ENT Surgical Devices Market Was Valued US$ 2 Bn in 2018 And Expected To Register A CAGR of 5.5% By 2026
The global ENT surgical devices market is estimated to value at over US$ 2 Bn in 2018, and is expected to register a CAGR of 5.5%. ENT surgery is one of the most elaborated fields of surgical specialty services, using advanced technology and a broad range of procedures that include major reconstructive surgeries to correct deformity or injury.
Increasing prevalence of ENT-related diseases and disorders is a key factor expected to drive growth of the global ENT surgical devices market over the forecast period. ENT specialists treat various ear conditions such as otosclerosis, age-related hearing loss, ear infections, etc. Rapidly increasing aging population, coupled with increasing prevalence of hearing-related problems such as tinnitus among all age groups are among major factors expected to propel demand for ENT surgical devices in the near future.
Furthermore, minimally invasive ENT surgical procedures offer various benefits over traditional surgeries, thereby facilitating faster recovery time and shorter hospital stay, and also reduce healthcare expenditure and time of recovery of patients, which is another factor expected to drive growth of the target market to a significant extent over the forecast period.
However, lack of proper reimbursement policies for ENT surgical procedures, particularly in developing and under developed economies is a major factor that could hamper growth of the global ENT surgical devices market over the forecast period.
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The global ENT Surgical Devices market report has been segmented on the basis of type, application, and region.
On the basis of type segmentation, the handheld instruments segment is expected to contribute major revenue share and is estimated to maintain its dominance over the forecast period. The handheld instruments segment is estimated to register highest CAGR of over 5.7%, owing to increasing demand for handheld instruments for ENT surgical treatment.
On the basis of application segmentation, the hospital segment is expected to contribute major revenue share of the market and is expected to maintain its dominance over the forecast period. The hospital segment is projected to register highest CAGR over 5.5% over the forecast period, owing to availability of various reimbursement policies in hospitals and increasing number of patent pool.
On the basis of region, the global ENT surgical devices market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
The market in North America accounted for significant revenue share of over 25% in the global ENT surgical devices market in 2017. Improved healthcare infrastructure and presence of advanced medical facilities across various countries in this region, especially the US, are major factors driving growth of the North America ENT surgical devices market.
In addition, increasing government initiatives for spreading awareness about various ENT disorders such as ear infections, sinus infections, and sleep apnea, coupled with favorable reimbursement policies in countries in the region, are among other factors expected to boost demand for ENT surgical devices market, and in turn are expected to drive growth of the North America ENT surgical devices market over the forecast period.
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Key players operating in the global ENT surgical devices market include Medtronic plc, Johnson & Johnson (Acclarent, Inc.), Stryker Corporation, Smith & Nephew plc, Olympus Corporation, B. Braun Melsungen AG, KARL STORZ GmbH & Co. KG, Spiggle & Theis Medizintechnik GmbH, CONMED Corporation, Happersberger otopront GmbH, Zhejiang Tiansong Medical Instrument Co. Ltd., Reda Instrumente GmbH, and Cochlear Limited and HOYA Corporation (PENTAX Medical).