ENT Devices Market Revenue to Surpass $31,805.3 Million by 2030, says P&S Intelligence
NEW YORK, May 11, 2022 /PRNewswire/ -- The global ENT devices market was valued at $17,439.8 million in 2021, which is set to reach $31,805.3 million by 2030, rising at a CAGR of 6.9% from 2021 to 2030, according to P&S Intelligence. The growing population of older people boosts the demand for these devices since they are more prone to hearing loss and throat & nose problems. According to the WHO, the number of elderly individuals is expected to increase by 15% by 2050.
Furthermore, over the past few years, the healthcare system has seen a paradigm change from traditional surgeries to less-invasive procedures. Oncology, urology, and gastroenterology are among the medical subspecialties where minimally invasive procedures have already become popular. Similarly, this trend has been progressively rising in the ENT profession.
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Key Findings of ENT Devices Market Report
- Diagnostic devices held the largest share of the market in 2021. This is attributed to the availability of a variety of goods, entry of new companies, increase in the older population, and rise in the prevalence of various ENT illnesses.
- Hearing aids are the second-most-often-purchased items in the market. This is because producers are concentrating on releasing more-advanced hearing aids to increase their market share.
- In 2021, North America dominated the ENT devices market with 32.8% of the total sales revenue. This was due to a patient-friendly reimbursement situation for ENT operations as well as the existence of significant market participants. Furthermore, as people become more aware of the advantages of ENT devices, there will be an increase in their acceptance.
- Oticon A/S introduced the Oticon More hearing aid for children in February 2022, which uses artificial deep neural network (DNN) technology, as well as discreet behind-the-ear (BTE)-type hearing aids.
- Similarly, Bose Corporation introduced new SoundControl hearing aids in Montana, Massachusetts, North Carolina, Texas, and South Carolina in May 2021. They are controllable via the Bose Hear app, which offers people 18 years or older with mild-to-moderate hearing loss improved sound quality.
- The APAC ENT devices market is predicted to grow rapidly, with China and India being the two largest markets in the region. The presence of a large patient population with sinusitis, increasing knowledge of such devices, and the rising elderly population are the major drivers for the regional industry.
Browse detailed report on Global ENT Devices Market Size and Growth Forecasts, 2022–2030
The hospitals category accounted for more than 42% revenue share in the market in 2021. In the worldwide healthcare system, hospitals are the primary treatment facilities, playing an important part in the delivery of care in the ENT specialty. In fact, in many emerging economies, hospitals are the only places where an ENT surgery may be performed.
To enhance their product portfolios and augment their profits, key players in the ENT devices market have been continuously involved in new introductions. Smith & Nephew plc, Medtronic plc, Stryker Corporation, Olympus Corporation, Boston Scientific Corporation, Hoya Corporation, Widex A/S, Oticon A/S, and Karl Storz Gmbh & Co. KG are the major hearing aids providers around the world.
ENT Devices Market Segmentation Analysis
By Product Type
- Diagnostic Devices
- Surgical Devices
- Hearing Aids
- Visualization Devices
By End User
- ENT Clinics
- Ambulatory Centers
By Regional Outlook
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
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