ENT Devices Sales to Surpass US$ 41.7 Bn, Fact.MR Identifies Key Reasons to Invest Across 6 Key Regions

North America to be the Epicenter in Global ENT Devices Market, the U.S. Leads the Rally with 32% Revenue

Fact.MR offers 360-degree view of the global ENT Devices market by covering key aspects such as latest trends, drivers, opportunities and challenges for the upcoming decade. This study also reveals key information and factors influencing the growth in the market through leading segments including product type and regions.

NEW YORK, May 24, 2022 /PRNewswire/ -- The ENT devices market is slated to increase at a CAGR of 6.1%, with overall surpassing US$ 23.1 Bn in 2022. According to the Fact.MR study, the market is expected to create an absolute $ opportunity of US$ 18.5 in 2022.

Growth in the market is primarily attributed to the rising prevalence of ENT-related ailments, especially among senior citizens worldwide. According to a study, 1 in 8 people in the U.S. over the age of 12 suffer from hearing loss and 91% of people above the age of 50 in the U.S. lose their hearing completely.

Hence, to curb the global burden, healthcare professionals are recommending devices to track mental health, hearing, and conversations. Subsequently, with advancements in technology, demand for devices compatible with smartphone are gaining traction.

This is likely to boost the sales of smart ENT devices over the forecast period (2022-2032). According to Fact.MR, the demand in the ENT devices market is projected to exceed US$ 41.7 Bn by the end of 2032.

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Further, to cater to the growing demand for advanced ENT devices, key players are updating their product portfolio. They are integrating advanced technologies such as robotic-assisted endoscopes, smart implants and hearing aids for optimized conversations.

According to World Health Organization (WHO) reports, around 72 million people across the globe use hearing aids and nearly 20% people with hearing loss in developing countries are likely to benefit from the easy accessibility to hearing aids.

Moreover, prevalence of ENT-related chronic diseases such as laryngeal cancer, nasal disorders, pharyngitis, and laryngitis across various countries, especially the U.S., is high. This is projected to create conducive environment for the key manufacturers.

Apart from this, inclination toward cosmetic ENT procedures such as cosmetic rhinoplasty and otoplasty for improving physical appearance is surging. This is estimated to increase the application of ENT devices.

Key Takeaways:

• ENT devices market is estimated to grow by 1.8X from 2022 to 2032, reaching around US$ 41.7 Bn in 2032.
• Based on product type, diagnostic ENT devices segment is estimated to dominate the market with a CAGR of 7.4% until 2032.
• Asia Pacific is estimated to lead the market, exhibiting growth at a CAGR of 7.1% during 2022-2032.
• Sales in the U.S. ENT devices market are expected to reach US$ 13 Bn during the forecast period.

Growth Drivers:

• Adoption of ENT devices in ambulatory services is projected to increase due to high demand for minimally invasive procedures.
• Growing advancements in ENT devices such as development of eco-friendly and rechargeable hearing aids will augment the sales in the market.

Restraints:

• Lack of awareness regarding ENT-related diseases in the low-income countries such as Brazil and others is likely to hinder the growth in the market.
• High maintenance or replacement cost of ENT devices is projected to limit the sales of ENT devices.

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Competitive Landscape:

Key players profiled in the global ENT Devices market are focusing on adopting marketing strategies such joint ventures, collaborations, partnerships, and acquisitions to strengthen their global footprint.

Some of the ENT device manufacturers are advancing their product line through the integration of smart or next generation technologies to gain competitive edge.

For instance,

• February 2022: Medtronic plc launched NuVentTM balloon, which is an FDA approved treatment for chronic, obstructive Eustachian Tube Dysfunction. This device permits outpatient and in-office treatment.
• March 2022: Zsquare gained an equity financing of US$ 15 Mn from a joint venture investment group during the soft launch of its disruptor next-generation ENT endoscope. This soft launch is expected to take place during the Q3 of 2022 after receiving the federal FDA approval.

Key Companies Profiled by Fact.MR

• Medtronic
• Sonova
• Ambu A/S
• Demant A/S
• Olympus Corporation
• Gn Resound A/S
• Rion Co., Ltd.
• Acclarent
• Pentax Medical
• Karl Storz
• Widex
• Richard Wolf Gmbh
• Welch Allyn
• Zsquare
• Cochlear Ltd.
• Sivantos, Inc.
• Starkey Hearing Technologies
• Atos Medical AB

More Valuable Insights on ENT Devices Market

Fact.MR in its latest report offers in-depth analysis on the global ENT devices for the assessment period of 2022 to 2032. This study also focuses on the key growth drivers and opportunities affecting the sales in the ENT devices market through detailed segmentation as follows:

By Product Type:

• Diagnostic ENT Devices

• Rigid Endoscopes
• Flexible Endoscopes
• Robot Assisted Endoscope
• Hearing Screening Device

• Surgical ENT Devices

• Radiofrequency Handpieces
• Otological Drill Burrs
• ENT Hand Instruments
• Sinus Dilation Devices
• Nasal Packing Devices

• Hearing Aids
• Hearing Implants
• Nasal Splints

By Region:

• North America
• Latin America
• Europe
• Asia Pacific (APAC)
• Middle East and Africa (MEA)

Key Questions Covered in the ENT Devices Market Report

• Which are the factors bolstering the growth in the ENT devices market?
• What is the anticipated growth rate of the global ENT devices market until 2032?
• Which region is considered to be the most lucrative in the global ENT devices market during the forecast period?
• What will be the market value of ENT devices market in 2022?
• Which are the challenges encountered in the global ENT devices market?

Explore Fact.MR's Coverage on the Healthcare Domain

Active Implantable Device Market: Increasing prevalence of cardiovascular and neurological diseases is propelling the demand for electrical stimulation, timely delivery of medication, and hearing and dental prosthesis. This is projected to spur the sales of active implantable device.

ENT Medical Devices Market: Growing incidence of ENT-related diseases among the geriatric population is augmenting the demand for rigid & flexible endoscopes, hearing aids & implant devices. This is anticipated to increase the adoption of ENT medical devices across the globe.

Hearing Amplifiers Market: Demand for hearing amplifiers is expected to rise owing to the rising prevalence of hearing impairment disorders. Furthermore, availability of cost effective hearing aids such as hearing amplifiers is projected to fuel the sales in the coming years.

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SOURCE Fact.MR