Otorhinolaryngology Devices Market Development and Demand Forecast Report 2030
Otorhinolaryngology, also known as otolaryngology, is a medical discipline involving the assessment, diagnosis, treatment, and management of diseases or any other abnormality related to the ears, nose, and throat (ENT), along with those in the head and neck. This medical practice is regarded as one of the oldest, dating back to the 19th century, when medical professionals found the interconnected system between the head and neck. Along with the management of ENT conditions, otorhinolaryngologists are trained to perform plastic and reconstructive surgeries.
ENT surgeons or physicians treat people suffering from functional diseases, which affect the senses and activities such as speaking, drinking, eating, hearing, swallowing, and breathing. They are qualified to perform surgeries on complex and delicate tissues within the human body, near the head and neck regions. Multiple techniques are being developed in this field that require different tools and devices for examining conditions and treating them. This will play a major role in driving the otorhinolaryngology devices market globally in the coming years.
These devices include surgical devices, diagnostic devices, and hearing devices. Among these, the device type with the highest demand is hearing devices. It is due to the surging cases of ear injury, whereafter people often suffer from hearing loss. The growing geriatric population also suffers from hearing problems, which supports the growth in the usage of hearing devices. As per the UN, the number of people aged 65 and above will increase to 1.5 billion by 2050 from 727 million in 2020, thus hinting at a huge demand for hearing aids in the coming years.
Furthermore, the rising number of product approvals and enhancements in technologies will push the demand for otorhinolaryngology devices. The elderly form one of the largest consumer groups for the healthcare, medical devices, and pharmaceutical industries. As per the U.S. Bureau of Labor Statistics, people aged 65 and above account for the highest spending on healthcare, even though their total expenditure on all commodities and services is way lower than of people in the age group of 35–64, the largest spenders in the country.
As a result, the usage of otorhinolaryngology devices is burgeoning in ambulatory surgical centers (ASCs), hospitals, and other healthcare settings. Since ASCs offer minimally invasive surgical procedures, the demand for otorhinolaryngology devices in these settings is predicted to increase on a massive scale. Moreover, ASCs provide patients with the convenience of having surgeries safely without being admitted to a proper hospital. This way, they offer a cost-effective service and a less-stressful environment than hospitals to patients, which will drive the demand for otorhinolaryngology devices.
In the coming years, North America is expected to dominate the otorhinolaryngology devices market. P&S Intelligence attributes this to the rising incidence of hearing loss and associated disorders and the growing geriatric population. In addition, the increasing preference for minimally invasive ENT surgeries and the rising number of manufacturers in this region are helping boost the sale of such devices. Significant otorhinolaryngology device manufacturers are Olympus Corporation, Acclarent Inc., Sonova Holdings AG, Karl Storz SE & Co. KG, and Smith & Nephew plc.
Hence, it can be said that the increasing prevalence of ENT diseases will boost the demand for otorhinolaryngology devices in the coming years.
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