LONDON, Dec. 18, 2016 /PRNewswire/ -- Key Findings
The global ENT devices market is poised to grow from during the forecast period of 2017-2024. Various reasons for growth of the ENT devices market are increasing geriatric population, higher cases of chronic sinusitis, increasing adoption of minimally invasive ENT procedures and favorable reimbursement policy for ENT procedures in developed countries.
ENT devices are special equipment used to treat disorders related to the ear, nose and throat. These products are used for diagnosis, therapy or surgery for any issues related to ear, nose and throat and help in rectifying problem associated with speaking, snoring, smelling and hearing. Various kind of ENT devices are endoscopes, hearing aids, hearing implants, ear tubes, nasal implants surgery systems and voice prosthesis devices.
Chronic sinusitis is in the top ten medical conditions in the US and contributes USD 9 billion to American healthcare costs. CDC data reveals that nearly 29 million American suffer from chronic sinusitis. The WHO data shows 15% adult population and 33% geriatric population suffers from hearing loss across the globe. All this data indicates that the ENT devices market has great potential to grow and expand.
ENT devices market is segmented on the basis of geography, product and end user. There are numerous products in the ENT device market and they are classified as diagnostic devices, surgical devices, hearing aids, Co2 lasers, hearing implants and image guided surgery systems. Diagnostic devices are further classified into endoscopes and hearing screening devices. Endoscopes can be either flexible or rigid endoscopes. Endoscopes can be otoscopes, laryngoscopes, pharyngoscopes, otoscopes, sinusopes and nasopharyngoscopes. Surgical devices are powered surgical instruments, balloon sinus ENT devices, handheld instruments, radiofrequency devices, ENT supplies, ear tubes and voice prosthesis devices.
On the basis of end user, ENT devices can be classified into home use, ambulatory settings, hospitals and ENT clinics.
Market drivers for ENT devices are increasing geriatric population that leads to higher target disease incidence rates, growing healthcare awareness, higher adoption of hearing aids and technological advancements like minimally invasive surgery and user friendly materials in product development.
Hearing aids have the largest market share of more than 50% among ENT devices; the share is more than 50%. It is predicted that in the forecast period, highest growth will be reported by hearing implants. Growth is expected due to growing awareness among patients, introduction of technological advancements and better healthcare infrastructure in developing economies.
Increasing cases of chronic sinusitis will lead to increasing demand for ENT treatments like endoscopic sinus surgeries, functional endoscopic sinus surgery (FESS), and balloon sinus dilation.
Factors that will restrain market growth are high cost of Co2 lasers, lack of reimbursement for hearing aids and changes in reimbursement policy for Tracheoesophageal Voice Prosthesis (TEP) devices in the U.S.
Market regions that are covered in the report are North America, Europe, Asia-Pacific and RoW. North America has the largest market share of the ENT devices market. Most of the market players are based in North America and there is awareness about advantages of using ENT devices solutions. Favorable reimbursement policies, better healthcare infrastructure, high cases of chronic sinusitis and other ENT disorders are the reason for high market share. Europe also has a good market share, especially for hearing aids due to high awareness and good healthcare infrastructure.
Asia-Pacific market is expected to report highest growth in the years 2016-2022. Market drivers for growth are increasing awareness, improving economic condition, higher spending power and expanding distribution networks of key market players in this area.
The major market players for ENT devices are Medtronic, Stryker Corporation, Olympus Corporation, Karl Storz GMBH & Co. KG, Acclarent Inc., Smith & Nephew PLC, Hoya Corporation, William Demant Holding A/S, Cochlear Limited and Sonova Holding AG. Companies are forming alliances and are going for mergers and acquisitions to strengthen their market position. Organizations are investing in research and development to come up with novel and innovative products that will capture new market share.
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