Global Industry Growth Boosting Factors:
# High prevalence of ENT disorders or diseases
# Rapidly growing aging population
# Favorable reimbursement scenario for ENT procedures in developed countries
# Growing adoption of minimally invasive ENT procedures such as Benefit of Balloon Sinuplasty/Sinus Dilation over Convention Sinus Surgeries
COVID -19 Impact on the ENT Devices Market
COVID-19 is an infectious disease caused by the most recently discovered novel coronavirus. Largely unknown before the outbreak began in Wuhan (China) in December 2019, COVID-19 has moved from a regional crisis to a global pandemic.
The outbreak of COVID-19 has led to delays in clinical operations. This can negatively impact the market growth to a certain extent. For instance, ENT device companies, including major players, such as Smith & Nephew and Cochlear Limited, have announced clinical trial delays.
While COVID-19 had a negative impact on the ENT devices market last year, a total of 28.4 million operations have been postponed or canceled during the 12-week COVID-19 surge. Of these cases, 2.3 million were related to cancer treatment or diagnosis. The case types that were most likely to be postponed or delayed were those related to benign diseases, orthopedic, or ENT.
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Expected Growth Rate:
The global ENT Devices market size is projected to be growing at a healthy rate of 6.6% during the forecast period.
Major Objectives of This Study:
# To define, describe, and forecast the global ENT Devices market based on product, end user, and region.
# To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges).
# To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contributions to the total market.
# To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders.
# To forecast the size of market segments with respect to four main regions—North America, Europe, Asia Pacific and the Rest of the World (RoW).
# To strategically profile key players and comprehensively analyze their product portfolios, market shares, and core competencies.
# To track and analyze competitive developments such as acquisitions, new product launches, expansions, regulatory approvals, and agreements in the ENT Devices market.
OPPORTUNITY: Growing healthcare market in emerging economies
Developing economies such as China, India, and LATAM (Latin American) countries represent significant growth opportunities for players in the ENT devices market. According to OECD, the global middle-class population is estimated to increase from 1.8 billion in 2009 to 4.9 billion in 2030. Asia is expected to account for 66% of the global middle-class population by 2030. In countries such as China and India, the growth in purchasing power is enabling people to purchase technologically advanced ENT devices, thereby fueling the growth of the market.
Moreover, factors such as less stringent regulatory policies, rapid urbanization, improving healthcare facilities, rising disposable income, and rapidly aging elderly population open an array of opportunities for the growth of this market in emerging economies.
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Geographical Growth Dynamics:
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 Developments, Globally:
# In 2020, Sonova holding AG expands its ENT product development and commercial manufacturing by setting up World of Hearing, which is a new store concept in the field of hearing solutions in the Netherlands Sonova holding AG launched new technology and enabled fully remote hearing aid fittings. In 2020, Sonova holding AG launched new technology and enabled fully remote hearing aid fittings.
# In 2020, William Demant holding A/S launched different products that include new premium audio brand EPOS, Oticon’s remote care solution offers a new tool to hearing care professionals, EPOS brings gamers ‘out of this world’ premium audio equipment to perfect the immersive gaming experience, greener hearing aid packaging, new ground-breaking hearing aid technology in all its four hearing aid brands, namely, Oticon, Philips HearLink, Bernafon, and Sonic.
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