ENT Devices Market Is Expected To Reach Nearly US$ 41.7 Billion In 2032

Posted on 2023-07-20 by Fact.MR in Healthcare // 0 Comments

Rockville, United States, 2023-Jul-20 — /EPR Network/ —

The ENT devices market is slated to increase at a CAGR of 6.1%, with overall surpassing US$ 23.1 Bn in 2022. According to the Fact.MR study, the market is expected to create an absolute $ opportunity of US$ 18.5 in 2022. Growth in the market is primarily attributed to the rising prevalence of ENT-related ailments, especially among senior citizens worldwide. According to a study, 1 in 8 people in the U.S. over the age of 12 suffer from hearing loss and 91% of people above the age of 50 in the U.S. lose their hearing completely.

Hence, to curb the global burden, healthcare professionals are recommending devices to track mental health, hearing, and conversations. Subsequently, with advancements in technology, demand for devices compatible with a smartphone are gaining traction. This is likely to boost the sales of smart ENT devices over the forecast period (2022-2032). According to Fact.MR, the demand in the ENT devices market is projected to exceed US$ 41.7 Bn by the end of 2032.

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Further, to cater to the growing demand for advanced ENT devices, key players are updating their product portfolio. They are integrating advanced technologies such as robotic-assisted endoscopes, smart implants and hearing aids for optimized conversations.

According to World Health Organization (WHO) reports, around 72 million people across the globe use hearing aids and nearly 20% people with hearing loss in developing countries are likely to benefit from the easy accessibility to hearing aids.

Moreover, prevalence of ENT-related chronic diseases such as laryngeal cancer, nasal disorders, pharyngitis, and laryngitis across various countries, especially the U.S., is high. This is projected to create conducive environment for the key manufacturers.

Apart from this, inclination toward cosmetic ENT procedures such as cosmetic rhinoplasty and otoplasty for improving physical appearance is surging. This is estimated to increase the application of ENT devices.

Key Takeaways:

ENT devices market is estimated to grow by 1.8X from 2022 to 2032, reaching around US$ 41.7 Bn in 2032.
Based on product type, diagnostic ENT devices segment is estimated to dominate the market with a CAGR of 7.4% until 2032.
Asia Pacific is estimated to lead the market, exhibiting growth at a CAGR of 7.1% during 2022-2032.
Sales in the U.S. ENT devices market are expected to reach US$ 13 Bn during the forecast period.

Growth Drivers:

Adoption of ENT devices in ambulatory services is projected to increase due to high demand for minimally invasive procedures.
Growing advancements in ENT devices such as development of eco-friendly and rechargeable hearing aids will augment the sales in the market.

Restraints:

Lack of awareness regarding ENT-related diseases in the low-income countries such as Brazil and others is likely to hinder the growth in the market.
High maintenance or replacement cost of ENT devices is projected to limit the sales of ENT devices.

Competitive Landscape:

Key players profiled in the global ENT Devices market are focusing on adopting marketing strategies such joint ventures, collaborations, partnerships, and acquisitions to strengthen their global footprint.

Some of the ENT device manufacturers are advancing their product line through the integration of smart or next generation technologies to gain competitive edge.

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