growth tactics include new product launches and mergers & acquisitions. However, during the projected period, the Hearing aids segment is poised to be the fastest-growing, with a CAGR of 7.2% over the forecast period of 2022-2027. This can be ascribed to the entry of new companies, increased usage of these devices, and technological developments as a result of market players' increased R&D spending.
ENT Devices Market Segmentation Analysis- By End User
The ENT Devices Market based on type can be further segmented into Hospitals, ENT Clinics, Ambulatory Settings, Home Care Settings, Research Institutes. The hospital's segment held a dominant market share in the year 2021, and this dominance is expected to continue throughout the forecast period. Increased demand for hearing aids and the presence of large hospital chains are two factors that contribute to the segment's growth. However, during the projected period, the ENT Clinics segment is expected to develop at the fastest rate of 8.1%. This is owing to breakthroughs in clinical diagnostic tools as well as increased awareness of the disease's diagnosis and treatment.
ENT Devices Market Segmentation Analysis- By Geography
Based on Geography the ENT Devices Market can be divided into North America, Europe, Asia-Pacific, South America, and the Rest of the World based on geography. North America held a dominant market share of 32% in the year 2021. This is mainly attributed to the region's high frequency of ENT-related illnesses, increased demand for hearing aids, and the presence of large hospital chains, well-equipped ambulatory facilities, and a huge target population. The top market companies' local presence, favorable government laws for portable medical devices, and widespread use of modern technologies are all important factors in the industry's domination. Furthermore, the American Cancer Society estimates that approximately 2,000 persons in the United States acquire malignancies of the nasal cavity and paranasal sinuses each year. These problems are especially common among the elderly, which is boosting the market growth in this region. Owing to the rising awareness about early disease diagnosis, rising healthcare expenditure, and increased investment by market players, Asia Pacific is expected to develop at the quickest rate over the forecast period. The ENT Devices Market is expected to rise owing to technological advancements such as wireless, real-time monitoring, an increase in healthcare spending in the Asia Pacific region.
ENT Devices Market Drivers
Product Demand is expected to rise as the global senior population grows
With aging, the risk of ENT problems such as hearing loss increases considerably. Hearing loss is anticipated to rise from 466 million people in 2018 to roughly 900 million people by 2050, according to the World Health Organization (WHO). The rise in the worldwide elderly population is directly responsible for this increase. Hearing aids, hearing implants, and surgical devices are expected to expand in demand as a result of this. According to the WHO, the prevalence of hearing loss grows with age, with over 25% of persons over the age of 60 suffering from debilitating hearing loss. As per the same source, Deafness or hearing loss affects 34 million children worldwide, with 60 percent of instances owing to preventable causes. At the other end of the spectrum, around 30% of adults over the age of 60 experience hearing loss. Early detection and management can help to alleviate many of the effects of hearing loss. It provides the industry with potential growth opportunities to aid such a suffering population.
The market is expected to grow due to an increase in demand for cosmetic ENT procedures.
Cosmetic ENT procedures such as cosmetic rhinoplasty and otoplasty for the nose and ears, respectively, have seen a significant increase in demand. The demand for obstructed airway procedures is outpacing the need for Cosmetic Rhinoplasty. Furthermore, current advancements and innovation in Cosmetic ENT Procedures have improved their safety while also reducing their invasiveness. As a result, ENT surgeries are becoming increasingly popular. According to Cleveland Clinic, more than 157,000 women and close to 50,000 men had rhinoplasty in 2019. It’s the most popular cosmetic surgery among men and the fourth most common cosmetic surgery overall.
ENT Devices Market Challenges
A scarcity of ENT surgeons and otolaryngologists is expected to stifle market expansion.
ENT surgeons and otolaryngologists are in limited supply in both developed and developing countries around the world. Despite a substantial rise in ENT problems, the United States is expected to experience a shortage of roughly 2,500 otolaryngologists by 2026 as per NCBI. The shortfall is likely to result in fewer ENT surgeries being performed, lowering the demand for ENT Devices. According to ASC Review, the attrition rate of otolaryngologists per year is 306, further limiting the market growth.
ENT Devices Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the ENT Devices Market. The top 10- ENT Devices Market companies are-
- Demant A/S
- Ambu A/S
- Pentax Medical
- Karl Storz
- Olympus Corporation
- Richard Wolf Gmbh
- Cochlear Ltd.
- Sivantos, Inc.
- In July 2021, the SAMBA 2 Audio Processor for the BONEBRIDGE Bone Conduction System was released by MED-EL. The processer assists users in listening in difficult outdoor conditions with a lot of background noise. The battery life is also extended to ten days.
- In August 2020, Sonova released the Phonak Paradise hearing aid platform, which allows users to take calls, listen to music, and use voice assistants like Alexa and Siri. Furthermore, based on whether the user is moving or conversing, the device may automatically adjust the noise cancellation level.
- In February 2020, Starkey Hearing Technologies announced the debut of Livio Edge AI. For difficult listening conditions, it combines the best of both technologies—sound processing and sound quality.