Press release
ENT Devices Market to Soar at a CAGR of 8.1% to 2024
Rising prevalence of ENT disorders including nasal trauma, deafness, larynx cancer, hearing loss across the globe fuels the need to develop devices used for effective diagnosis and treatment of such ailments augmenting the global ENT devices market.
ENT Devices Market is set to exceed USD 24.5 billion by 2024; as reported in the latest study.
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Surging geriatric population will substantially influence ENT devices industry as they are more vulnerable to hearing ailments, throat infections and nasal disorders. Furthermore, high incidences among adult individuals will fuel the demand for ENT devices such as hearing aids, nasal splints, cochlear implants, auditory brainstem implants and sinus dilation devices in the future.
Presence of favorable government initiatives such as Walk4Hearing campaign organized by Hearing Loss Association of America (HLAA) aimed at increasing awareness levels for hearing loss in the U.S. will fuel industry expansion.
Rapid technological advancement in hearing devices coupled with increased funding for hearing aid evaluation, devices and nasal procedures will augment industry growth over the forecast timeframe.
Unaffordable prices of procedures and instruments such as cochlear implants used to treat patient base suffering from hearing loss will impede market growth. Social stigmas among individuals for hearing aids and voice prothesis devices is another restraining factor hampering market growth.
Increasing cosmetic surgeries globally along with growing usage of surgical devices for installing or removing of an implant, removal of unwanted tissue, and sinus surgeries will drive surgical ENT devices market over the forecast period. Moreover, rising technological innovations coupled with fueling adoption of powered surgical instruments and sinus dilation devices will accelerate business growth.
Rising volume of nasal surgeries coupled with increasing prevalence of nasal disorders such as sinusitis and upsurge in trauma cases are the major factors contributing to nasal splints segment growth.
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Increased noise pollution rates leading to rise in hearing loss among children and youth will drive Canadian ENT devices market growth. Growing incidences of laryngeal cancer due to adoption of unhealthy habits such as alcohol consumption and tobacco smoking among adult population is another factor contributing to Canada's market share.
Germany should witness robust growth over the forecast period owing to high usage of hearing aids along with favorable government campaign such as “Noise at school - ‘hearer's licenses' for children” for increasing awareness among children about noise exposure will fuel regional growth.
China ENT devices market should grow at significant rate due to rising geriatric population and strong government support such as providing hearing aids and cochlea implants to children under 6 years of age from families with low income.
Some of the prominent industry players operating in global ENT market are Cochlear, Siemens Healthcare, William Demant, Atos Medical, Starkey Hearing Technologies, Widex and Sonova.
Industry players are focusing on research activities for the development of innovative products fulfilling unmet needs of patients with ENT disorders. For instance, Cochlear Limited introduced and launched its innovative Nucleus 7 cochlear implant sound processor in July 2017. The device allows users to stream sound from their iPhone, iPad and iPad touch further improving connectivity, accessibility and comfort through wireless solutions.
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