Newly released data from Fact.MR shows that global demand of ENT diagnostic devices is expected to expand at a CAGR exceeding 6% through 2031 to reach around US$ 30 Bn.
Historically, from 2016 to 2020, sales expanded at around 4% CAGR, closing in at US$ 16 Bn by the end of the aforementioned period. Prospects dipped temporarily as COVID-19 took precedence, prompting healthcare providers to reorient their priorities. Eventually, this shortfall was offset as infections began plateauing.
Key technological advancements in bronchoscopy devices and the infrastructural upgrading in the medical and healthcare industry is anticipated to continue increasing progressively in forthcoming years. Furthermore, manufacturers are experimenting with several state-of-the-art technologies in order to provide high quality ENT care to patients, leveraging such advancements as AI, Bluetooth and wireless connectivity and Big Data Analytics. All these factors are expected to bode well for the market.
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Key Segments
- By Product
- ENT Diagnostic Devices
- ENT Endoscopes
- ENT Hearing Screening Devices
- ENT Surgical Devices
- Powered ENT Surgical Instruments
- ENT Supplies
- Ear Tubes
- Hearing Aids
- ENT Image-guided Surgery Systems
- Other ENT Diagnostic Products
- ENT Diagnostic Devices
- By End User
- ENT Diagnostic Devices for Hospitals
- Diagnostic Devices for ENT Clinics
- ENT Diagnostic Devices for Other End Users
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Key Takeaways from Market Study
- Global ENT diagnostic devices market anticipated to add nearly 2X value by 2031
- Diagnostic devices products expanded at Y-o-Y rate of 6.3% in 2020
- Surgery devices expanded by 6.5% to record market value of US$ 2 Bn
- Hearing aid devices segment set to create around US$ 10 Bn opportunity through 2031
- U.S accounted for nearly 2 out of 5 sales of ENT diagnostic devices in 2020
- China to account for nearly 50% of global ENT diagnostic devices market demand
- U.K. and Canada to account for an impressive valuation in the ENT diagnostic devices industry
“Cumulative expansion of global geriatric population is expected to reinforce the demand for hearing implants, providing significant impetus to ENT diagnostic devices industry expansion,” says a Fact.MR analyst.
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Competitive Landscape
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advances for cancer screening, mergers, and acquisitions.
- In April 2021, Siemens Healthineers AG acquired Varian Medical Systems, strengthening its position as a holistic partner in healthcare.
- Also, Hillrom announced major technological advances to its market-leading physical assessment tools with the launch of the new Welch Allyn® PanOptic™ Plus Ophthalmoscope and the Welch Allyn® MacroView® Plus Otoscope.
- In May 2021, another key player Sennheiser has announced that Switzerland-based Sonova Holding AG has acquired its consumer audio division for €200 Mn.
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