Otorhinolaryngology Devices Market is registering a CAGR of 5.2% from 2019 to 2026.
Otorhinolaryngology-Devices-Market-2030
According to the report, the global otorhinolaryngology devices industry was pegged at $9.26 billion in 2018, and is expected to reach $13.99 billion by 2026, registering a CAGR of 5.2% from 2019 to 2026.
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Incentives for market growth
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.
Otorhinolaryngology devices are the instruments used for the diagnosis and treatment of various ear, nose, and throat disorders. These devices witnessed significant increase in the demand due to rise in number of geriatric populations especially in developing countries and increase in funding by the government and private companies in the R&D activities of advanced and novel otorhinolaryngology diagnostic and surgical devices. In addition, increase in the ENT disorder such as tonsillitis, ear infections, sinus infections, and sleep apnea further propels the growth of the global otorhinolaryngology devices market. However, high cost of ENT instruments & procedure and stringent government regulations are expected to hinder the growth of the market globally. On the contrary, various growth opportunities from emerging economies and medical tourism are anticipated to provide lucrative opportunities for the market players of the otorhinolaryngology devices market.
The diagnostic devices segment dominated the market
The diagnostic devices segment held the largest share in 2019, accounting for nearly one-third of the global otorhinolaryngology devices market, due to use of ENT endoscopes, hearing screening device, Laryngoscopes, Pharyngoscopes, Nasopharyngoscopes, and Rhinoscopesare in several medical procedures. However, the hearing aids segment is expected to register the fastest CAGR of 7.6% during the forecast period, owing to increase in number of hearing loss.
The ENT clinics segment to portray fastest growth through 2026
The ENT clinics segment held the largest share in 2019, contributing to one-third of the global otorhinolaryngology devices market. In addition, the same segment is expected to manifest the fastest CAGR of 5.2% from 2019 to 2026. ENT Clinics enable a safe, cost-effective, patient-friendly environment for the endowment of medical services such as diagnostic devices (endoscopes), surgical devices, CO2 lasers along with favorable reimbursements, thereby driving the growth of the segment
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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
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