Global ENT devices market is expected to reach USD 23.01 billion by 2022, according to a new study by Grand View Research, Inc. Growing base of geriatric population, increasing prevalence of ear, nose, and throat related traumas and infections, and rising level of awareness among target customer base are expected serve this market as high impact rendering drivers over the forecast period. According to estimates published by the WHO, 15% of adult population and 33% of geriatric population globally suffer from hearing disorders. Moreover, 13,560 new cases are estimated to be registered in 2015 according to the National Cancer Institute. Technological advancements and the use of user-friendly materials in product development are expected to further boost the growth of this ENT devices industry. For instance, the use of thermoplastic material for the development of custom/cut size external nasal splints is likely to gain penetration over the next seven years.
Valued at over 5.0 billion, hearing aids were the largest product segment of the market in 2014. Growing target population, considerably high market usage, and high accessibility are amongst some key factors accounting for its large market share. On the other hand, hearing implants and voice prosthesis are expected to witness rapid growth over the forecast period owing to the introduction of technological advancements aimed to increase patient compliance and overcome social stigmas.
U.S. ENT devices market, by product, 2012 – 2022 (USD Million)
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Further key findings from the report suggest:
- Cochlear implant was also one of the largest product segments in 2014. The introduction of customizable implants is expected to drive segment growth over the forecast period. Introduction of technological advancements such as microchip technology is also likely to boost usage rates.
- North America dominated the overall market in terms of revenue share in 2014 at over 35%, majorly due to the presence of favorable government initiatives, sophisticated healthcare infrastructure, and user awareness levels
- The Asia Pacific ENT devices market is expected to witness rapid growth due to, rapidly improving healthcare infrastructure, presence of favorable government policies, clinical advancements in product development and rising healthcare expenditure levels
- Key players of this industry are revising product line by introducing novel technologies such as Soundbridge by MED-EL and HiQ+ series of bipolar endoscopes by Olympus medical systems. Some key players operating in this market include GN ReSound A/S, Sonova Holding AG, Starkey Laboratories Inc., Cochlear Limited, William Demant Holding A/S, Siemens Healthcare, Widex A/S, Rion Co., Ltd., Welch Allyn, and Atos Medical AB.
For more information: http://www.grandviewresearch.com