ENT diagnostic devices market is estimated to hit US$ 2.3 billion in 2019, according to a new study by Fact.MR. The market grew at 6.3% y-o-y in 2018 with bronchoscopes accounting for nearly one third of the global revenues.
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Overall growth of the ENT diagnostic devices market can be attributed to,
- Advanced technology incorporations in ENT diagnostic devices
- Favorable reimbursement policies for ENT procedures
- Development of efficient and low-priced devices
According to Fact.MR study, the ENT endoscopes are estimated to account for over half the revenues of the ENT diagnostic devices market in 2019. Endoscopy has played a significant role in the diagnosis of ear, nose and throat related diseases as well as successful treatment outcomes. Owing to this, ENT endoscopes have become the most common devices in the ENT clinics.
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The study finds that bronchoscopes are projected to capture over 60% of the ENT endoscope revenues in 2019. Higher replacement rate and application for multiple indications can be responsible for a significant revenue share of bronchoscopes. In addition, Fact.MR finds that installation base of bronchoscopes remains higher. In the United States alone about 27,237 bronchoscope devices were installed in 2017, as per Fact.MR estimates.
The study finds that hearing screening devices are likely to account for the second largest revenue in the ENT diagnostic devices market. According to Fact.MR valuation, globally, over 71,000 hearing screening devices were installed in 2017.
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Portable Devices Register Leading Revenues, Popularity of Hand-Held and Fixed Devices Continues
Fact.MR finds that end users of ENT diagnostic devices prefer portable devices. However, preference for hand-held and fixed devices remains comparable. Owing to their distinct functions, portable, hand-held and fixed devices continue to hold nearly equal market share.
Among end users, hospitals account for the largest revenue share in the ENT diagnostic devices market. In 2018, over 61% of the market share was held by hospitals. The status-quo is expected to continue in the future with the hospital infrastructures becoming more and more sophisticated and well equipped with ENT diagnostic devices.
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The study reveals that Top 5 players in the ENT diagnostic devices market hold 56% of the market share. The remaining share is distributed among mid and small-sized players as well as start-up companies. Successful penetration of start-up devices in the emerging markets is expected to eat into the shares of leading players in the future.
The Fact.MR report tracks the ENT diagnostic devices market for the period 2018-2028. According to the report, the ENT diagnostic devices market is projected to grow at 6.1% CAGR through 2028.
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