ENT Devices Market Growth & Trends
The global ENT devices market size is expected to reach USD 35.9 billion by 2030, expanding at a CAGR of 5.74% from 2023 to 2030, based on a new report by Grand View Research, Inc. The market growth can be attributed to factors such as a growing geriatric population, high prevalence of hearing loss, and increasing penetration of minimally invasive surgeries.
Furthermore, technological advancements in this field, an increase in healthcare investment for early detection of diseases, and favorable regulatory policies are other factors expected to drive the market.
Furthermore, with age, the risk of poor immunity increases, which makes older people more vulnerable to disorders of the nose and throat. In order to address this issue, elderly people need ENT devices. This is expected to increase the demand for ENT devices. According to the Action on Hearing Loss Information, 1 out of every 6 people or over 11 million people in the U.K. suffered from hearing loss. Out of these, 8 million people were in the 65 & above age group, and 900,000 people suffered from severe or profound deafness.
Loss of hearing is the third-most common chronic physical condition in adults after high blood pressure and arthritis. Hearing loss affects people of all ages and is particularly prevalent in those over 65 years, with 1 in 3 people over 65 suffering from a disabling hearing loss. It disturbs communication and can result in depression, anxiety, social isolation, and cognitive decline. For instance, according to the National Center for Health Statistics (NCHS), 15% of the total U.S. population over 18 lives with some type of hearing impairment. Men are more likely to be affected than women (18.4% vs. 12.4%).
Additionally, the outbreak of the COVID-19 pandemic, which led to the implementation of travel restrictions in most markets, has hit the industry as a whole. The majority of ENT device users are elderly people who are advised to stay home to avoid the risk of infection. Many healthcare providers have decided to postpone all non-essential surgeries, impacting the ENT device industry.
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Report Attribute Details The market size value in 2023 — USD 24.3 billion The revenue forecast in 2030 — USD 35.9 billion Growth Rate — CAGR of 5.74% from 2023 to 2030 The base year for estimation — 2022 Historical data — 2017–2021 Forecast period — 2023–2030
ENT Devices Market Report Highlights
By product, surgical ENT devices accounted for the largest share in 2022. Hearing implants are expected to grow at a rapid rate during the forecast period
North America held the largest share in 2021 and is expected to maintain its dominance during the forecast period. This can be attributed to factors such as increased demand for hearing care devices, the presence of large hospital chains, highly equipped ambulatory facilities, and a significant target population
Asia Pacific is expected to witness significant growth during the forecast period due to increased medical spending and investment by market players
Mergers and collaborations and product development are the key strategies being undertaken by the market players. For instance, in March 2019, Widex and Sivantos announced the completion of the merger. The newly created company will operate under the name WS Audiology and be headquartered in Lynge, Denmark, and Singapore
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