Ongoing Technological Advancements will Create Opportunities for Expansion of ENT Medical Devices Market: Fact.MR
Rising demand for hearing aids and diagnostics devices is fueling the sales of ENT medical devices
The global ENT medical devices market is projected to record a steady growth at a CAGR of 5.5% during the forecast period from 2021 to 2031, as per a study by Fact.MR
According to the National Centre for Biotechnology Information (NCBI), around one-fifth of the aged population suffers from hearing problems, likewise, more than 30% has experienced at least one episode of severe sore tonsillitis or throat. The increasing demand to mend these ailments will present a lucrative growth opportunity for the ENT medical devices market.
In addition, there are around 72 million hearing aid users across the globe, and approximately 20% of the people suffering from hearing loss are benefited from the increasing availability of hearing aid devices in developing countries, as per a study by the World Health Organization (WHO). These findings are indicative of impressive growth on cards for the market.
North America is leading the ENT medical devices market. According to National Cancer Institute (NCI), around 12,370 new cases of laryngeal cancer were recorded in the U.S. in 2020. Thus, rising prevalence of ENT diseases and increasing awareness of ENT-related diseases in the region are expected to drive the market.
“Emergence of novel surgical ENT devices and adoption of innovative technical solutions in medical diagnostics will broaden the scope for expansion among ENT medical device manufacturers,” says the Fact.MR analyst.
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- The U.S will remain the leading market throughout the forecast period with increasing awareness and surging demand for ENT medical devices.
- Europe has emerged as the second-leading market for ENT medical devices due to the rising incidence of ENT-related diseases.
- Backed by adoption of advanced technologies in medical devices & diagnostics, Germany is projected to exhibit high sales in the ENT medical devices market.
- In Asia Pacific, China is emerging as the fastest-growing market, driven by expansion of healthcare and diagnosis sectors.
- India will emerge as a highly lucrative market for ENT medical devices owing to growing awareness regarding diagnosis and treatment of ENT diseases.
- Increasing demand for hearing aids & implant devices will fuel the demand for ENT medical devices.
- The ENT medical devices market is expected to be driven by technological advancements in the medical healthcare industry.
- High cost involved in the production process of ENT devices might hamper the global market growth.
- Inadequate healthcare facilities in underdeveloped countries restrain the growth of the ENT medical devices market.
- Lack of awareness about ENT devices will negatively affect market growth.
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Prominent market players operating in the ENT medical devices market profiled by Fact.MR include Olympus Corporation, Medtronic PLC, Carl Zeiss Meditec AG, 16.4.Danaher Corporation (Leica Microsystems), Shanghai Fosun Pharmaceuticals Ltd. (AC. Alma Lasers), KLS Martin LP, Acclarent, Inc., Smith and Nephew PLC, ClaroNav, Collin SAS, Lumenis and Brainlab. To maintain their lead in the market, key players are investing in launching novel devices and acquiring other companies. For instance,
- Carl Zeiss Meditech AG announced the launch of TIVATO 700 and EXTARO 300 microscopes with improved visualization in 2018.
- In 2018, Olympus Corporation launched the world’s first rhino-laryngo videoscope device - ENF-VT3, with an aim to incorporate 4-direction angulation capability.
More Insights on the ENT Medical Devices Market
Fact.MR offers unbiased analysis of the ENT medical devices market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product (diagnostic ENT devices, surgical ENT devices, hearing aids & implant devices, and others), across seven regions (North America, Latin America, Europe, South Asia, East Asia, Oceania and Middle East & Africa).
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