Leading players are focusing on introducing novel medical devices that deliver improved operational capabilities and better care
Leading players are focusing on introducing novel medical devices that deliver improved operational capabilities and better care
Fact.MR, Rockville MD: As per Fact.MR’s recent report, the global ENT surgical devices market grew at moderate rate of 6.6% y-o-y until 2020, majorly bolstered by technological advancements aimed at improving the efficiency and outcome of ENT surgical devices. With the increasing demand for ENT surgical devices such as surgical lasers and radiofrequency devices especially across hospitals, growth witnessed by the market is accelerated. According to the study, rising demand for hand held devices and fixed ENT surgical devices is expected to create novel growth opportunities in the coming years.
The rising prevalence of chronic sinusitis and rapid increase in geriatric population are expected to be the key factors fuelling the demand of ENT surgical devices. Growing demand for minimally invasive surgeries and adoption of advanced technologies in ENT surgical devices within hospitals has propelled the growth through 2021.
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According to Fact.MR, North America accounted for 1/4th of the total revenue share in the market. Additionally, rising prevalence of ENT disorders and construction of specialized ENT clinics have improved the demand for ENT surgical devices in the market.
According to the study, the global ENT surgical devices market is likely to expand at 6.4% CAGR through 2028.
“There is increasing focus on offering advanced care, which has been encouraging investment towards technological developments. Some of the leading manufacturers of ENT surgical devices are also looking to innovations as a key strategy to gain competitive edge,” says the Fact.MR analyst.
Key Takeaways
- In terms of end-users, hospitals are expected to be hold the lions share, while ENT clinics are gaining traction rapidly through 2021
- Fixed ENT surgical devices to hold over 37% of share revenue
- In terms of modality, hand held devices expected to witness fastest growth over the coming years
- United States is anticipated to spearhead the ENT surgical devices market growth in North America
- UK will lead the second largest European ENT surgical devices market through 2021
Prominent Drivers
- Growing cases of chronic sinusitis are expected to accelerate the demand for ENT surgical devices
- Favorable reimbursement scenario for ENT procedures in developed countries is improving the demand for ENT surgical devices
- Technological advancements in the medical industry for ENT surgical devices to propel the market growth
Key Restraints
- Change in reimbursement policy and high cost of ENT equipment is likely to hamper the demand of ENT surgical devices market
- Dearth of skilled otolaryngologists and high cost of ENT procedures might restrain the growth of the market
Discover more about the ENT surgical devices market with 330 figures, 32 data tables and the table of contents.
https://www.factmr.com/report/2454/ent-surgical-devices-market
Competitive Landscape
Key market players listed by Fact.MR for global ENT surgical devices market includes Olympus Corporation, Medtronic PLC, Carl Zeiss Meditec AG, Danaher Corporation, Shanghai Fosun Pharmaceuticals Ltd., KLS Martin LP, Acclarent Inc., and Smith & Nephew PLC among others. According to the study, the market is expected to be consolidated. Key players are focused on market investment and product innovation to generate future expansion prospects along with adopting mergers & acquisition as a key strategy.
For instance, in January 2021, ENT Partners LLC, a leading network of ENT and sleep providers announced a strategic partnership with its third Chicago-area clinical practice: Arlington ENT- Head & Neck and Facial Plastic Surgery.
More Insights on the ENT Surgical Devices Market
Fact.MR sheds an in-depth analysis on global ENT surgical devices market. In order to understand the market perspective, trends and challenges, the market is segmented on the basis of product type (hand instrument, ENT surgical lasers, powered ENT surgical systems, electrosurgical, radiofrequency devices, ENT surgery workstations, navigation system, visualization system and surgical microscopes), modality (hand-held devices, portable devices, and fixed devices), end-users (hospitals, ambulatory surgical centers, and ENT clinics) and across major regions (North America, Latin America, Europe, CIS & Russia, APEJ, Japan and MEA).
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Source: Fact.MR