The global ENT Devices Market size is expected to reach USD 29.6 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.7% from 2021 to 2028. Demant A/S, Sonova, Ambu A/S, Pentax Medical, Karl Storz are some of the key players in this industry. The market growth can be attributed to factors such as a growing geriatric population, high prevalence of hearing loss, and increasing penetration of minimally invasive surgeries are factors likely to boost the market during the forecast period. Furthermore, technological advancements in this field, an increase in healthcare investment for early detection of diseases, and favorable regulatory policies are other factors expected to drive the market.
Furthermore, with age, the risk of poor immunity increases, which makes older people more vulnerable to disorders of the nose and throat. To address this issue, elderly people need ENT devices. This, in turn, is expected to propel market growth. According to the Action on Hearing Loss Information, 1 out of every 6 people or over 10.0 million people in the U.K. suffered from hearing loss. Out of these, 6.4 million people were in the 65 and above age group, and 800,000 people suffered from severe or profound deafness.
Loss of hearing is the third most common chronic physical condition in adults after high blood pressure and arthritis. Hearing loss affects people of all ages and is particularly prevalent in those over 65 years, with 1 in 3 people over 65 suffering from a disabling hearing loss. It disturbs communication and can result in depression, anxiety, social isolation, and cognitive decline. For instance, according to the National Center for Health Statistics (NCHS), 15% of the total U.S. population over 18 lives with some type of hearing impairment. Men are more likely to be affected than women (18.4% vs. 12.4%).
Moreover, the onset of the COVID – 19 pandemic, led to the restriction on movement enforced in most markets harmed the entire industry. The majority of ENT device users are senior citizens, and they have been advised to stay at home to avoid the risk of infection. Many healthcare providers have decided to postpone all non-essential surgeries, which has impacted the industry.
Related Press Release@ ENT Devices Market Report
ENT Devices Market Report Highlights
- The diagnostic ENT devices segment accounted for the largest revenue share in 2020. However, the hearing aids segment is expected to grow at a rapid rate during the forecast period
- North America held the largest revenue share in 2020 and is expected to maintain its dominance during the forecast period. This can be attributed to factors such as increased demand for hearing care devices, presence of large hospitals chains, highly equipped ambulatory facilities, and significant target population
- In Asia Pacific, the market is projected to grow at the highest rate during the forecast period owing to growing healthcare expenditure, and rising investment by market players
- Mergers and collaborations and product development are the key strategies being undertaken by the market players. For instance, In February 2019, Widex and Sivantos announced the completion of the merger. The newly created company will operate under the name WS Audiology and be headquartered in Lynge, Denmark, and Singapore