Market Research Report
ENT Devices Market - Growth, Trends, and Forecasts (2020 - 2025)
|Published by||Mordor Intelligence Pvt Ltd||Product code||390827|
|Published||Content info||115 Pages
Delivery time: 2-3 business days
|ENT Devices Market - Growth, Trends, and Forecasts (2020 - 2025)|
|Published: June 1, 2020||Content info: 115 Pages||
The major factors for the growth of the ENT devices market include the increasing prevalence of ear, nose, and throat related disorders, rising adoption of minimally invasive ENT procedures, and technological advancements.
According to the estimates of 2018 by the World Health Organization, the prevalence of hearing loss has increased globally, even in developed countries. A per the report, in the United States, the incidence of hearing loss has increased from 11.5 million in 2008, to nearly 15 million in 2018.
Furthermore, according to the data published by the American Cancer Society, about 2,000 people in the United States develop cancers of the nasal cavity and paranasal sinuses each year. These cases are most common in the geriatric population. In 2018, in the United States, an estimated people were more than 15,000 incident cases of larynx cancer, as per International Agency for Research on Cancer 2018 data. Thus, owing to the rising prevalence and new cases of ear, nose, and throat related disorders, the US ENT devices market is expected to witness a high CAGR over the forecast period.
Hearing Aids is the Segment under Product Type is Expected to Account for Fastest Growth Rate during the Forecast Period
A hearing aid is a small electronic device that you wear in or behind your ear. It makes some sounds louder so that a person with hearing loss can listen, communicate, and participate more fully in daily activities. A hearing aid can help people hear more in both quiet and noisy situations. Hearing aids are primarily useful in improving the hearing and speech comprehension of people who have hearing loss that results from damage to the small sensory cells in the inner ear.
Moreover, the demand for these devices is increasing due to the increasing population with hearing loss. As per a 2018 report by the World Health Organization, the population with hearing loss is expected to increase from 466 million in 2018 to nearly 900 million by 2050. This will increase the demand for hearing aids, which will boost the market growth.
North America accounted for the Largest Share in the Global Market
North America is found to hold a major share for the ENT devices market and is expected to show a similar trend over the forecast period, without significant fluctuations. Most of the market players are based in North America and there is awareness about the advantages of using ENT devices solutions.
According to the estimates of the Hearing Health Foundation, there are 600,000-750,000 cases of Meniere's disease in the United States, with 45,000 to 60,000 new cases diagnosed annually. Favourable reimbursement policies, better healthcare infrastructure, high cases of chronic sinusitis, and other ENT disorders are the reasons for the high market share of the United States.
The market studied is consolidated owing to the presence of a few major players in the market. The market players are focusing on R&D to develop the technologically advanced products in order to bring innovative products in the market. The barriers for the new entrants are high in this industry and hence only a few major market players hold the maximum market share.