An intricate vertical of the overall medical device space, ENT devices market has certainly brought about a commendable revolution in the overall healthcare fraternity. The progressive pathway depicted by ENT devices industry is vividly evident from the estimates that claim this business sphere to have garnered a valuation of more than USD 16.7 billion in 2015. Lately, the medical device realm is ablaze with an abundance of innovations by renowned biggies that have been strenuously attempting to effectuate the commercialization of novel products that prove to be extensively profitable for consumers. ENT devices market, very much an efficacious remnant of this lucrative landscape, is also in the running to achieve a commendable valuation in the ensuing years. This claim may very well be a phenomenon in the ensuing years, essentially pertaining to a plethora of health-related factors, in addition to the exceptional beneficence of ENT devices industry giants and research organizations that have willingly been on the tenterhooks to come up with innovative advancements in product development. A recent instance of the latter is the innovation brought to light by Cambridge Medical Robotics.
Expounding further on the subject, Cambridge Medical Robotics, a leading UK-based surgical robotics company, has recently claimed that their robotic arm, controlled by an efficient surgeon, is likely to be deemed suitable for deployment in keyhole surgical operations. The exclusive brainchild, christened Versius, has been designed with prominent expertise to effortlessly carry out colorectal operations, hernia surgeries, and most importantly, complicated ENT surgical operations. Through the implementation of Versius, Cambridge Medical Robotics aims to revolutionize keyhole surgery, and by extension, to bring about a radical upheaval in ENT devices market.
ENT devices industry is characterized by rather basic but pivotal determinants, such as rising noise pollution levels, growing geriatric population, and the subsequent rise in the number of hearing impairments. As per statistics compiled by WHO, around 33% of the elderly populace above age 65, and around 15% of the populace between 15 to 64 years of age suffer from some kind of hearing loss. It has been observed that the prevalence of hearing impairments is stronger in the emerging economies – as per statistics, around 89% of the prevalence rate can be attributed to the underdeveloped regions. The ever-growing geriatric population base vulnerable to a slew of ear, nose, and throat ailments is likely to augment the profitability spectrum of ENT devices market, projected to register a valuation of USD 24 billion by 2024.
Hearing implant based ENT devices industry trends:
Hearing implants are one of the most widely manufactured, commercialized, and utilized products of ENT devices market. With the rising occurrences of hearing impairments worldwide, it goes without saying that hearing implants are slated to be the next revolutionary device in the gamut of products developed by ENT devices industry players. Numerous innovations related to hearing implants have established themselves firmly on the radar, implicating a positive growth map for hearing implant-based ENT devices market. A report by Global Market Insights, Inc., claims ENT devices industry size from hearing implants to register a CAGR of around 7.2% over 2016-2023. A couple of precedents that surmise the contribution of hearing implants toward the overall ENT devices market share are elucidated below:
iotaMotion, Inc., a medical device spin-off of the Otolaryngology Department, University of Iowa, recently declared that the company raised around USD 2 million in seed financing for robotic system developments to be incorporated in cochlear implantation surgery – a move that may have a marginal yet powerful impact on ENT devices industry. Reportedly, this technology will enable surgeons to brainstorm highly personalized and effective solutions for patients experiencing hearing loss. The proposed device, dubbed as ‘IOTA-Soft™‘ ensures the accomplishment of a medically-inclined balance between robotics and implants. The advancement is touted to be critically useful in cases where patients have grasped residual hearing capacity, and wherein hybrid hearing solutions take the cake. An innovation of this degree has been stated by experts to bring about a radical transformation in ENT devices market in the future.
As per the latest innovation in the bandwagon, Apple’s breakthrough in wireless technology will enable hearing implants to stream phone calls into the skulls of patients experiencing hearing loss. In a strategic agreement with Cochlear, a profound ENT devices market giant, the first cochlear implant called the Cochlear Nucleus 7 has been developed, that is designed to stream voices from a smartphone. If reports are to be believed, more than 11,000 people in the UK possess cochlear implants that work much better than hearing aids. As of today, ENT devices market entails more than 50 hearing aids that work seamlessly with iPhones. The Nucleus 7 device is apparently 25% smaller than its predecessor, Nucleus 6, and its battery reportedly lasts about 50% longer. WHO states that this Cochlear app is likely to benefits at least 72 million people across the globe. As of today, 360 million people across the globe live with hearing disabilities, and this number is anticipated to hit 1.2 billion by 2050, claims WHO. This affirms that ENT devices market will be characterized by a slew of innovative technological advancements, gradually carving out a lucrative roadmap for itself in the years to come.
