NEW YORK, April 5, 2021 /PRNewswire/ -- The restrictions on access to elective health procedures and postponed ENT appointments through 2019 and 2020 have arisen as effects of the ongoing coronavirus pandemic. This has hurt short term sales prospects for ENT medical devices through 2021. Rising cases of hearing disabilities, and the trend of aesthetically designed implants along with advances in diagnostic technologies are proving to be important aspects influencing developments as per the ENT medical devices study by consulting firm Fact.MR. The study encompasses pre-COVID-19 estimates, on the basis of broader developments in associated cutting-edge technologies.
According to Fact.MR, the market is estimated to rise at an approximate CAGR of 5.5% through the end of 2031, achieving a moderate growth rate since 2016. Bodies such as the World Health Organization and the National Center for Biotechnology Information have set guidelines for healthcare ENT practices associated with ENT procedures. These efforts in the medical sector are likely to influence developments for ENT medical devices to minimize risk of side effects arising from the pandemic.
Hearing Devices to Register Notable Upswing from Favorable Regulatory Scenario
According to the analysis from Fact.MR, the integration of advanced technologies with modern ENT devices has been increasingly supported by faster product launches and approvals by regulatory bodies which will drive the growth of the industry in the long term. Improvements in terms of cognitive hearing and mental states of the patient will have a positive impact.
According to a report by the Medical Devices and Drugs Committee of the American Academy of Otolaryngology, the FDA approved more than a 100 ENT devices in 2019, with advances largely spanning subspecialty areas including otology owing to technologies associated with hearing issues, including bonebridge conduction implants, cochlear implants, and more.
"In recent years, a widening geriatric demographic and the prevalence of ENT disorders is a key driver supporting the sales of ENT devices. Further, technological advancements from hearing aid devices such as rechargeable tech has also bolstered the growth prospects of the global ENT devices industry for the foreseeable future," says a Fact.MR analyst.
Key Takeaways from Fact.MR's ENT Medical Devices Study
Hearing aids will account for significant revenue share in the market owing to higher incidences of hearing disabilities and introduction of associated technologies.
Implant devices are likely to reflect a relatively faster rate of growth on the back of improvements to efficacy and aesthetics in modern offerings.
The United States is a leading market for ENT medical devices, supported by advanced healthcare infrastructure and reimbursement policies.
China is a major producer and consumer of ENT devices in the Asia Pacific region, supported by favorable government healthcare reforms.
Germany has emerged as a major European market owing to the relatively higher number of hearing ailment cases in the country.
Portfolio Expansion Strategies through Faster Approval to Gain Traction
Prominent ENT medical devices manufacturers profiled by Fact.MR include Medtronic Plc, Atos Medical AB, Olympus Corporation, Siemens Healthineers, Hoya Corporation, Smith & Nephew plc, Rion Co. Ltd., Sonova Holding AG, and Welch Allyn among others. The presence of multiple small scale players has resulted in a moderately competitive market landscape.
An important aspect of strategies being used by key manufacturers is widening product portfolios. For instance, in March 2021, Intersect ENT announced the receipt of consolidated Medicare coverage for its Sinuva sinus implant, which will allow transparency and confidence in reimbursement for patients in the future.
Further, the ClearUP Sinus Pain Relief device received approval from the FDA to expand the list of indications for its use including allergies, flu, and common cold. Also, Intersect ENT announced the launch of its Straight Delivery System, with its new Propel Mini Sinus Implant, following the FDA approval in July 2020.
More Insights on the ENT medical devices Market
Fact.MR, in its latest offering, provides an unbiased analysis of the global ENT medical devices market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study divulges essential insights on the market on the basis of product (diagnostic devices[rhinoscopes, laryngoscopes, otological endoscopes, robot assisted endoscopes, and others], across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).
Key Questions Covered in the Report
How is the global ENT medical devices market expected to grow in 2021?
Why is the demand for ENT medical devices gaining momentum?
How is urbanization influencing ENT medical devices sales in the future?
What factors are attracting prominent ENT medical devices manufacturers to China?
Why is Europe a lucrative hub for key ENT medical devices market players?
How do growth prospects appear for the US, UK and French markets?
Which are the prominent ENT medical devices manufacturers profiled in Fact.MR's report?
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