Evaluating The Growth of Otorhinolaryngology Devices Market By Top Industry Players
Pune, Maharashtra, India, September 11 2020 (Wiredrelease) Allied Analytics –:Global Otorhinolaryngology devices market size was valued at $9.26 billion in 2018, and is projected to reach $13.99 billion by 2026, at a CAGR of 5.2% from 2019 to 2026. The diagnostic devices segment garnered more than one-third of the total otorhinolaryngology devices market share in 2018.
Otorhinolaryngology devices are the instruments used for the diagnosis and treatment of various ear, nose, and throat disorders. These devices witnessed significant increase in the demand due to rise in number of geriatric populations especially in developing countries and increase in funding by the government and private companies in the R&D activities of advanced and novel otorhinolaryngology diagnostic and surgical devices. In addition, increase in the ENT disorder such as tonsillitis, ear infections, sinus infections, and sleep apnea further propels the growth of the global otorhinolaryngology devices market. However, high cost of ENT instruments & procedure and stringent government regulations are expected to hinder the growth of the market globally. On the contrary, various growth opportunities from emerging economies and medical tourism are anticipated to provide lucrative opportunities for the market players of the otorhinolaryngology devices market.
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The diagnostic devices segment dominated the market
The diagnostic devices segment held the largest share in 2019, accounting for nearly one-third of the global otorhinolaryngology devices market, due to use of ENT endoscopes, hearing screening device, Laryngoscopes, Pharyngoscopes, Nasopharyngoscopes, and Rhinoscopesare in several medical procedures. However, the hearing aids segment is expected to register the fastest CAGR of 7.6% during the forecast period, owing to increase in number of hearing loss.
The ENT clinics segment to portray fastest growth through 2026
The ENT clinics segment held the largest share in 2019, contributing to one-third of the global otorhinolaryngology devices market. In addition, the same segment is expected to manifest the fastest CAGR of 5.2% from 2019 to 2026. ENT Clinics enable a safe, cost-effective, patient-friendly environment for the endowment of medical services such as diagnostic devices (endoscopes), surgical devices, CO2 lasers along with favorable reimbursements, thereby driving the growth of the segment
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North America garnered largest share
The market across North America accounted for the largest share in 2019, garnering nearly two-fifths of the market. Rise in the adoption of otorhinolaryngology devices for ear, nose, and throat interventions, innovations, and introduction of advanced technologies propel the growth of the market in this region. However, the global otorhinolaryngology devices market across Asia-Pacific is estimated to register the highest CAGR of 6.8% during the study period, due to rise in number of expansion activities by top players, increase in geriatric population, and surge in prevalence of cataract.
Major market players
Freudenberg SE (InHealth Technologies, Inc.)Hill-Rom Holdings, IncAtos Medical AB, Cochlear LtdJohnson & Johnson (Acclarent, Inc.)Medtronic Plc.Olympus CorporationSonova GroupStarkey Hearing TechnologiesStryker Corporation
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