DUBLIN, Jan. 25, 2022 /PRNewswire/ -- The "ENT Devices Market - A Global and Regional Analysis: Focus on Procedure, End User, Product Type, and Country-Wise Analysis - Analysis and Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
The global ENT devices market report highlights that the market was valued at $13,799.5 million in 2020 and is expected to reach $25,127.7 million by the end of 2030.
The market is expected to grow at a CAGR of 6.12% during the forecast period from 2021 to 2030.
Global ENT Devices Market Industry Overview
ENT devices are used for diagnosing and treating various disorders of the ear, nose, and throat. The devices can be classified into diagnostic devices, surgical devices, visualization devices, hearing aids, surgical shavers and debriders, and others.
The global ENT devices market is witnessing a high degree of technology integration over the past years. The market comprises various key medical device companies and local companies. The major factors that have a positive impact on the market's growth include the growing prevalence of hearing disorders, growing technology integration in ENT devices, and growing preference for minimally invasive procedures in ENT specialty.
During COVID-19, the growth of the ENT devices market was negatively impacted, especially in 2020. Although the market recovered quickly in the last quarter of 2020 and the telehealth integration in ENT specialty was a positive impact of COVID-19 on the market.
Global ENT Devices Market Drivers
The factors driving the growth of the market include the growing prevalence of hearing disorders, growing technology integration in ENT devices, and growing preference for minimally invasive procedures in the ENT specialty. The growing prevalence of hearing disorders is the major driver for the market in established and emerging economies.
For instance, according to a study published in The Lancet in March 2021, titled, 'Hearing Loss Prevalence and Years Lived with Disability, 1990-2019: Findings from The Global Burden of Disease Study 2019', approximately 1.5 billion people suffered from hearing disability globally in 2019. This infers that one in every five people suffered from a form of hearing disability globally.
Furthermore, hearing disability is the third common factor for years lived with disability (YLDs) in the global population. The prevalence of hearing loss is projected to grow over the coming decade. According to World Health Organization (WHO), the number of people suffering from disabling hearing loss (DHL) can grow up to 630 million in 2030 and over 900 million by 2050.
Consequently, the rising prevalence of hearing disorders will propel the adoption of hearing aid treatments and advance the growth of the global ENT devices market.
Global ENT Devices Market Challenges
The factors restraining the growth of the global ENT devices market include the high cost of the ENT procedures and the social stigma associated with hearing disorders. The high cost has limited the procedure volume in emerging as well as developed economies.
For instance, according to a study published in NCBI in 2018, titled, 'Health Care Costs and Cost-Effectiveness in Laryngotracheal Stenosis', treatment of laryngotracheal stenosis (LTS) is one of the expensive ENT procedures. The mean annual cost associated with the disease was $4,080.09.
Furthermore, according to another study titled, 'Comparison of the Financial Burden of Survivors of Head and Neck Cancer with Other Cancer Survivors', which was published in March 2019, patients getting treatment for head and neck cancer bear higher expenses as compared to other cancer patients. Also, these patients bear higher out-of-pocket costs.
Thus, the high cost of the procedures and lack of reimbursement harm the growth of the global ENT devices market.
Global ENT Devices Market Opportunities
Emerging of regional ENT devices manufacturers and synergies between local healthcare authorities and key medical device companies are the major opportunities in the global ENT devices market.
The key companies operating in the market can expand in emerging economies by partnering with local healthcare authorities. Such synergies will enable the companies to penetrate the markets effectively and expand their customer base.
For instance, Cochlear Limited partnered with The Royal Victorian Eye and Ear Hospital in the U.K. for the development of Geelong Cochlear Care Centre. The center is the first care center of Cochlear Limited in the U.K. and is projected to improve the company's presence in the country.
Impact of COVID-19 on the Global ENT Devices Market
During COVID-19, the growth of the ENT devices market was negatively impacted, especially in 2020. Although the ENT facilities continued to operate, the sales of the companies were negatively impacted.
Nonetheless, the market grew minimally in 2020 and is projected to witness considerable growth during the forecast period 2021-2030. The increasing technological innovations in the global market and growing adoption in emerging economies are the factors for the growth of the market.
Key Market Players and Competition Synopsis
Some of the strategies covered in this segment are funding activities, mergers and acquisitions (M&As), partnerships, alliances, and business expansion, regulatory and legal activities, and new offerings. The preferred strategy for companies has been launches of new products or new offerings followed by partnerships, alliances, and business expansion.
- Procedure Type - Flexible Transoral and Transnasal Procedures (Diagnosis and Intervention), Turbinate Reduction and Endoscopic Polyp Removal, and Tympanostomies and Vent Tube Operations
- End User - Hospitals, ENT Clinics, Ambulatory Centers, and Others
- Product Type - Diagnostic Devices, Surgical Devices, Hearing Aids, Visualization Devices, Surgical Shavers and Debriders, and Others
- Opportunity Assessment
- Short-Term Potential
- Long-Term Potential
- Patent Publication Growth Trend
- Patent Analysis by Country/Cluster
- Product Benchmarking
- Ongoing Clinical Trial Studies
Impact of COVID-19 on Global ENT Devices Market
- Impact on Facilities
- Impact on Device Adoption
- Impact on Market Size
- Pre-COVID-19 Phase
- During COVID-19 Phase
- Post-COVID-19 Phase
- Market Size and Forecast
- By Region
- By Application
- By ENT Procedures
- Headlight Market Vs. Surgical Loop Market
- Endoscopic Ear Surgeries Vs. Open Surgeries
- Procedure Volume
- Market Size
Business DynamicsBusiness Drivers
- Growing Prevalence of Hearing Disorders
- Growing Technology Integration in ENT Devices
- Growing Preference for Minimally Invasive Procedures in ENT Specialty
- High Cost of ENT Procedures
- Social Stigma Associated with Hearing Disorders
- Emergence of Regional ENT Device Manufacturers
- Synergies Between Local Healthcare Authorities and Key Medical Device Companies
- Ambu A/S
- Atos Medical Ab
- Boston Scientific Corporation
- Cochlear Limited
- Demant A/S
- Eckert & Ziegler BEBIG AG
- HOYA Corporation
- Johnson & Johnson
- KARL STORZ SE & Co. KG
- Medtronic plc
- Olympus Corporation
- Richard Wolf GmbH
- Smith & Nephew Plc
- Sonova Holding AG
- Stryker Corporation
For more information about this report visit https://www.researchandmarkets.com/r/q4vkpp
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