According to the latest market report published by Credence Research, Inc. “ENT Devices Market – Growth, Future Prospects and Competitive Analysis, 2015 – 2025” the global ENT devices market was valued at US$ 10.97 Bn in 2016, and is expected to reach US$ 18.87 Bn by 2025, expanding at a CAGR of 6.1% from 2017 to 2025.
ENT device market will grow significantly during forecast period due to growing number of geriatric population, favorable reimbursement scenario for ENT procedures in developed countries and increasing adoption of minimally invasive ENT procedures. For the purpose of the study ENT devices market is segmented on the basis of product type such as diagnostic devices, surgical ENT devices, hearing aid devices, hearing implants, nasal splints and voice prosthesis devices. It is studied that, currently hearing aid devices is major revenue contributor due to increase in prevalence of hearing disability, hearing loss and technological advances in hearing aids devices. Diagnostic devices will show lucrative market growth during forecast period due to rising number of target population, developing new technology, rising treatment awareness and growing healthcare infrastructure.
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In the base year 2016, North America dominated ENT devices market in terms of revenue and growth was primarily driven by United States. Factors such as higher number of geriatric population, higher healthcare awareness, upsurge in funding by government agencies and private organizations in healthcare system, continues technological advancement for the development of novel ENT devices are driving the market growth in North America. On the other hand Asia Pacific will show fastest market growth during forecast period due to rising incidence of ENT problems, growing partnership of key players with local manufacturer and growing healthcare infrastructure.
Market Competition Assessment:
The ENT Devices market is observed to be highly competitive and comprises large number of players. However, the market is currently dominated by few players such as Acclarent, Inc., Atos Medical AB, Cochlear Limited, GN ReSound A/S, Hoya Corporation, KARLSTORZ GmbH & Co., Medtronic plc., Olympus Corporation, Rion Co. Ltd., Smith & Nephew plc., Sonova Holdings AG, Stryker Corporation, Widex A/S, William Demant Holdings A/S and others.
Key Market Movements:
- Factors such as increasing number of geriatric population, rising number of problem associate with ENT, rising healthcare expenditure, increase in presence of prominent players in the ENT devices market is driving the market growth of ENT devices market globally.
- Rising adoption of minimally invasive surgeries over traditional surgical procedure would drive the ENT devices market during the forecast period.
- However, higher cost of devices and inadequate reimbursement policies in some developing countries are negatively impacting the growth of ENT devices market.