Technological innovations have disrupted the ENT devices industry. Major design and product developments in ENT devices are led by the transition underway in medical technology industry from a mere business marketing model to a care delivery model. As a result, the ENT devices market has witnessed the introduction of novel instruments and equipment with improved operational abilities in terms of surgery, outcome and patient care.
The Medtech industry is a combination of large, mid and small-sized players. In a bid to integrate technological advancements, the industry has witnessed mergers and acquisition among large as well as emerging technology providers. A similar trend has been observed in the ENT devices market wherein industry giants are engaged in M&A activities.
Prominent examples of M&As in the ENT devices market include – Stryker’s acquisition of Entellus Medical in February 2018; collaboration of Johnson & Johnson’s Acclarent and Bioscience Webster in May 2018 and Natus Medical Inc.’s acquisition of GN Otometrics in January 2017. Led by these business developments, the ENT devices market has witnessed the introduction of some of the excellent equipment.
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ENT Diagnostic Devices Revenue Grew at 6.3% in 2018
The ENT diagnostic devices market is projected to witness a steady growth outlook in the coming decade period. The market reported the growth of 6.3% y-o-y in 2018 wherein ENT endoscopes accounted for almost half the global revenues.
In the field of ENT, adoption of diagnostic devices remains higher owing to their first-line application in the ENT related diagnostic procedures. Utilization of ENT endoscopes, in particular, remains higher on the back of endoscopy’s crucial role in the identification and successful treatment of ear, nose and throat associated diseases.
Bronchoscopes Held Nearly One-Third Revenue Share in 2018
According to the study, base of installation remains higher for bronchoscopes as compared to other ENT endoscopy devices. Nearly 27,237 installed ENT devices in the United States were bronchoscopes in 2017. Bronchoscopes are used for the identification of multiple indications and have a higher replacement rate, hence, they shared nearly one-third of the global ENT diagnostic devices revenues in 2018.
Preference for portable ENT diagnostic devices is expected to register greater revenues, whereas fixed and hand-held devices are continue to garner steady demand in the coming years. Also, hospitals remained the largest end users of ENT diagnostic devices and accounted for over three fifth of the market revenues in 2018.
The study found that North America registered highest revenues in the ENT diagnostic devices market in 2018 and the status-quo is likely to continue in the future. Favorable reimbursement policies and developed healthcare infrastructure in the region can be attributed to the leading revenue share of the region in the ENT diagnostic devices market.
Europe combined with North America held over 58% share of the ENT diagnostic devices market in 2018. APEJ region is the most attractive market wherein lucrative opportunities are arising against the backdrop of improving economic standards and accessibility to the healthcare facilities. However, high capital cost involved in acquiring the ENT diagnostic devices and subsequent costs of set up, repair and maintenance remain a prominent factor impeding the growth of the market.
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Top 5 players in the ENT diagnostic devices market including Medtronic Plc, Smith and Nephew Plc., Stryker Corporation, Natus Medical Incorporated and Fujifilm Corporation hold about 56% of the market share. Emergence of local start-ups and their successful penetration in the regional market is expected to eat into the share of prominent players in the future. However, as reliability and clinical authorization play the most vital role in medical technology landscape, hegemony of prominent players will continue in the coming years.
Fact.MR has studied the landscape of ENT diagnostic devices market. As per Fact.MR valuation, the market is expected to grow at 6.1% CAGR during the period of 2018-2028.
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