PORTLAND, Oregon and PUNE, India, March 12, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, Sinus Dilation Devices Market by Product and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023,"the global sinus dilation devices market was valued at $3,326 million in 2016, and is projected to reach $5,778 million at a CAGR of 8.1% from 2017 to 2023.
Sinusitis is a medical condition wherein inflammation of sinus lining leads to a plugged nose, headache, poor sense of smell, sore throat, and cough. It is caused due to either ostial blockage, bacterial infections, viral infections, or a combination of these conditions. This leads to use of sinus dilation devices during surgical procedures to dilate the sinus openings of a patient's nose.
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The major factors that drive the global sinus dilation devices market are increase in incidence of sinusitis, which may lead to higher sinus surgeries, high adoption of minimally invasive surgical procedures, and technological advancements in sinusitis treatment. However, risks associated with sinus surgical procedures and low adoption of surgical procedures, due to presence of alternative sinusitis-related drugs, are expected to restrain the market growth. Conversely, untapped market potential in the emerging countries, such as China and India, and large investments by key players to develop advanced products are expected to provide lucrative opportunities to the market players.
The balloon sinuplasty systems segment accounted for the largest share in 2016, owing to the advancements in sinus surgical procedures, applicability, and their greater acceptance than invasive traditional surgeries. Furthermore, the sinus stents segment is expected to grow at a CAGR of 7.2% from 2017 to 2023, and maintain its dominance in the future as well.
The utilization rate of sinus dilation devices in hospitals & clinics is high; however, the ambulatory surgical centers segment is expected to grow at the highest CAGR. This is attributed to the increasing preference for less hospital stay-associated surgeries with advanced sinus dilation devices.
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Key findings of the Sinus Dilation Devices Market:
- The balloon sinuplasty system segment accounted for around three-fifths share of the global sinus dilation devices market in 2016.
- The FESS instruments set segment is expected to grow at a CAGR of 9.3% from 2017 to 2023.
- The hospitals & clinics segment accounted for around three-fourths share in 2016.
- Europe accounted for around one-third share of the global sinus dilation devices market in 2016.
North America was the highest revenue contributor to the global sinus dilation devices market in 2016, and is expected to dominate the market during the forecast period as well. This is attributed to the early approval of sinus dilation devices and rapid use of these devices, owing to rise in number of sinus surgical procedures. However, Asia-Pacific is expected to grow at the highest CAGR of 9.6%, owing to increase in affordability, surge in healthcare expenditure, and rise in awareness towards sinusitis-related surgeries.
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SOURCE Allied Market Research