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ENT Devices Market Research Report 2024 - By Growth, Recent Trends, Key Players And Forecast To 2033
ENT Devices Market Research Report
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According to The Business Research Company's, The ent devices market size has grown strongly in recent years. It will grow from $32.89 billion in 2023 to $35.81 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to aging population, chronic conditions, healthcare reimbursement, diagnostic advancements.
The ent devices market size is expected to see strong growth in the next few years. It will grow to $49.23 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to telemedicine and remote consultations, personalized medicine, value-based care, emerging markets growth, artificial intelligence (AI) integration. Major trends in the forecast period include minimally invasive procedures, remote monitoring and telehealth, 3D printing of urological implants, tele-audiology, smart hearing protection.
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Market Drivers and Trends:
The increasing prevalence of ENT disorders is expected to propel the growth of the ENT device market. ENT is an acronym for the medical specialties involving the ears, nose, and throat, encompassing a broad spectrum of medical conditions impacting these regions of the body. ENT equipment is employed for the purpose of diagnosing, monitoring, and addressing these health issues. In February 2023, according to an article published by the World Health Organization, a Switzerland-based public health organization, a total of 430 million people, or more than 5% of the world's population (432 million adults and 34 million children), will need rehabilitation for their incapacitating hearing loss. Moreover, over 700 million individuals are predicted to have hearing loss by the year 2050. Therefore, the increasing prevalence of ENT disorders will fuel the growth of the ENT device market going forward.
Major companies operating in the ENT devices market are innovating new technology, such as TruDi, to increase their profitability in the market. TruDi is an ENT navigation system designed to provide reliable and efficient image-guided preoperative planning and navigation for ENT procedures. For instance, in January 2022, Acclarent Inc., a US-based subsidiary of Johnson & Johnson Medical Devices Companies, launched its first-ever AI-powered ENT technology called TruDi. The software bundle includes TruSeg and TruPath, designed for utilization with the TruDi Navigation System. It harnesses a machine learning algorithm to offer dependable and effective image-guided preoperative planning and navigation for ear, nose, and throat (ENT) procedures, such as endoscopic sinus surgery. The TruDi Navigation System itself is an innovative single-use electromagnetically guided blade tailored for ENT procedures.
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Major Key Players of the Market:
Sonova Holdings AG, Demant A/S, Medtronic plc, GN Store Nord A/S, Cochlear Limited, Olympus Corporation, Stryker Corporation, Karl Storz SE & Co. KG, Merck & Co. Inc., Smith & Nephew plc, Richard Wolf GmbH, Cook Group Incorporated, Grace Medical Inc., Intersect ENT Inc., Lumenis Ltd., Merz Pharma GmbH & Co KGaA, Atos Medical AB, Oticon Medical AB, Siemens Healthcare GmbH, ArthroCare Corporation, Xoran Technologies LLC, Zhejiang Tiansong Medical Instrument Co. Ltd., Acclarent Inc., Meril Life Sciences Pvt. Ltd., SinuSys Corporation, Audina Hearing Instruments Inc., Ambu A/S, Nupur Technologies, 3NT Medical, Welch Allyn Inc., Otopront Medizintechnik GmbH.
ENT Devices Market 2024 Key Insights:
• The ent devices market size is expected to see strong growth in the next few years. It will grow to $49.23 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%.
• Surge In Prevalence Of Ent Disorders Sparks Growth In Ent Devices Market
• AI-Powered Navigation Technology For Enhanced ENT Procedures
• Asia-Pacific was the largest region in the global ENT devices market in 2023
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