High prevalence of chronic sinusitis, increase in adoption of minimally invasive ENT procedures, and rise in elderly population drive the growth of the global otorhinolaryngology devices market. However, limited awareness and high costs, and government regulations and reimbursement issues hamper the growth to certain extent. On the contrary, high growth prospects in emerging market would open new opportunities for the market players.
According to the report published by Allied Market Research, the global otorhinolaryngology devices market size was valued at $9,268 million in 2018, and is projected to reach $13,999 million by 2026, registering a CAGR of 5.2% from 2019 to 2026. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Onkar Sumant, a Manager, Healthcare at Allied Market Research, stated, “The growth of the global otorhinolaryngology devices market is majorly attributable to rise in prevalence of ear, nose, and throat diseases. In addition, increase in adoption of innovative otorhinolaryngology devices such as capsule endoscopes and robot-assisted otorhinolaryngology surgery along with ultra-high-definition visualization systems is anticipated to boost the market growth in the coming years.”
Key Findings of the Study:
- Based on product, the surgical devices segment was the second major revenue contributor in 2018, and is anticipated to continue this trend during the forecast period.
- Depending on end user, the others end user segment is expected to exhibit the highest CAGR with 5.5% during the forecast period.
- By region, North America was the largest revenue contributor in 2018, and is expected to continue this trend from 2019 to 2028.
- U.S. generated the highest revenue in the global otorhinolaryngology devices market in 2018, accounting for more than one-third of the global market in 2018.
- Asia-Pacific is anticipated to grow at a highest CAGR during the forecast period.
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North America garnered largest share
The market across North America accounted for the largest share in 2019, garnering nearly two-fifths of the market. Rise in the adoption of otorhinolaryngology devices for ear, nose, and throat interventions, innovations, and introduction of advanced technologies propel the growth of the market in this region. However, the global otorhinolaryngology devices market across Asia-Pacific is estimated to register the highest CAGR of 6.8% during the study period, due to rise in number of expansion activities by top players, increase in geriatric population, and surge in prevalence of cataract.
Major market players
- Freudenberg SE (InHealth Technologies, Inc.)
- Hill-Rom Holdings, Inc
- Atos Medical AB, Cochlear Ltd
- Johnson & Johnson (Acclarent, Inc.)
- Medtronic Plc.
- Olympus Corporation
- Sonova Group
- Starkey Hearing Technologies
- Stryker Corporation