Recent Developments in ENT Devices Market:

# 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.

Major Leading Copmanies Operating in thes Market:

The ENT Devices market is highly consolidated and is dominated by various players. The major players operating in this market are Karl Storz Gmbh co. KG (Germany), Medtronic plc (Ireland), Stryker Corporation (US), Olympus Corporation (Japan), Cochlear Limited (Australia), Sonova Holding AG (Switzerland),  William Demant holding a/s (Denmark), etc.

Major Growth Driving Factors:

The growth in this market is attributed to the rising aging population and the associated hearing loss, rise in disposable income and increasing affordability for ENT treatment, improving healthcare infrastructure and expenditure, and rising product availability and awareness.

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Projected Revenue Growth During Forecast Period:

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.

CHALLENGE: Increasing Pricing Pressure on Market Players

Over the last decade, healthcare cost reduction has emerged as one of the major focus areas in healthcare systems. Price regulations, competitive pricing, bidding, tender mechanics, coverage and payment policies, the comparative effectiveness of therapies, technology assessments, and managed-care arrangements are implemented to achieve this. In response to the increasing pressure to reduce healthcare costs, healthcare providers have aligned themselves with group purchasing organizations and integrated health networks that negotiate for the bulk purchase of medical devices. The bulk purchasing trend increases the pricing pressure and decreases the profit margins for players, particularly for small and medium-sized manufacturers that offer a limited range of ENT devices.

Reforms on payments such as prospective payment systems for hospital care, preferential site of service payments, and value-based purchasing have added to the pressure on medical device companies. Furthermore, hospitals are consolidating, and large group purchasing organizations, hospital networks, and other groups continue to seek ways to aggregate purchasing power.

Due to BREXIT, economic conditions have been hit in the UK with volatility in currency exchange rates and a rising number of regulatory complexities. These outcomes may adversely affect businesses, financial conditions, or the results of operations in this market. Earlier, the EU would provide funds for scientific research and technological development of devices; post BREXIT, the EU is expected to cut research spending and discourage future investments. This will increase the manufacturing cost of devices, which will eventually be transferred to end users.

OPPORTUNITY: Growing Healthcare Market in Emerging Economies

Developing economies such as China, India, and LATAM (Latin American) countries represent significant growth opportunities for players in the ENT devices market. According to OECD, the global middle-class population is estimated to increase from 1.8 billion in 2009 to 4.9 billion in 2030. Asia is expected to account for 66% of the global middle-class population by 2030. In countries such as China and India, the growth in purchasing power is enabling people to purchase technologically advanced ENT devices, thereby fueling the growth of the market.

Moreover, factors such as less stringent regulatory policies, rapid urbanization, improving healthcare facilities, rising disposable income, and rapidly aging elderly population open an array of opportunities for the growth of this market in emerging economies. In order to leverage the growth opportunities in the ENT devices market, various market players are focusing on expanding their market presence in developing nations. In this regard, in May 2021, Intersect ENT receives CE Mark Approval for PROPEL Contour for patients with chronic rhinosinusitis following frontal sinus surgery. Approval of such products will enable the market players to strengthen their product offerings in emerging markets. Owing to the abovementioned factors, emerging economies represent new revenue pockets for market players during the forecast period.

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End Users:

Hospitals and Ambulatory Settings accounted for the largest share of the ENT Devices market in 2020

By end user, the ENT Devices market is segmented into a Home Use, Hospitals and Ambulatory Settings, ENT Clinics. Hospitals and Ambulatory Settings segment accounted for the largest market share in 2020. The hospitals and Ambulatory Settings segment accounted for the largest market share in 2020. The increasing rise in disposable income and increasing affordability for ENT treatment, high prevalence of hearing loss, rapidly growing elderly population, and technological advancements in hearing aid are the major driving factors for this market.