Otoscope Market Expected to Reach $360.80 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Otoscope Market," The otoscope market was valued at $216.30 million in 2021, and is estimated to reach $360.80 million by 2031, growing at a CAGR of 5.4% from 2022 to 2031.

An otoscope is a medical device designed to examine aural environments and screen any potential ear-related disorders. Doctors and health examiners use the device to screen and analyze the symptoms of ear-related diseases. The device focuses on the tympanic membrane and inner ear canal and can further be used to examine nasal cavity and throat. Primarily, otoscope comprises a head and a handle. The head consists of a light source and a simple low-powered magnifying lens. In some models, the magnifying lens is detachable, enabling a medical examiner to insert the device into the ear canal to remove cerumen (or ear wax). 
Binocular microscope is a predominant otoscope device used by otologists and otolaryngologists. A binocular (two eyed) view is required to judge depth. If wax or another material obstructs the canal and/or view of entire eardrum, it can easily and confidently be removed with specialized suction tips and other microscopic ear instruments, whereas the absence of depth perception with one-eyed view of a common otoscope makes removal of anything more laborious and hazardous. Another major advantage of binocular microscope is that examiner’s hands are free as the microscope is suspended from a stand.

The global otoscope industry was negatively impacted by the pandemic. The hearing care industry is dependent on close customer contact. Due to stringent precautionary measures announced by the government, close human contact was discouraged or required special measures in clinics and audiology shops. As a result, hearing loss-related procedures related to mild cases were delayed during the pandemic, which impacted the sales of otoscope.

The key factors that drive the otoscope market growth are rise in prevalence of aural and related ENT diseases. In addition, increase in global geriatric population, rise in advancement in healthcare facilities, and advancement in technology of otoscope devices are some otoscope market trends expected to boost the market growth during the forecast period. However, lack of awareness in developing countries is likely to hamper the growth of the otoscope market during the forecast period. Conversely, rise in demand of LED otoscope and increase in modernization in medical devices used are expected to provide numerous opportunities for otoscope market size growth during the forecast period.

By product type, the pocket size segment dominated the market in 2021 and is expected to remain dominant during the forecast period as pocket otoscopes are designed to fit in the pocket and are less bulky compared to other types of otoscopes. In addition, rise in healthcare infrastructure, steady surge in ear/otic diseases, and constant economic growth in developing countries, such as India, is expected to further fuel the growth of the pocket otoscope.

Depending on portability, the portable segment dominated market in 2021, and is expected to remain dominant during the forecast period, owing to the ability to link with printers to print the condition of the tympanic membrane & eardrum. Furthermore, rise in demand in developed countries is accelerating the growth of the portable type segment.

Depending on application, the diagnosis segment dominated the market in 2021, and is expected to remain dominant during the forecast period, owing to increase in prevalence of ear infections such as otitis externa and ear disorders such as acoustic neuroma.

Region wise, North America has the highest otoscope market share, with $95.7 million in 2021, and is estimated to reach $150.6 million by 2031, registering a CAGR of 4.8% during the forecast period. This is attributed to the well-established healthcare system, increase in number of geriatric patients, and supportive reimbursement policies in healthcare system. Asia-Pacific is projected to register the highest CAGR of 7.6% during the forecast period. The presence of a large population base, increase in per capita income, and expansion of medical tourism industry are the key driving factors that boost the growth of the market in the region.

KEY FINDINGS OF STUDY
• On the basis of product type, the pocket size segment dominated the market in 2021 and is expected to continue this trend during the forecast period.
• On the basis of portability, the portable segment dominated the market in 2021, and is expected to continue this trend during the forecast period.
• Depending on application, diagnosis segment is projected to grow at a CAGR of 5.5% during the forecast period.
• Region wise, North America garnered the largest revenue share in 2021. However, Asia-Pacific is anticipated to grow at highest CAGR of 7.6% during the forecast period.