The ENT & bronchoscopy Devices Market is driven by factors such as rise in 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, the market growth is limited by high cost of these devices (especially in developing nations) and dearth of skilled professionals. Conversely, the demand for cosmetic ENT procedures and the emerging markets of the Asia-Pacific and LAMEA regions are expected to provide several opportunities for market growth during the forecast period.
ENT & bronchoscopy devices market 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 hearing care devices segment accounted for the largest market share in 2015, due to increase in incidence of hearing disorders globally. According to the National Institute on Deafness and Other Communication Disorders (NIDCD), about 2 to 3 out of every 1,000 children in the U.S. are born with a detectable level of hearing loss in one or both ears.
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In addition, nearly 15% of adults (aged 18 years and above) in America have trouble in hearing. In addition, technological innovations in hearing devices have led to the development of miniature hearing aids that are not easily visible from outside, thus increasing the adoption of hearing aids. The development of anti-inflammatory drug-releasing cochlear implants is also expected to accelerate the market growth as the drug stops the immune reaction and inflammation in ear after surgery. Moreover, development of auditory brainstem implants is a major breakthrough for people with distorted auditory nerve. Hence, the hearing care market is expected to show considerable growth during the forecast period.
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.