A concise summary of ENT devices industry in terms of the geographical landscape:
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Major region
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Key revenue pockets
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Contribution toward ENT Devices Market
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North America
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United States
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North America: USD 6.2 billion in 2015, with 85% of global ENT devices market share. U.S.: USD 3.8 billion in 2015
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Asia Pacific
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India, Japan, & China
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APAC: 6.5% CAGR over 2016-2023
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Europe
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UK, Germany, & France
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Germany & UK: 46% toward Europe share in 2015
UK, France & Germany: 58% toward Europe share in 2015
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Latin America
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Brazil & Mexico
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LATAM: USD 1.1. billion by 2023
Mexico: USD 450 million by 2023
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ENT devices market scope across North America
Given the rising geriatric population across the globe, ENT devices industry has established its powerful presence in major geographies. With North America being the tech innovation centriole, it comes as no surprise that ENT devices ubiquity in the region. Mentioned below are some vital statistics that may provide an in-depth understanding of why ENT devices market in North America has been forecast to depict a highly remunerative valuation by 2024:
- The National Institute on Deafness and Other Communication Disorders (NIDCD) claims that around 17% (36 million) of American adults suffer from a level of hearing loss.
- About 60% of people with hearing loss are academicians or professionals.
- Around 2-3 of every 1000 children in the U.S. are born with a slight degree of hearing loss in one or both ears.
- About 20% of the population over 60 and 40% of the populace over 75 suffer from hearing loss.
These statistics only serve to testify that North America is one of most lucrative investment destinations for ENT devices market players, the rising prevalence of hearing impairments being one of the principal drivers. As per a research report, North America accounted for more than 85% of the overall ENT devices market share in 2015, and was pegged at USD 6.2 billion in 2015. The U.S. will continue to remain one of the most profound hotbeds for the region, having held a revenue of USD 3.85 billion in 2015.
ENT devices industry, of late, is being defined by the rather appreciable initiatives undertaken by regional governments coupled with the innumerable technological breakthroughs that have become intricately woven in medical devices market. Digital signal processing (DSP) is a rather paramount technological advancement that has come to the fore in ENT devices industry in recent times, that helps develop a plethora of contemporary products for hearing impairments. Other significantly distinguished innovations that have been highlighted in ENT devices market include indwelling voice prosthesis, high-powered surgical devices, and invisible hearing aids.
Regional governments have been taking a rather laudable interest in eliminating the hearing loss disorders, throat-related ailments, sinusitis, and other related maladies. Programs stressing on the significance of early screening for hearing loss detection, cancer screening, and undergoing timely treatments have been ruling the roost lately, which will remarkably contribute to the augmentation of ENT devices market growth. Substantial funding is also being provided to the needy populace, with a view to eradicate ENT disorders from the roots, which will further propel the growth map of ENT devices industry. For instance, the Office of Hearing Services in Australia organizes numerous initiatives focusing on accessibility improvement to quality hearing services, in addition to lending monetary support for R&D programs related to the field of ENT. The Statewide Infant Screening Hearing program in Australia is also renowned to screens newborns for permanent hearing damage.
The developing economies encompass a host of unmet medical needs, which may be a key driving factor for ENT devices market. Another vital factor that may impel ENT devices industry is the expiration of patents for pivotal devices. This may directly lead to generic manufacturers penetrating ENT devices market, post which the players will be intently focusing on the development of cost-effective products. All in all, with the inclusion of an all-comprehensive product spectrum, aided by a slew of hearing loss impairments, larynx ailments, and the like, ENT devices market is on its way to emerge as one of the most revolutionary business spheres of its time, with a CAGR estimation of 5% over 2016-2023.
Global Market Insights, Inc. has a report titled “ENT(Ear, Nose, Throat) Devices Market Size By Product [Diagnostic (Rigid Endoscopes, Flexible Endoscopes, Robot assisted Endoscope, Hearing screening devices), Surgical (Radiofrequency handpieces, Powered surgical instrument, Otological Drill Burs, Tympanostomy tubes, Sinus Dilation devices, Nasal Packing devices), Hearing Implants (Auditory Brainstream, Cochlear implant, Middle Ear implant, Bone anchored system), Voice Prosthesis Device, Nasal Splints (Internal, External)], Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Japan, India, China, South Africa, Brazil, Mexico), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023” available at https://www.gminsights.com/industry-analysis/ent-devices-market