The global ENT devices market size is expected to reach USD 23.1 billion by 2022, expanding at a CAGR of 5.0% during the forecast period. Rising geriatric population and increasing prevalence of ENT related disorders are the primary factors stoking the growth of the market.
According to WHO, 33.0% of geriatric population and 15.0% of adult population worldwide suffer from hearing disordersBesides this, in 2015, 13,560 new cases were registered according to the National Cancer Institute. Increasing cases of hearing disorders are estimated to increase the usage of hearing devices.
Technological advancements and user-friendly ENT devices are further projected to drive the industry. For instance, use of thermoplastic material for development of nasal splints is gaining demand. Developing economies such as South Africa, Brazil, China, and India are anticipated to provide significant opportunities for the growth of the market due to unmet healthcare needs coupled with presence of target population.
Hearing aids were the largest segment in 2016. Rising target population, high accessibility, and significantly high usage are the key factors contributing to the growth of the market. The hearing implants segment is likely to witness fast growth during the forecast period due to introduction of technologically advanced devices and soaring rate of patient compliance overcoming social stigma towards use of such devices.
Further key findings from the report suggest:
Technological advancements and user-friendly ENT devices are further projected to drive the industry. For instance, use of thermoplastic material for development of nasal splints is gaining demand. Developing economies such as South Africa, Brazil, China, and India are anticipated to provide significant opportunities for the growth of the market due to unmet healthcare needs coupled with presence of target population.
Hearing aids were the largest segment in 2016. Rising target population, high accessibility, and significantly high usage are the key factors contributing to the growth of the market. The hearing implants segment is likely to witness fast growth during the forecast period due to introduction of technologically advanced devices and soaring rate of patient compliance overcoming social stigma towards use of such devices.
Further key findings from the report suggest:
- Cochlear implant is one of the largest segments of the hearing implants market. Growing customization in cochlear implants is the major factor responsible for its higher usage
- North America dominated the market in terms of revenue in 2016, due to presence of well-established healthcare infrastructure, favorable government initiatives, and high awareness levels of practitioners and patients
- Asia Pacific is projected to be the fastest growing region over the forecast period and it's due to favorable government policies, rising levels of healthcare expenditure, improving healthcare infrastructure, and clinical advancements in product development
- Major players are introducing novel devices to increase their market share. For instance, HiQ+ series of bipolar endoscopes by Olympus Medical Systems and Soundbridge by MED-EL.
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