Otorhinolaryngology Devices Market Size 2021is expected to reach $13.99 billion by 2026
Pune, Maharashtra, India, February 17 2021 (Wiredrelease) Allied Analytics –:Allied Market Research recently published a report, titled, “Otorhinolaryngology Devices Market was pegged at $9.26 billion in 2018, and is expected to reach $13.99 billion by 2026, registering a CAGR of 5.2% from 2019 to 2026.
Otorhinolaryngology Devices Market by Product Type (Diagnostic Devices, Surgical Devices, Hearing Aids, Image Guided Surgery Systems, and Others) and End User (Hospitals, ENT Clinics, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026.
High prevalence of chronic sinusitis, increase in adoption of minimally invasive ENT procedures, and rise in elderly population drive the growth of the global otorhinolaryngology devices market. However, limited awareness and high costs, and government regulations and reimbursement issues hamper the growth to certain extent. On the contrary, high growth prospects in emerging market would open new opportunities for the market players.
The growth of the global otorhinolaryngology devices market is majorly attributable to rise in prevalence of ear, nose, and throat diseases. In addition, increase in adoption of innovative otorhinolaryngology devices such as capsule endoscopes and robot-assisted otorhinolaryngology surgery along with ultra-high-definition visualization systems is anticipated to boost the market growth in the coming years.
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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.
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.
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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.
By end user, the ENT clinics segment is expected to maintain its lead in the overall otorhinolaryngology devices market due to the availability of diverse otorhinolaryngology services and favorable reimbursement policies. Most ENT clinics are well-equipped with technologically advanced facilities mainly in developed economies. However, low awareness, lack of skilled professionals, and unmet medical needs at economical cost hamper the otorhinolaryngology devices market growth in developing economies. The otorhinolaryngology devices market has witnessed significant growth in North America and Europe due to high prevalence rate of ENT disorder, increase in geriatric population, and well-established healthcare infrastructure.
Major market players
Freudenberg SE (InHealth Technologies, Inc.)
Hill-Rom Holdings, Inc
Atos Medical AB
Johnson & Johnson (Acclarent, Inc.)
Starkey Hearing Technologies
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