Otorhinolaryngology Devices Market by Product Type and End User: Global Opportunity Analysis and Industry Forecast, 2019-2026

Executive Summary

According to the report titled 'Global Otorhinolaryngology Devices Market by Product, End User, and Region: Opportunity Analysis and Industry Forecast, 2018-2026,' the global otorhinolaryngology devices market was valued at $9.26billion in 2018, and is projected to reach $13.99billion by 2026, at a CAGR of 5.2% from 2019 to 2026.The diagnostic devices segment garnered more than one-third of the total otorhinolaryngology devices market share in 2018.

Otorhinolaryngology devices are the instruments used for the diagnosis and treatment of various ear, nose, and throat disorders. These devices witnessed significant increase in the demand due to rise in number of geriatric populations especially in developing countries and increase in funding by the government and private companies in the R&D activities of advanced and novel otorhinolaryngology diagnostic and surgical devices. In addition, increase in the ENT disorder such as tonsillitis, ear infections, sinus infections, and sleep apnea further propels the growth of the global otorhinolaryngology devices market. However, high cost of ENT instruments & procedure and stringent government regulations are expected to hinder the growth of the market globally. On the contrary, various growth opportunities from emerging economies and medical tourism are anticipated to provide lucrative opportunities for the market players of the otorhinolaryngology devices market.

Capsule endoscopy emerged to be a highly preferred technology due to its minimally invasive nature and is designated as a breakthrough in otorhinolaryngology device technology to diagnose various diseases. Despite numerous advancements in the otorhinolaryngology devices field, the flexible endoscopes segment is expected to maintain its lead in the global market due to its high precision, sensitivity, specificity, and safety as compared to other at economical cost. The hearing aids segment is expected to grow at the fastest rate of 7.6% during the analysis period, owing to surge in prevalence of diseases related to ear and increase in number of hearing loss due to genetic problem or accident.

By end user, the ENT clinics segment is expected to maintain its lead in the overall otorhinolaryngology devices market due to the availability of diverse otorhinolaryngology services and favorable reimbursement policies. Most ENT clinics are well-equipped with technologically advanced facilities mainly in developed economies. However, low awareness, lack of skilled professionals, and unmet medical needs at economical cost hamper the market growth in developing economies. The otorhinolaryngology devices market has witnessed significant growth in North America and Europe due to high prevalence rate of ENT disorder, increase in geriatric population, and well-established healthcare infrastructure.

According to Onkar Sumant, Assistant Manager, Healthcare, “The growth of the global otorhinolaryngology devices market is majorly attributable to rise in prevalence of ear, nose, and throat diseases. In addition, increase in adoption of innovative otorhinolaryngology devices such as capsule endoscopes and robot-assisted otorhinolaryngology surgery along with ultra-high-definition visualization systems is anticipated to boost the market growth in the coming years.

The major players operating in the otorhinolaryngology devices market include Atos Medical AB, Cochlear Ltd., Freudenberg SE (InHealth Technologies, Inc.), Hill-Rom Holdings, Inc., Johnson & Johnson (Acclarent, Inc.), Medtronic Plc., Olympus Corporation, Sonova Group, Starkey Hearing Technologies, and Stryker Corporation.

Other key players (not included in the report) include Smith & Nephew plc, Hoya Corporation, William Demant Holdings A/S, Stema Medizin, Siemens Healthcare, and among others.

KEY FINDINGS OF THE STUDY

• Based on product, the surgical devices segment was the second major revenue contributor in 2018, and is anticipated to continue this trend during the forecast period.
• Depending on end user, the others end user segment is expected to exhibit the highest CAGR with 5.5% during the forecast period.
• By region, North America was the largest revenue contributor in 2018, and is expected to continue this trend from 2019 to 2028.
• U.S. generated the highest revenue in the global otorhinolaryngology devices market in 2018, accounting for more than one-third of the global market in 2018.
• Asia-Pacific is anticipated to grow at a highest CAGR during the forecast period.

Companies Mentioned

• Atos Medical AB
• Cochlear Ltd.
• Freudenberg SE (InHealth Technologies Inc.)
• Hill-Rom Holdings Inc.
• Johnson & Johnson (Acclarent Inc.)
• Medtronic Plc.
• Olympus Corporation
• Sonova Group
• Starkey Hearing Technologies
• Stryker Corporation.

Methodology

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

• Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
• Scientific and technical writings for product information and related preemptions
• Regional government and statistical databases for macro analysis
• Authentic news articles and other related releases for market evaluation
• Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.