ENT Devices Market DRIVER: High prevalence of ENT disorders or diseases
Sinusitis is a medical condition wherein the cavities around the nasal passages (sinuses) are inflamed or swollen for more than twelve weeks. Chronic sinusitis is one of the most common medical conditions and accounts for around USD 8.6 billion in annual healthcare costs in the US (Source: Entellus Investor Presentation). According to the Centers for Disease Control and Prevention (CDC), in the US, about 12.1% of the adult population (or 29.4 million people) suffers from chronic sinusitis.
Also, more than 0.5 million surgeries for the treatment of chronic sinusitis are performed in the US every year (Source: Intersect ENT Presentation 2018). Similar to the US, chronic sinusitis is a highly prevalent condition in the UK and affects 10% of the adult population in the country (Source: NHS). According to the National Institute of Allergy and Infectious Diseases (NIAID), chronic sinusitis affects ~134 million people in India. Owing to the high prevalence of chronic sinusitis in several countries across the globe, the demand for various ENT treatments, such as endoscopic sinus surgeries, functional endoscopic sinus surgery (FESS), and balloon sinus dilation, is high in their respective healthcare systems. Thus, the growing prevalence of sinusitis is expected to propel the growth of the ENT devices market.
According to WHO estimates, globally, more than 466 million people have disabling hearing loss, and ear infections are the leading cause of it. Nearly 6.1% of the world’s population, i.e., 432 million (93%) of this population are adults (242 million males and 190 million females) 34 million (7%) of these are children. Approximately one-third of the population over 65 years are impacted by disabling hearing loss. This patient pool is projected to drive the demand for otoscopes as these instruments are widely used for diagnosing ear-related disorders.
Revenue Growth Expectations:
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.
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OPPORTUNITY: High demand for cosmetic ENT procedures
Despite the fact that a large number of medical insurance companies do not reimburse cosmetic ENT procedures, there is an increasing demand for cosmetic ENT procedures such as cosmetic rhinoplasty (nose reshaping) and otoplasty (ear reshaping). Technological advances; less-invasive procedures; higher popularity, safety and accessibility of most cosmetic procedures; rebounding US economy; and rising disposable incomes in emerging economies are some of the major factors encouraging people to spend for cosmetic ENT procedures to improve their appearance.
In the US, nearly 362,299 rhinoplasty procedures were performed in 2019, and this number decreased to 352,555 in 2020 (Source: American Society for Aesthetic Plastic Surgery). Similarly, otoplasties witness high demand. According to the American Society for Aesthetic Plastic Surgery, In 2020, the average cost of otoplasty in the US was estimated to account for USD3,220, depending on the provider and the type of intervention a person chooses. Thus, the rise in demand for cosmetic ENT procedures opens an array of opportunities for the growth of the ENT devices market during the forecast period.
COVID -19 Impact on the ENT Devices 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
CHALLENGE: Dearth of skilled otolaryngologists and ENT surgeons
Currently, several countries are facing a shortage of skilled professionals who are capable of effectively performing ENT procedures. In 2012, there were 8,600 otolaryngologists in the US, and it is estimated that there will be a shortage of 2,500 otolaryngologists in the country by 2025 (Source: Pubmed.gov). Furthermore, underdeveloped countries and regions face this problem on a much wider scale. For example, in 2017, the number of ENT surgeons in Nigeria was less than 200, while 199 were still in training. This number is inadequate to meet the health needs of a population of over 180 million (Source: Oto-Rhino-Laryngological Society of Nigeria).
Similarly, according to a Survey of ENT services in sub-Saharan Africa (2017 Survey), the total population of the 22 countries represented in the study (in sub-Saharan Africa) was 720,500,000 (75% of the population of sub-Saharan Africa). Among the 22 countries that were sampled, there were a reported total of 847 ENT surgeons, 580 audiologists, 906 speech therapists, 264 ENT clinical officers, and 320 oncologists. The dearth of skilled ENT surgeons in these countries is expected to limit the number of ENT procedures performed in spite of the presence of a large target patient population base. This is considered a major challenge for market growth.
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# 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.