(PharmaNewsWire.Com, August 25, 2021 ) 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. The growth of the market is attributed to the rising aging population and the associated hearing loss, rise in disposable income and increasing affordability for ENT treatment, improving healthcare infrastructure and expenditure, and rising product availability and awareness.
The Hearing Aids segment is expected to grow at the highest CAGR during the forecast period
By product, the ENT Devices market is segmented into Diagnostic Devices, Surgical Devices, Hearing Aids, Hearing Implants, Co2 Lasers, Image-Guided Surgery Systems. In 2020, the Hearing Aids products segment accounted for the larger share of the ENT Devices market. The large share of this segment can be attributed to increases in the demand for hearing aids. As an individual age, changes occur in the nerve pathways from the ear to the brain which can lead to hearing loss.
The Endoscopes segment of Diagnostic Devices accounted for the largest share of the ENT Devices market in 2020
Based on the Diagnostic Devices, the ENT Devices market is segmented into Endoscopes and Hearing Screening Devices. In 2020, the Endoscopes segment accounted for the largest share of the ENT Devices market. The large share of this segment can be attributed to research and development in endoscopes leads to launch of efficient and different types of endoscopes for the surgeries.
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 increasing rise in disposable income and increasing affordability for ENT treatment, improving healthcare infrastructure and expenditure, and rising knowledge and awareness regarding the procedure’s success or failure is the major driving factors for this market
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.
The company has a strong geographic presence across the US, Asia, Europe, Middle East and Africa, & the Americas. Moreover, the company’s strong brand recognition and comprehensive product portfolio in the ENT Devices market is its key strength. Stryker Corporation (US) held the second position in the ENT Devices market in 2020.
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