Global Otoscopes Market Research Report 2022: Market to Reach $198.1 Million by 2026 - US and Europe Dominate the Market

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Aug 24, 2022, 06:45 ET

DUBLIN, Aug. 24, 2022 /PRNewswire/ -- The "Otoscopes - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Global Otoscopes Market to Reach $198.1 Million by 2026

The global market for Otoscopes estimated at US$172.8 Million in the year 2022, is projected to reach a revised size of US$198.1 Million by 2026, growing at a CAGR of 3.2% over the analysis period.

Pocket-size Otoscopes, one of the segments analyzed in the report, is projected to record a 2.9% CAGR and reach US$89.4 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Full-size Otoscopes segment is readjusted to a revised 3.4% CAGR for the next 7-year period.

AI-Powered Otoscopy Makes Headway in the Market

Artificial intelligence (AI) along with machine learning is the latest buzzword in the field of otoscopy that holds potential to considerably improve screening of hearing loss. AI involves the use of computers or machines that mimic cognitive functions like problem solving and learning associated with the human brain.

The technology is being used in the ENT and audiology arenas for adding advanced features and improving designs of hearing aids. These devices provide users with a seamless and effective listening experience by mimicking and predicting decision-related process for a specific listening condition. The technology is also finding use in otoscopes to improve access to the ear care in underserved regions. AI holds potential to assist users accurately determine otitis media or other conditions.

Image processing built on the technology can automatically categorize otoscopy-related images at relatively high accuracy. Based on the cloud and smart phones, the automated diagnosis system for otitis media can be further improved through a neural network intended to classify typical features of the tympanic membrane and ear canal.

These advanced systems such as HearX`s HearScope provide users with an affordable smart phone based video otoscope for capturing video and images of the tympanic membrane and ear canal. AI classifies the image within seconds using common ear-related disease categories including normal, chronic perforations, wax obstruction or abnormal from a massive database of ear-related images.

The data can be used by dedicated medical professional for diagnosing the condition and assigning the treatment course. The system relies on the cloud and allows users to upload images through the Internet. The AI-powered system holds potential to drastically improve access to ENT and audiology services across remote areas.

Video Otoscopes Segment to Reach $36.4 Million by 2026

In the global Video Otoscopes segment, USA, Canada, Japan, China and Europe will drive the 3.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$24.4 Million will reach a projected size of US$30.9 Million by the close of the analysis period.

China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$3.1 Million by the year 2026, while Latin America will expand at a 4.8% CAGR through the analysis period.

The U.S. Market is Estimated at $60.4 Million in 2022, While China is Forecast to Reach $14 Million by 2026

The Otoscopes market in the U.S. is estimated at US$60.4 Million in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$14 Million by the year 2026 trailing a CAGR of 5.5% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.4% and 3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.7% CAGR.

The market is forecast to experience a significant growth over the coming years due to increasing incidence of ear-related conditions and preventable hearing loss that create a pressing demand for sophisticated diagnostic devices. The market growth is also facilitated by availability of rechargeable, user-friendly pocket otoscopes along with increasing number of otolaryngology professionals.

Rising incidence of hearing loss is also expected to drive the global otoscopes market in the long-term. Hearing loss or impairment is one of the leading global public health problems, adversely affecting the communication ability, independence, wellbeing, and quality of life. Besides age-related factors, the growing prevalence of hearing loss is a product of genetic factors; complications during pregnancy and childbirth; the spread of highly contagious diseases such as meningitis, rubella and mumps; injuries; polypharmacy and high noise pollution.

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

Otoscopes - Global Key Competitors Percentage Market Share in 2022 (E)
Impact of COVID-19 on Otoscopes Market
Rising Incidence of Hearing Loss to Drive the Global Otoscopes Market in the Long-Term
A Snapshot of Global Hearing Loss Statistics
US and Europe Dominate the Global Otoscopes Market
Emerging Markets - Underpenetrated with Immense Growth Potential
Pocket Otoscopes to Drive Market Growth
Video Otoscopes Market Witnesses Rapid Growth
Technological Advancements to Drive the Growth of Otoscopes Market
Recent Innovations/New Product Launches

2. FOCUS ON SELECT PLAYERS (Total 50 Featured):

Adam,Rouilly Limited
AIIM GmbH
Albert Waeschle Ltd. (Opticlar)
AMD Global Telemedicine, Inc.
AME WORLDWIDE
American Diagnostic Corporation
Arno Barthelmes Zella-Mehlis GmbH
AUG MEDICAL
Bosch + Sohn GmbH u. Co. KG
Cupris Limited
Dino-Lite Europe
Dr. Mom Otoscopes
Endoservice GmbH
Fazzini SRL
Firefly Global
GF Health Products, Inc.
GPC Medical Ltd.
Happersberger Otopront GmbH
HEINE Optotechnik GmbH & Co. KG
Henry Schein, Inc.
Hill-Rom Holdings, Inc.
Honsun Group
Interacoustics A/S
Inventis srl
Keeler
Kirchner & Wilhelm GmbH + Co. KG
LUXAMED GmbH & CO. KG
Maico Diagnostic GmbH
Medline Industries, Inc.
MedRx Inc.
Medstar Co., Ltd.
Natus Medical, Inc.
Oaktree Products, Inc.
Olympus Corporation
OPTOMIC Espana S.A.
Orlvision Gmbh
Prestige Medical
RA Block Diagnostics
RF Co.
Rudolf Riester GmbH & Co. KG
Sklar Surgical Instruments
SOS Group Global Ltd.
Spengler Instruments
Spirit Medical Co., Ltd.
SyncVision Technology Corporation
Timesco Healthcare Ltd.
Videomed Zaklad Elektroniczny
Vitalitaet Medtech Co., Ltd.
XION GmbH
Zumax Medical Co., Ltd.

3. MARKET TRENDS & DRIVERS

COVID-19 Expands Use of Smartphone-Enabled Otoscopes in Otolaryngology
Increasing Cases of Hearing Loss Emphasize Urgent Need to Raise Awareness
Disabling, Untreated Hearing Loss Holds Startling Economic and Societal Costs
WHO Urges Governments to Curb Rising Cases of Hearing Impairment
WHO-ITU Issues New Standard for Preventing Hearing Loss in Young Individuals
Burgeoning Geriatric Population and Rising Prevalence of Age-Related Hearing Loss - A Key Demand Driver for Otoscopes
Increasing Hearing Impairment among Younger Population and Children
Uptrend in Healthcare Expenditure Creates Substantial Opportunities
AI-Powered Otoscopy Represents Latest Buzzword with Potential to Improve Access to ENT & Audiology Services in Remote Areas
Increasing Role of Artificial Intelligence for Otoscopy
Technological Advancements
University of Washington Develops Smartphone Application to Detect Eardrum Fluid
Digital Otoscopes Improves Diagnosis and Treatment of Acute Otitis Media
Otoscopes for Home Use Allow Early Detection of Ear Infection
Researchers Develop Ultrasound Otoscope for Accurate Diagnosis of Middle Ear Infections
A Prelude into Select Available Otoscopes
Home Digital Otoscopes
DESPATCH Wireless Otoscope
Teslong Otoscope
Anykit USB Otoscope-Ear Scope Camera