Global ENT Devices Industry is Aiming to Generate Revenue at a CAGR of 6.6% During the Forecast Period

Posted June 8, 2022 by mmvaidya

Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate the market size of the segments and subsegments.
Research Methodologies Followed for This Study:

Secondary Research:

In the secondary research process, various secondary sources such as annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, gold-standard & silver-standard websites, regulatory bodies, and databases (such as D&B Hoovers, Bloomberg Business, and Factiva) were referred to identify and collect information for this study.

Primary Research:

Extensive primary research was conducted after acquiring knowledge about the global market scenario through secondary research. Primary interviews were conducted from both the demand (Medical Practitioners, Otolaryngologist, Hospital Directors) and supply sides (Marketing Managers, Regional/Area Sales Managers, Product Managers/Technology Experts, Import/Export Heads, Distribution Channel Partners).

Emerging Revenue Growth Trends:

The global ENT Devices market size is projected to reach USD 22.3 billion by 2026 from USD 16.2 billion in 2021, at a CAGR of 6.6% during the forecast period.

Download PDF Brochure@

Major Growth Driving Factors:

The growth in this market is attributed to the growing prevalence of sinusitis, rapidly growing geriatric population, favorable reimbursements for ENT procedures in developed countries, growing adoption of minimally invasive ENT procedures, increasing presence of prominent players in the ENT devices market, and technological advancements.

OPPORTUNITY: Growing healthcare market in emerging economies

Developing economies such as China, India, and LATAM (Latin American) countries represent significant growth opportunities for players in the ENT devices market. According to OECD, the global middle-class population is estimated to increase from 1.8 billion in 2009 to 4.9 billion in 2030. Asia is expected to account for 66% of the global middle-class population by 2030. In countries such as China and India, the growth in purchasing power is enabling people to purchase technologically advanced ENT devices, thereby fueling the growth of the market.

CHALLENGE: Increasing pricing pressure on market players

Over the last decade, healthcare cost reduction has emerged as one of the major focus areas in healthcare systems. Price regulations, competitive pricing, bidding, tender mechanics, coverage and payment policies, the comparative effectiveness of therapies, technology assessments, and managed-care arrangements are implemented to achieve this. In response to the increasing pressure to reduce healthcare costs, healthcare providers have aligned themselves with group purchasing organizations and integrated health networks that negotiate for the bulk purchase of medical devices. The bulk purchasing trend increases the pricing pressure and decreases the profit margins for players, particularly for small and medium-sized manufacturers that offer a limited range of ENT devices.

Reforms on payments such as prospective payment systems for hospital care, preferential site of service payments, and value-based purchasing have added to the pressure on medical device companies. Furthermore, hospitals are consolidating, and large group purchasing organizations, hospital networks, and other groups continue to seek ways to aggregate purchasing power.

Hospitals and Ambulatory Settings accounted for the largest share of the ENT Devices market in 2020

By end user, the ENT Devices market is segmented into a Home Use, Hospitals and Ambulatory Settings, ENT Clinics. Hospitals and Ambulatory Settings segment accounted for the largest market share in 2020. The hospitals and Ambulatory Settings segment accounted for the largest market share in 2020. The increasing rise in disposable income and increasing affordability for ENT treatment, high prevalence of hearing loss, rapidly growing elderly population, and technological advancements in hearing aid are the major driving factors for this market.

Request Sample Pages@

North America accounted for the largest share of the ENT Devices market in 2020

Based on the region, the ENT Devices market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2020, North America accounted for the largest share of the ENT Devices market. The large share of North America can primarily be attributed to the increasing favorable reimbursement scenario for ENT procedures and the strong presence of major market players in this region.

Key Players:

Some of the major players operating in this market are Karl Storz Gmbh & co. KG (Germany), Medtronic plc (Ireland), Stryker Corporation (US), Olympus Corporation (Japan), Cochlear Limited (Australia), Sonova Holding AG (Switzerland), William Demant holding a/s (Denmark), etc. In 2020, Sonova Holding AG (Switzerland) held the leading position in the market.

Read the Detailed Report@
-- END ---
Share Facebook Twitter
Print Friendly and PDF DisclaimerReport Abuse
Contact Email [email protected]
Issued By Makarand Vaidya
Country United States
Categories Industry , Medical , News
Tags ent devices , ent devices market
Last Updated June 8, 2022