ENT Devices Market Size to Top $24 Billion by 2023

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ENT Devices Market size is estimated to exceed $24 billion by 2023; according to the latest research report from Global Market Insights, Inc. Growing prevalence of hearing damage, larynx cancer, and streptococcal throat disorders, along with introduction of government initiatives to improve healthcare access should stimulate growth. 

To access sample pages or purchase this report titled, “(Ear, Nose, Throat) ENT Devices Market Size By Product [Diagnostic (Rigid, Rhinoscope, Larynogoscope, Otological, Flexible), Surgical (Radiofrequency, Otological Drill Bums, Tympanostomy, Sinus Dilation, Nasal Packing), Hearing Aids (In-the Ear, Receiver-In-The-Ear, Canal), Hearing Implants (Auditory Brainstream, Cochlear, Middle Ear), Voice Prosthesis Device, Nasal Splints (Internal, External)], Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Japan, India, China, South Africa, Brazil, Mexico), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023”.

Increasing base of geriatric population and prevalence of target disorders such as hearing loss, nasal trauma, and throat disorders coupled with growing patient awareness levels, and implantation of favorable reimbursement policies are key industry trends. Global ENT devices market revenue USD 16.7 billion in 2015, with 5% CAGR during forecast period. 

APAC ear, nose, and throat market was driven by the countries Japan, China, and India. LATAM was predominantly driven by Mexico ENT devices market share with target revenue exceeding $1.1 billion by 2023. 

Invisible hearing aids, indwelling voice prosthesis, and powered surgical devices are a result of constant industry innovation. Other technological advancements include the use of Digital Signal Processing (DSP) for developing new applications, thus offering enhanced benefits to hearing impaired population. Introduction of custom or cut size nasal splints that fit in-line with patient requirements at affordable prices is another factor critical to industry evolution. 

The importance of early screening for hearing loss, and treatment in the form of hearing aid, is being emphasized by various government organizations such as hearing service offices and other healthcare associations of local governments, in both developed and developing economies. 

Initiatives taken by the government in terms of grants, and funding globally to prevent and treat hearing disorders is further propelling the industry growth pace. For instance, the Statewide Infant Screening-Hearing program in New South Wales, Australia screens the new born babies for any permanent hearing damage.

In addition, The Office of Hearing Services in Australia organizes several initiatives to improve the access to quality hearing services to clients, and also supports research and development in the field of hearing loss prevention and management.

Patent expiration of key products is expected to provide generic manufacturers an opportunity for developing cost-effective products. Presence of high unmet clinical needs in the emerging markets is another potential growth opportunity for the players.

Growing prevalence of hearing loss, nasal trauma, and larynx cancer coupled with constantly improving awareness levels, and presence of large patient pool in the form of large population in the emerging Asia Pacific, and Latin America are some factors expected to boost growth.

Key insights from the report include:

• Global ENT devices market revenue is projected to exceed revenue of USD 24 billion by 2023, at 5% growth.
   
• U.S. ENT device market size, at USD 3.85 billion was the largest in North America, which was more than 85% of total 2015 regional sales. Strong initiatives to prevent hearing loss cases and introduction of technologically advanced products is set to drive regional penetration.
   
• Diagnostics dominated the global ENT device industry share in 2015, at more than USD 3.5 billion in revenue, while the diagnostic segment endoscopes.
   
• The surgical ENT devices market size was dominated by radiofrequency hand piece devices owing to its advanced technology, set to exceed USD 4 billion by 2023.
   
• Germany & UK are major revenue pockets for Europe ENT device market, bringing in over 46% revenue collectively in 2015, with Germany likely to witness relatively higher growth rate.
   
• Japan, China, and India are major APAC growth regions, with overall industry growth expectations of 6.5% CAGR.
   
• Mexico was the prominent revenue contributor to the LATAM industry, with revenue in-line to surpass USD 450 million by 2023. Increase in geriatric population base and adoption of innovative technologies are the factors contributing to the growth of Mexico hearing aids market.
   
• Medtronic, Siemens, Atos, Cochlear, Olympus, Smith & Nephew, and William Demant are a few key industry companies.