USD 6.06 Billion Potential Growth in ENT Devices Market|17,000+ Technavio Reports

NEW YORK, Jan. 29, 2022 /PRNewswire/ — The latest market outlook report titled “ENT Devices Market by Product and Geography – Forecast and Analysis 2021-2025” has been added to Technavio’s catalog. This recent market analysis report identifies the market to witness a potential growth difference of USD 6.06 billion from 2020 to 2025. The ENT devices market is anticipated to record an accelerating growth momentum at a CAGR of 4.71% during this period.

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Parent Market Overview

Technavio categorizes the ENT devices market as a part of the healthcare equipment market within the global healthcare industry. The growth of the healthcare equipment market is attributed to increasing life expectancy, surging cases of chronic conditions, and expanding access to improved healthcare in emerging economies. Technavio calculates the ENT devices market size based on combined revenue generated by companies that are engaged in the provision of all types of healthcare equipment and solutions.

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Market Competitive Landscape

The ENT devices market is concentrated. The market is characterized by the presence of established players such as Medtronic Plc, Cochlear Limited, OLYMPUS, Smith & Nephew, and Siemens Healthineers. The market is competitive, as many regional players are competing with the key players. These regional players provide their products at an economical price as compared to global companies creating consistent competition in low-end markets. Furthermore, manufacturers are investing in product development and product expansion in strengthening their product portfolio and geographical reach.

Technavio has classified the industry-focused market players into dominant and strong players based on their annual revenues and market shares in this report. Some of the key players covered in this report include Cochlear Ltd., Demant AS, HOYA Corp., Johnson and Johnson Inc., KARL STORZ SE and Co. KG, Lateral Medical, Medtronic Plc, Olympus Corp., Siemens Healthineers AG, and WS Audiology AS among others.

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Strategic Initiatives and Products launches

• Cochlear Ltd. – The company offers hearing aid solutions across Americas, EMEA, and Asia Pacific. The company offer ENT device namely Nucleus Implants.

• Demant AS: The company offers hearing devices, hearing implants, and diagnostics. They offer ENT device namely Oticon.

• Johnson and Johnson Inc.: The company operates in key business segments including consumer, pharmaceutical, and medical devices. The company offer ENT device namely RELIEVA TRACT Nasal Dilation System.

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Value Chain Insights

Vendors in the market can leverage and formulate effective strategies from the ENT Devices Market Value Chain Analysis covered extensively in this report. The end-to-end understanding of the value chains and stakeholders involved in the process is essential for vendors in optimizing profit margin and evaluating business strategies. The report has further elucidated on other innovative approaches being followed by vendors to ensure a sustainable market presence.

The value chain of the healthcare equipment market includes the following core components:

• Research and development

• Inputs

• Operations

• Distribution

• Marketing and sales

• Post-sales and services

• Industry innovations

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Rising Prevalence of ENT Disorders to Boost the Market Positively

Hearing disorders have become quite prevalent in recent years mainly owing to genetic disorders and aging. Rising incidence of ENT conditions, such as larynx, pharynx, and oral cancers, tonsillitis, snoring issues, and ear infections, has driven the adoption of ENT devices. Furthermore, the growing adoption of cochlear implants has boosted the demand for ENT devices. With more and more older people facing hearing loss due to age, the adoption of cochlear implants to improve their hearing ability is expected to rise.

High Cost of ENT devices likely to hinder the ENT devices market growth

The total cost of a cochlear implant, including everything from evaluation to rehabilitation, can cost as much as $100,000. Other hearing aid devices also fall in the range from $1,000–$4,000 depending on the level of technology. Furthermore, most insurance providers do not cover the cost of devices to be used for people with hearing loss. This eventually limits the market growth.

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COVID Impact and Recovery Analysis

The outbreak of COVID-19 adversely affected the ENT devices market in the region in 2020. To control the spread of the disease, a temporary shutdown of ENT clinics and hospitals was observed in early 2020, which impacted the demand for ENT devices in the region. Also, due to the decreasing number of COVID-19 cases, lockdowns have lifted, and import and export of raw materials have resumed. Also, ENT clinics and hospitals have resumed their operations following the lifting of lockdowns, which will help the market recover during the forecast period.

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Revenue-Generating Segment Highlights

The diagnostic ENT devices segment held the largest ENT devices market share in 2020. The segment will continue to retain its dominance in the market due to the surge in the adoption of endoscopes and hearing screening devices. Procedures including laparoscopy, thoracoscopy, rhinoscopy, and urethrocystoscopy often deploy rigid endoscopes. Furthermore, there is a spike in the usage of flexible endoscopes including gastroscope, duodenoscope, colonoscope, sigmoidoscope, enteroscope, and bronchoscope as they professionals to perform minimally invasive diagnoses.

North America will emerge as the largest revenue-generating regional segment of the ENT devices market. 34% of the market’s growth will be contributed from this region during the forecast period. The market’s growth in this region is primarily driven by the sales of the devices used for the diagnosis of various ENT disorders, such as sinusitis, rhinitis, otitis media and tonsillitis, and the deteriorating environmental conditions. The US was the largest revenue contributor to the market in the region mainly due to the rising number of ENT disorders in the country and the availability of advanced healthcare infrastructure, which ensures the continuous supply of treatment options to patients.

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Key Report Takeaways

• CAGR of the market during the forecast period 2021-2025

• Detailed information on factors that will drive ENT devices market growth during the next five years

• Precise estimation of ENT devices market size and its contribution to the parent market

• Accurate predictions on upcoming trends and changes in consumer behavior

• The growth of the ENT devices market in North America, APAC, Europe, MEA, and South America and top 20 countries across these regions

• A thorough analysis of the market’s competitive landscape and detailed information on over 20 industry-focused market vendors classified as dominant and strong players

• Impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior

• Pre as well as post COVID-19 market estimates

• Optimistic, base case, and pessimistic scenarios for all markets as the impact of pandemic unfolds

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