Western Europe Otology Drill Product Market to Expand at a CAGR of 6.8% During 2020-2029 and Witness a Revenue of USD 78317.2 Thousand by 2029; Increasing Prevalence of Ear Diseases in Western Europe to Accelerate the Market Growth

Key Companies Covered in the Western Europe Otology Drill Product Market Research Report Are Stryker Corporation, KARL STORZ, Olympus Corporation, Bien-Air Surgery SA, DePuy Synthes (Johnson & Johnson)., and other key market players.

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New York, Feb. 21, 2022 (GLOBE NEWSWIRE) -- According to the statistical report titled “Hearing Loss Prevalence and Years Lived with Disability, 1990-2019: Findings from the Global Burden of Disease Study 2019”, in the year 2019, 194.5 Million people had hearing loss (≥20 dB) in the European Union. Moreover, 52.8 Million people had moderate-to-complete hearing loss (≥35 dB), 141.7 Million people had mild hearing loss (20-34 dB), and 36.2 Million people had moderate hearing loss (35-49 dB). On the other hand, the prevalence of age-related hearing loss in Western Europe, according to the statistics by the Global Health Data Exchange (GHDx) of the Institute for Health Metrics and Evaluation (IHME), touched 79973683.67 numbers in the year 2019, up from 72125778.69 numbers in the year 2010.

Research Nester has recently released a report on “Western Europe Otology Drill Product Market” which focuses on the latest market strategies, including the growth drivers, opportunities, market trends, and the challenges that are associated with the market growth during the forecast period, i.e., 2020-2029.

The prevalence of hearing-related disorders in Western Europe is growing at a significant pace owing to the increased exposure to environmental noise. According to the statistics by the European Environment Agency (EEA) of the European Union, the total number of people who were exposed to sound levels higher than or equal to 55 dB in the roads inside urban areas in the year 2017 was 50.6 Million, whereas outside urban areas, it recorded to be 21.8 Million. Backed by the growing prevalence of hearing-related disorders, and the rising awareness amongst individuals for ear surgeries, the demand for advanced ear surgery devices is expected to grow significantly, and in turn, drive the growth of the Western Europe otology drill product market during the forecast period. The market registered a revenue of USD 43488.0 Thousand in the year 2020 and is further projected to touch USD 78317.2 Thousand by the end of 2029, by growing with a CAGR of 6.8% during the forecast period.

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The market is also expected to grow on account of the increasing availability of ENTs in the European region, and for the growing geriatric population in the European Union. According to the statistical report titled “World Report on Hearing” by the World Health Organization (WHO), 67% of the countries in the European region had more than 50 specialists per 1 Million population. On the other hand, the population aged 65 and above, as a share of the total population in the European Union, according to the statistics by the World Bank, increased from 13.5% in the year 1990 to 20.78% in the year 2020.

The Western Europe otology drill product market is segmented by countries into Austria, Belgium, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Netherlands, Norway, Portugal, Switzerland, Sweden, Spain, the United Kingdom, and the Rest of Western Europe. Amongst the market in these countries, the market in Germany registered the largest market revenue of USD 9002.0 Thousand in the year 2020 and is further predicted to attain a revenue of USD 17179.6 Thousand by the end of 2029, by growing with the highest CAGR of 7.4% during the forecast period. The surge in the healthcare expenditure in the region, followed by the rising focus of the government of the country to expand their healthcare infrastructure, and the rising cases of otology disorders in the country are some of the major factors expected to drive the market growth. In the other statistics by the World Bank, the current health expenditure (% of GDP) in Germany increased from 10.051% in the year 2007 to 11.43% in the year 2018. On the other hand, the market in France is projected to hold the second-largest market revenue of USD 12519.3 Thousand by the end of 2029, up from a revenue of USD 6784.1 Thousand in the year 2020.

“The Final Report will cover the impact analysis of COVID-19 on this industry.”

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The Western Europe otology drill product market is segmented by procedure into otosclerosis, cholesteatoma, chronic otitis media, acustic neuroma, schwannomas, meningiomas, chronic otitis externa, exostosis, osteatomas, and atresia. Out of these segments, the otosclerosis segment garnered the largest revenue of USD 6016.2 Thousand in the year 2020 and is further projected to touch a revenue of USD 11038.2 Thousand by the end of 2029. Alternatively, the atresia segment is projected to grow with the highest CAGR of 7.5% during the forecast period. In Germany, the otosclerosis segment is projected to garner the largest revenue of USD 2920.5 Thousand by the end of 2029, up from USD 1512.3 Thousand in the year 2020, while in France, the Atresia segment is expected to touch the largest revenue of USD 1652.5 Thousand by the end of 2029.

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The Western Europe otology drill product market is also segmented on the basis of end-user into hospital, ambulatory surgery centers, and individual clinics. Amongst these segments, the hospital segment garnered the largest revenue of USD 22911.6 Thousand by the end of 2020 and is further predicted to touch USD 41480.5 Thousand by the end of 2029. The ambulatory surgery centers segment, on the other hand, is anticipated to grow with the highest CAGR of 6.9% during the forecast period. In Germany, the segment is expected to register the largest revenue of USD 9466.0 Thousand by the end of 2029, up from a revenue of USD 4870.1 Thousand in 2020. Alternatively, in Italy, the segment is expected to touch USD 6555.5 Thousand by the end of 2029 and further grow with a CAGR of 7% during the forecast period.

The Western Europe otology drill product market is also segmented on the basis of device type.

Western Europe Otology Drill Product Market, Segmentation by Device Type

  • Capital
  • Disposable

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Some of the prominent industry leaders in the Western Europe otology drill product market that are included in our report are Stryker Corporation, KARL STORZ, Olympus Corporation, Bien-Air Surgery SA, DePuy Synthes (Johnson & Johnson), and others.

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