Global Otorhinolaryngology Devices Market Expected to Reach $13.99 Billion by 2026

According to a new report published by Allied Market Research, titled, "Global Otorhinolaryngology Devices Market by Product, End User, and Region: Opportunity Analysis and Industry Forecast, 2018–2026," the global otorhinolaryngology devices market size was valued at $9.26 billion in 2018, and is projected to reach $13.99 billion 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 otorhinolaryngology devices 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.

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.