Global ENT devices market, an integral vertical of the overall medical devices continuum, has witnessed appreciable growth over the recent years. The commercialization potential of the business space is evident from the estimates that claims overall ENT devices industry size to cross a valuation of USD 24.5 billion by 2024. The linear supply-demand curve of the marketplace is providing significant opportunity to manufacturers to come up with groundbreaking innovations. Say for instance, California based market giant Intersect ENT has recently launched a corticosteroid releasing sinus implant, named SINUVA in the U.S. This device is claimed to ease nasal polyps treatment which conventionally required full-fledged surgical sinus procedures. Experts have been already raving about the technology after analyzing its efficacy, claiming it to be disruptive in the ENT devices industry.
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The abundance of contemporary innovations that ENT devices market is presently characterized by two major rationales. The primary one being the subsequent increase in the number of hearing impairments. According to World Health Organization, nearly 360 million people across the globe suffer from disabling hearing loss. In this regard, it is prudent to mention that the prevalence is quite strong in underdeveloped regions, where healthcare facilities are not that advanced. Secondly, the growing geriatric populace who are more vulnerable to various ear, nose and throat ailments are also bringing a slew of opportunities for ENT devices industry participants. In fact, the hearing loss is said to be the most prevalent in the age group of 60-69 years. Statistics further depict that nearly 2% of adults aged within 45 to 54 suffer from disabling hearing loss, whereas the proportion gets increased to 8.5% for adults with 55 to 64 years.
Speaking of the portfolio of ENT devices market, the business players have gained maximum profits from hearing aids. In fact, reports claim, hearing aids procured the maximum chunk of ENT devices industry share in 2016. With increasing number of hearing disorders worldwide, it goes without saying the percentage of authority is likely to continue. Numerous innovations with regards to this have already made their way to the front page, implying a positive growth trend for ENT devices industry share from the sales of hearing aids.
Just fresh-off-the boat, Blamey Saunders, one of the leading Melbourne based ENT devices market players received the prestigious Good Design Award of Australia in this year for its breakthrough device, Facett. The hearing aid device is featured with a core that is linked to an app. Powered by rechargeable batteries, Facett allegedly allows users to store one of the two pairs of modules in a small portable charging pod. If reports are to be relied on, it is claimed to be world’s first modular hearing aid, having pegged CSIRO Design Innovation Award for its outstanding architecture. An innovation of this degree undoubtedly marks exceptional advancements in ENT devices market over the recent years.
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Given the fact that technology plays a pivotal role in this progressive pathway, U.S. undoubtedly experiences a strong command in the business space. The country garnered the title of procuring the largest ENT devices industry share in 2016. Below mentioned are some of the statistics that aptly define the remunerative portfolio of the U.S. in global ENT devices market:
- The NIDCD (National Institute on Deafness and Other Communication Disorders) claims that nearly 15% (37.5 million) of American adults aged 18 and above are detected with some kind of hearing trouble.
- Approximately 2- 3 out of 1000 children in the U.S. are born with detectable degree of hearing loss in one or both the ears.
- Nearly, 28.8 million adults in the U.S. are said to benefit from hearing aids usage.
- According to a report by Statista- the extensive prevalence of hearing loss nearly affects 10.6% of U.S. population.
Considering these statistics, it can be profoundly inferred that U.S. would continue to be a potential hotbed for ENT devices market investors. Speaking of the competitive landscape, product innovations would continue to be a major parameter defining the sustainability quotient of the market players. Regional governments are also making significant efforts in eliminating hearing, nose, throat ailments via various encouraging initiatives regarding noise pollution and subsequent hearing loss. All in all, inherently stimulated by a constantly upgraded product landscape in addition to governmental backings, ENT devices market is certainly one of the most captivating business spheres to watch unfold.