ENT Devices Market
ENT Devices are special equipment that are employed for diagnosing and treating diseases and disorders related to the ear, nose, and throat. Some common ENT disorders in humans are ear infections, sinus, apnea, and tonsillitis. The ENT devices enclose hearing aids, endoscopes, voice prosthetics, tongue depressors, and tonsils forceps, among others.
ENT Devices Market Size Growth Rate:
According to the research report published by DataM Intelligence, the global ENT Devices market size was valued at USD YY billion in 2021. It is projected to reach USD YY billion by 2029, with growth at a CAGR of YY% over the forecast period 2022-2029.
The growing incidences of ENT disorders, the geriatric population, technological advancements, and market developments are boosting the global ENT devices market in the forecast period.
Market Drivers:
The market developments are accelerating the global ENT Devices market growth. For instance, in 2020, Sonova Holding AG opened a new retail concept in the field of hearing solutions to expand its ENT product research and commercial manufacturing facility. Also, in 2020, William Demant Holding A/S introduced their new premium audio brand EPOS, using new ground-breaking hearing aid technology. After incorporating this technology, their hearing aid brand, Oticon’s remote care solution, provides a new tool to hearing care professionals. Likewise, in May 2021, Sonova Holding AG acquired the consumer audio division of Sennheiser for €200 Mn. This acquisition will help Sonova to expand its business in the Consumer Electronics division, and Sennheiser can only focus on producing professional products like its Pro Audio, Business Communications, and Neumann divisions.
Market Restraints:
However, the cost associated with these devices and the need for skilled otolaryngologists and ENT surgeons to handle these devices accurately is anticipated to hinder the expansion of the global ENT devices market over the forecast period.
Market Opportunities
The favorable regulatory developments propose new opportunities for growth in the global ENT devices market. For instance, in October 2020, the U.S. FDA Reauthorization Act (FDARA) amended the regulatory framework for hearing aids to form the over-the-counter category by realigning the class of hearing aids by sound conduction technology. Before, only hearing aids by air conduction technology were characterized under the OTC hearing aids.
COVID-19 Impact Analysis
Otorhinolaryngologists handle secretions of organs involved in infection transfer, leaving them at high risk even while performing simple procedures. Although the pandemic advanced skill expectations, it simultaneously lessened education possibilities for trainees. In addition, alert to emergencies has been postponed. Further, the rest of the elective procedures have affected patients with malignancies. Thereby negatively impacting the global ENT devices market.
Recent Developments in the Industry:
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Market Segmentation:
As per the research analysis, the global ENT Devices market is segmented By Product Type Surgical Devices, (Radiofrequency (RF) Handpieces, Powered Surgical Instruments, Balloon Sinus Dilation Devices, Handheld Instruments), Diagnostic Devices, (Endoscopes, Flexible Endoscopes, Rigid Endoscopes) Hearing Aids, (Behind-the-Ear (BTE) aids, In-the-Ear aids, Receiver-in-the-Ear (RITE), Canal hearing aids ITC, CIC, IIC, Others), Image-guided Surgery Systems, Others, By End User Hospitals, ENT Clinics, and ASCs.
Geographical Classification:
The global ENT Devices market is segmented into major regions, including North America, South America, Europe, Asia Pacific, and the Middle East & Africa.
North America ENT Devices Market:
The North American region holds the dominant share of about YY% in 2020. This region’s dominance is due to higher cases of ENT disorders and having the most advanced and robust healthcare system in this region. Furthermore, most of the key market players are United States based, holding most of the market to ensure the dominance of North America over the global ENT devices market.
Asia-pacific ENT Devices Market:
The Asia-pacific market is expected to grow by showcasing a significant CAGR due growing geriatric population in this region. For instance, according to the U.S. Census Bureau report, Asia’s population is aging faster than any other world region. In 2020 there were an estimated 414 million Asian people age 65 and older, about 20% higher than the total U.S. population (331.4 million).
Competitive Analysis:
The ENT devices market is highly competitive, with the presence of major players and small emerging players. In the ENT devices market, companies, healthcare insurance providers, and hospitals all are emerging at a steady pace with competitive ENT devices. Key players compete based on aggressive pricing, features, convenient use, technology upgrades, and marketing strategies. The market players are adopting various key strategies such as collaborations, partnerships, acquisitions, and product launches to expand their presence.
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Major Companies:
Medtronic Plc, Atos Medical, American Hearing Systems Inc., Olympus Corporation, Cochlear Ltd, InHealth Technologies, Starkey Laboratories Inc., Siemens Healthcare GmbH, Stryker Corporation, and Welch Allyn.
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