Overview:
The study involved four major activities in estimating the current size of the ENT Equipments Market. Exhaustive secondary research was done to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate the market size of the segments and subsegments.
Market Size Estimation:
Both top-down and bottom-up approaches were used to estimate and validate the total size of the ENT Devices market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
# The key players in the industry and markets have been identified through extensive secondary research
# The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes
# All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources
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Expected Revenue Growth:
The global ENT Devices market size is projected to reach USD 22.3 billion by 2026 from USD 16.2 billion in 2021, at a CAGR of 6.6% during the forecast period. The growth of the ENT devices market is attributed to the rising aging population and the associated hearing loss, rise in disposable income and increasing affordability for ENT treatment, improving healthcare infrastructure and expenditure, and rising product availability and awareness.
COVID -19 Impact on the ENT Equipments Market
With the WHO officially declaring the outbreak of COVID-19 a pandemic, a mix of established pharmaceutical and biopharmaceutical companies and small startups has stepped forward to develop treatments and vaccines that target the infection caused by the novel coronavirus. The COVID-19 outbreak has significantly impacted the availability of hospital resources worldwide. This has been primarily managed by dramatically reducing inpatient and outpatient services for other diseases and implementing infection prevention and control measures. The number of ENT diseases screening and diagnostic procedures declined precipitously, with countries worldwide being affected by the pandemic.
The Hearing Aids segment is expected to grow at the highest CAGR during the forecast period
By product, the ENT Devices market is segmented into Diagnostic Devices, Surgical Devices, Hearing Aids, Hearing Implants, Co2 Lasers, Image-Guided Surgery Systems. In 2020, the Hearing Aids products segment accounted for the larger share of the ENT Devices market. The large share of this segment can be attributed to increases in the demand for hearing aids. As an individual age, changes occur in the nerve pathways from the ear to the brain which can lead to hearing loss.
The Endoscopes segment of Diagnostic Devices accounted for the largest share of the ENT Devices market in 2020
Based on the Diagnostic Devices, the ENT Devices market is segmented into Endoscopes and Hearing Screening Devices. In 2020, the Endoscopes segment accounted for the largest share of the ENT Devices market. The large share of this segment can be attributed to research and development in endoscopes leads to launch of efficient and different types of endoscopes for the surgeries.
Hospitals and Ambulatory Settings accounted for the largest share of the ENT Devices market in 2020
By end user, the ENT Equipments Market is segmented into a Home Use, Hospitals and Ambulatory Settings, ENT Clinics. Hospitals and Ambulatory Settings segment accounted for the largest market share in 2020. The increasing rise in disposable income and increasing affordability for ENT treatment, improving healthcare infrastructure and expenditure, and rising knowledge and awareness regarding the procedure’s success or failure is the major driving factors for this market.
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North America accounted for the largest share of the ENT Devices market in 2020
Based on the region, the ENT Devices market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2020, North America accounted for the largest share of the ENT Devices market. The large share of North America can primarily be attributed to the increasing favorable reimbursement scenario for ENT procedures and the strong presence of major market players in this region.
Key Players:
Some of the major players operating in ENT Equipments Market are Karl Storz Gmbh & co. KG (Germany), Medtronic plc (Ireland), Stryker Corporation (US), Olympus Corporation (Japan), Cochlear Limited (Australia), Sonova Holding AG (Switzerland), William Demant holding a/s (Denmark), etc. In 2020, Sonova Holding AG (Switzerland) held the leading position in the market. The company has a strong geographic presence across the US, Asia, Europe, Middle East and Africa, & the Americas. Moreover, the company’s strong brand recognition and comprehensive product portfolio in the ENT Devices market is its key strength. Stryker Corporation (US) held the second position in the ENT Devices market in 2020.
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