ENT Devices market revenues were estimated at US$ 21.9 Bn in 2021 and is anticipated to grow at a CAGR of 6.1% from 2022-2032, according to a recently published Fact.MR report. By the end of 2032, the market is expected to reach US$ 41.7 Bn. Diagnostic ENT devices demand is projected to swell further throughout the analysis period of the study from a quarter revenue share to over 30% by 2032.
At least one-fifth of the existing population is affected by hearing loss, and up to 30% has gone through at least one instance of severe sore throat or tonsillitis in their lifetime. These factors highlight the need for implantation of ENT devices in the coming decades. Market growth is expected to be driven by increased consumer demand for smart and advanced ENT devices among the end users due to the anticipated increase prevalence of chronic and geriatric diseases. Markets for ENT devices are expected to grow due to sustained interest in cutting-edge technological innovations.
Key Takeaways from the Market Study
- Global ENT Devices market is estimated to reach a market size of US$ 23.1 Bn by 2022.
- S., U.K., China, Japan and South Korea together represented over half of the global ENT devices revenue in 2021.
- Diagnostic ENT devices product type is projected to account for a CAGR of3 % CAGR during 2022-2032
- The market in North America is set to experience a CAGR of 5.8% across the 2022-2032 forecast period
Extensive development of the new age technology has prompted ENT Device manufacturers to launch highly robust, durable and smart components, aimed at increasing life supports, providing renewed growth opportunities for ENT device industry, comments a Fact.MR analyst.
Competitive Landscape
A large number of regional and global players operate in this market. These companies compete based on the innovation of their products, their quality, their brand reputation, and their market presence in order to sell their products through various industries. A variety of strategies are being employed by companies to remain competitive.
- In March 2022, Zsquare, a developer of special-purpose endoscopes, received $15 million worth of investment funding through its soft-launch of its disruptor next-generation ENT endoscope. The soft-launch will take place following FDA approval in the third quarter of 2022.
- In Feb 2022, Medtronic plc announced that it intends to launch NuVent balloon, which the FDA formally approved for long-term treatment of chronic conditions that restrict Eustachian Tube function. The NuVent catheter allows for quickly and easily performed office procedures.
- In September 2021, Acclarent announced the launch of its ENT technology, which uses artificial intelligence to simplify the planning processes for endoscopic navigation and provide real-time feedback during ENT navigation procedures. Initially, the tracking system will only be available in the United States.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the ENT Devices market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of product type (Diagnostic ENT Devices, Surgical ENT Devices, Hearing Aids, Hearing Implants, Nasal Splints) across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
About the Healthcare Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned healthcare team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the healthcare industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.