New York, Aug. 04, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Ear and Nasal Packing Market’ for the forecast period, i.e. 2022 – 2031 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Ear and Nasal Packing Market Size:
The global ear and nasal packing market is estimated to grow at a CAGR of ~6% over the forecast period. Rising incidence of sinusitis and allergic rhinitis as well as other ear, nose, and throat conditions are predicted to fuel market expansion. According to the World Health Organization (WHO) data on hearing loss, by 2050 approximately 2.5 billion people are estimated to be at high risk of hearing disabilities and hearing loss, worldwide. Also, the data estimates a minimum of 700 million cases of rehabilitation during the same time. Additionally, the other drivers for the global market expansion are estimated to be the rise in the proportion of the elderly population who are more prone to hearing disabilities. For instance, over 25% of people over the age of 60 have a hearing loss disability. Moreover, increasing health expenditure across the globe and growing burden of untreated nose and ear ailments are predicted to drive market growth over the ensuing years. For instance, about USD 980 billion is spent annually to adequately address the complications arising due to untreated hearing loss. Additionally, over 55% of the amount is spent across middle and low income countries.
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Global Ear and Nasal Packing Market: Key Takeaways
- North America region gains the largest portion of the revenue
- Bio absorbable segment to dominate the revenue graph
- Hospitals sub-segment remains prominent in the end-user segment
Growing Adoption of Surgery and Technological Advancements to Boost Market Growth
The rise in ear and nose operations and surgeries, including tonsillectomy, adenoidectomy, myringotomy, mastoidectomy, endoscopic sinus surgery, and others, is responsible for the market's development over the forecast period. Ear and nasal packing are used in post-surgical cases to check excessive bleeding form nose or ears. Mastoidectomy is a common practice in cases involving middle ear cholesteatoma. It is done either as canal wall down (CWD) or canal wall up (CWU) ways. A recent survey conducted in Australia suggested that in 2021 CWU mastoidectomy gained traction in Australia making mastoidectomy crucial for ear surgeries.
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In addition to this, the technologically advanced and polymer-based ear and nasal packing solutions are made in such a way that they disintegrate in the body within two to three weeks. Additionally, the rising investments in the R&D activities to continuously bring up more feasible solutions for medical procedures are predicted to propel the market during the forecast period. According to research reports, global research and development spending has more than tripled in real terms since 2000, rising from approximately USD 680 billion to over USD 2.5 trillion in 2019.
Global Ear and Nasal Packing Market: Regional Overview
The global ear and nasal packing market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Healthcare Expenditure to Drive Growth in the Asia Pacific Region
The ear and nasal packing market in the Asia Pacific region is estimated to witness modest growth over the forecast period on the basis of strengthening healthcare systems in developing nations, expanding easy access to ENT experts, and rising healthcare costs in the region. As per the World Bank, healthcare expenditure, considering the total % of the GDP, in the region increased from 6.51% in 2018 to 6.67% in 2019. In addition to this, the increasing geriatric population in the region, who is more prone to hearing loss and nasal allergies is predicted to fuel market growth over the forthcoming coming years.
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Increasing Incidences of Nose and Ear Ailments to Favor Growth in the North America Region
On the other hand, the North American region is anticipated to gain the largest share in the global ear and nasal packing market over the forecast period owing to the growing prevalence of ear and nose disorders, mainly, sinus in the region. Adults in the United States were diagnosed with sinusitis in 11.6% of cases, according to statistics from the Centers for Disease Control and Prevention. Further, the easy availability of better medical facilities, backed by the favorable medical policies in the region are estimated to elevate the market growth. In addition to this, the boost in the market growth can be ascribed to the rising investment in R&D activities, and the presence of key market players in the region.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Ear and Nasal Packing Market, Segmentation by Material
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- Bio Absorbable
- Non-Absorbable
The bio absorbable segment is estimated to hold substantial market share over the forecast period. Bio absorbable packing doesn't need to be removed after surgery as it dissolves in the body within a few days. In addition to this, the rising incidences of ear and nose ailments that needed surgical treatments are anticipated to boost the segment growth. Recent survey suggests that in the US alone over 260,000 sinus surgeries were completed in 2021.
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Further, the impact of medical waste on human health and the environment is highly adverse, but the bio absorbable material is environmentally friendly and contributes towards reducing overall medical waste. These traits are estimated to boost the segment’s expansion throughout the forecast period. As per one of the environmental surveys by the WHO, approximately 15% of the trash produced by health care activities is hazardous material, which may be radioactive, poisonous, or contagious.
Global Ear and Nasal Packing Market, Segmentation by End-User
-
- Hospitals
- Specialty Clinics
- Ambulatory Centers
- Others
The hospitals segment is estimated to hold the largest market share during the forecast period. The growth of the segment can be attributed to people's strong desire to be treated by highly skilled medical personnel and the existence of a huge patient pool in a hospital facility that requires treatment for hearing loss. It was found that 430 million people, or more than 5% of the world's population need treatment for hearing loss. Moreover, the increasing cost of treating ear and nose ailments, mainly hearing disability, and the rising cost of establishing care units are predicted to boost the segment’s growth.
Global Ear and Nasal Packing Market, Segmentation by Type
- Nasal
- Ear
Few of the well-known market leaders in the global ear and nasal packing market that are profiled by Research Nester are Stryker Corporation, Cerecor Inc., Bausch Health Companies Inc., Boehringer Ingelheim International GmbH, AbbVie Inc., Smith & Nephew plc, Amgen Inc., Novartis AG, Bayer AG, Progenity Inc., and others.
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Recent Developments in the Global Ear and Nasal Packing Market
- In February 2021, Intersect ENT, a leading provider of ear, nose, and throat ("ENT") medical technologies, unveiled a new direct delivery system coupled with the PROPEL micro sinus implant, for people with chronic sinusitis.
- In January 2022, Smith & Nephew announced that it has launched PICO 7 and PICO 14 negative pressure wound therapy systems, that has been approved by the U.S. Food and Drug Administration (FDA) for use on closed surgical incisions. These therapy systems are designed for superficial and deep surgical incisions.
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