Portland, OR -- (SBWire) -- 05/15/2019 --"There have been revolutionary advancements in ENT & bronchoscopy devices, such as development of smaller hearing aids that are not visible from outside. This has increased the adoption of hearing aids among patients as well as healthcare providers."
ENT devices are used to rectify smelling disorders, hearing disorders as well as problems associated with speaking or snoring. Bronchoscopy involves examination of the complete airway of a patient including lungs and alveoli. Both ENT & bronchoscopy devices assist otolaryngologists to treat patients suffering from disorders of ear, nose, throat and related structures of the head and neck.
ENT & bronchoscopy devices market was valued at $14,476 million in 2015, and is projected to reach $24,999 million by 2022, growing at a CAGR of 8.1% from 2016 to 2022, According to a new report published by Allied Market Research. The hearing care devices segment accounted for more than two-fifths of the total market in 2015.
The market is driven by high incidence of hearing and nasal disorders, new technological advancements in ENT & bronchoscopy devices, growth in geriatric population, and increase in patient preference for minimally invasive procedures. However, this growth is limited by high cost of these devices (especially in developing nations) and lack of skilled professionals. The demand for cosmetic ENT procedures and emerging markets in Asia-Pacific and LAMEA are expected to provide several opportunities for key players.
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Hearing care devices is expected to maintain its dominant position throughout the analysis period, due to increase in incidence of hearing disorders and technological innovations in hearing devices, such as development of miniature hearing aids, anti-inflammatory drug-releasing cochlear implants, and auditory brainstem implants.
Surgical ENT & bronchoscopy devices segment is expected to grow at the highest CAGR of 12.5% in the future, owing to increased demand for radiofrequency devices, balloon sinus dilation devices, and ENT lasers.
Key Findings of Ent & Bronchoscopy Devices Market
- Based on product type, hearing care devices segment accounted for more than two-fifths of the total market in 2015.
- Flexible endoscopes accounted for nearly two-fifths of the ENT endoscopes market in 2015.
- Balloon sinus dilation devices segment is expected to grow at the highest CAGR of 16.5%, as the device provides a minimally invasive approach for the treatment of distorted/blocked sinus pathway.
- Hospitals & clinics accounted for nearly half of the total market share in 2015.
- Asia-Pacific is expected grow at a high CAGR of 9%, owing to the presence of ample growth opportunities in terms of unmet medical needs for the treatment of ENT disorders.
North America accounted for majority of the share (nearly one-third) in the market in 2015, and is expected to remain dominant throughout the forecast period. This is attributed to the increase in incidence of nasal and hearing disorders along with the rise in geriatric population, increased patient awareness about the availability of treatment options, and favorable reimbursement framework for ENT procedures. In addition, the high adoption rate of technologically advanced devices and presence of highly sophisticated healthcare infrastructure are anticipated to provide new growth opportunities for the key players in this market.
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The major companies profiled in the report include Karl Storz Gmbh & Co. Kg, Medtronic PLC, Smith & Nephew PLC, Olympus Corporation, Johnson & Johnson (Acclarent, Inc.), Cochlear Limited, Hoya Corporation (Pentax medical), Sonova Holding AG, William Demant Holding A/S, Entellus Medical, Inc., MED-EL, Sivantos Pte. Ltd. and GN Store Nord A/S.
About Allied Market Research
Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.
Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client's insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.
New Study: ENT and Bronchoscopy Devices Market Is Predicted to Expand at $24,999 Million Value by 2022
Global ENT & bronchoscopy devices market was valued at $14,476 million in 2015, and is expected to reach $24,999 million, growing at a CAGR of 8.1% by 2022.