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Nasal Splints Market Size, Driving Factors, Growth Statistics, Competitive Landscape And Forecast To 2033
Nasal Splints Market Size
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According to The Business Research Company's, The nasal splints market size has grown strongly in recent years. It will grow from $6.87 billion in 2023 to $7.54 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to postoperative recovery, trauma and fractures, rhinoplasty procedures, improved patient comfort.
The nasal splints market size is expected to see strong growth in the next few years. It will grow to $10.68 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to minimally invasive techniques, emerging markets growth, regulatory support, telehealth and remote consultation. Major trends in the forecast period include advanced materials, customized solutions, digital health integration, sustainable and eco-friendly practices.
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Market Drivers and Trends:
Rhinoplasty is one of the most commonly performed reconstructive cosmetic surgery across the globe and Rhinoplasty accounted for 62% of the procedures performed on women and 79% of procedures performed on men in 2021. As part of the post-operative procedure, intranasal splints are used to promote hemostasis, structural support and minimize scar formation. Therefore, owing to the rising numbers of rhinoplasty surgery and the use of nasal splints for post-operative care, the market for nasal splints is forecasted to grow.
Nasal splints made from biodegradable materials are gaining popularity in the industry, as they do not require surgical removal after implantation. The biodegradable materials in nasal splints include plant-based and bioresorbable materials. They help in controlling bleeding after surgery or nasal trauma, eliminating the need for painful nasal packing removal for patients, and act as an adjunct to aid in the natural healing process. For instance, Smith & Nephew offers a dissolvable nasal splint Nasastent composed of plant-based carboxymethyl cellulose that helps to support the soft nasal tissue and provides pressure to prevent bleeding. This implant eventually converts into a hydro colloidal gel after absorbing nasal fluid and drains from the patient naturally. Some of the other companies offering biodegradable nasal splints are Hemostasis LLC., Medtronic and others. As per the US FDA, nasal splints are classified as Class I medical devices that are exempted from premarket notification. However, nasal splint manufacturers must register their establishment and list the generic category or classification name.
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Major Key Players of the Market:
Boston Medical Products Inc., Innovia Medical, Medtronic Plc, Olympus Corporation, Smith & Nephew plc, DTR Medical, Mentor Worldwide LLC, Network Medical Products Ltd., Summit Medical Group, Surgiform Technologies LLC, Shippert Medical Technologies, Spiggle & Theis Medizintechnik GmbH, Stryker Corporation, Acclarent Inc., Cook Medical, KARL STORZ SE & Co. KG, Integra LifeSciences, Medline Industries LP, B. Braun Melsungen AG, Merit Medical Systems, Intersect ENT, ArthroCare Corporation, Lumenis, ConMed Corporation, DePuy Synthes Companies, Zimmer Biomet, KLS Martin Group, Becton Dickinson and Company, Terumo Corporation, Johnson & Johnson, 3M, Teleflex Medical OEM
Nasal Splints Market 2024 Key Insights:
• The nasal splints market size is expected to see strong growth in the next few years. It will grow to $10.68 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%.
• Rhinoplasty Surge In Popularity And Impact On Nasal Splint Market Growth
• Rise Of Biodegradable Nasal Splints: Advantages And Key Players In The Market
• Asia-Pacific was the largest region in global nasal splints market in 2023
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