CHICAGO, June 11, 2021 /PRNewswire/ -- According to the new market research report "ENT Devices Market by product (Diagnostic (Endoscope, Hearing Screening Devices), Surgical Devices, (Powered Surgical Instruments, ENT Supplies, Ear Tubes), Hearing Aids, CO2 Lasers, & End Users (Hospital & ASCs, ENT Clinics)- Global Forecast to 2026", published by MarketsandMarkets™, the market is projected to reach USD 22.3 billion by 2026 from USD 16.2 billion in 2021, at a CAGR of 6.6%.
The growth in this market is attributed to the rising aging population and the associated hearing loss, rise in disposable income and increasing affordability for ENT treatment, improving healthcare infrastructure and expenditure, and rising product availability and awareness.
The Hearing Aids segment is expected to grow at the highest CAGR during the forecast period
By product, the ENT Devices market is segmented into Diagnostic Devices, Surgical Devices, Hearing Aids, Hearing Implants, Co2 Lasers, image-Guided Surgery Systems. In 2020, the Hearing Aids products segment accounted for the larger share of the market. The large share of this segment can be attributed to increases in the demand for hearing aids. As an individual age, changes occur in the nerve pathways from the ear to the brain which can lead to hearing loss.
The Endoscopes segment of Diagnostic Devices accounted for the largest share of the ENT Devices market in 2020
Based on the Diagnostic Devices, the market is segmented into Endoscopes and Hearing Screening Devices. In 2020, the Endoscopes segment accounted for the largest share of the market. The large share of this segment can be attributed to research and development in endoscopes leads to the launch of efficient and different types of endoscopes for the surgeries.
Hospitals and Ambulatory Settings accounted for the largest share of the ENT Devices market in 2020
By end user, the market is segmented into Home Use, Hospitals and Ambulatory Settings, ENT Clinics. Hospitals and Ambulatory Settings segment accounted for the largest market share in 2020. The increasing rise in disposable income and increasing affordability for ENT treatment, improving healthcare infrastructure and expenditure, and rising knowledge and awareness regarding the procedure's success or failure is the major driving factors for this market.
North America dominates the global ENT Devices market
The market is segmented into four major regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World. In 2020, North America accounted for the largest share of the market. The large share of North America can primarily be attributed to the increasing favorable reimbursement scenario for ENT procedures and the strong presence of major market players in this region.
The major players in the ENT Devices market are Karl Storz Gmbh & co. KG (Germany), Medtronic plc (Ireland), Stryker Corporation (US), Olympus Corporation (Japan), Cochlear Limited (Australia), Sonova Holding AG (Switzerland), William Demant holding a/s (Denmark), etc.
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