Dublin, Sept. 30, 2022 (GLOBE NEWSWIRE) -- According to the latest industry analysis by Fact.MR, a market research and competitive intelligence provider, the global nasal splints market is currently valued at around US$ 2.7 billion and is predicted to expand at a CAGR of 3% through 2027.
Lightweight plastic or silicone splints, called nose splints, are used to support the nose after a nasal surgery. Even though they are utilised to provide the best long-term benefits, they can occasionally cause acute discomfort and make it difficult to breathe through the nose. Sales of external nasal splints are expected to increase in tandem at a CAGR of 3% from 2022 to 2027.
It’s crucial to understand the signs of a broken nose and other conditions that may require treatment such as surgery, splints, and other measures. The steps used to attach the splints are quite simple.
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The two varieties of nasal splints are:
- Intranasal splints are placed inside the nose.
- Outside of the nose, external nose splints are used. Medical tape, bandages, or an adhesive that disintegrates after a few days are used to hold them in place.
Following rhinoplasty, an external nose splint is typically worn for a week or two. One might anticipate wearing internal splints for a few days or perhaps up to a week following a standard septoplasty. Technological and cosmetic developments are propelling the global market for nasal splints, which is also boosting rhinoplasty treatments all over the world.
Growing number of technological advancements that are pushing rhinoplasty procedures all over the world is the key driver behind the sales of nasal splints. Additionally increasing demand for reconstructive nose surgery is anticipated to increase demand for nasal splints globally.
Due to several aspects such as an increase in the amount of reconstructive cosmetic procedures, accidents, and traumas that are occurring globally, demand for nasal splints is rising steadily across regions.
Key Takeaways from Market Study
- Market players are focusing on creating advanced nasal splints to provide breathing comfort for patients after surgery.
- The MEA market is expected to expand significantly over the coming years due to growing medical tourism, providing cost-effective cosmetic surgeries.
- Sales of external nasal splints are expected to increase at a CAGR of 3% from 2022 to 2027.
- Demand for biodegradable nasal splints is rising as they don't need to be surgically removed after implantation.
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Key Segments Covered in Nasal Splints Industry Research
- By Mechanism :
- Intranasal Splints
- External Nasal Splints
- By Product :
- Malleable Nasal Splints
- Airway Nasal Splints
- Bivalve Nasal Splints
- By Material :
- Biodegradable Nasal Splints
- Non-biodegradable Nasal Splints
- By End User :
- Hospitals
- Clinics
- Ambulatory Surgical Centres
- Others
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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Competitive Landscape
The market for nasal splints is very competitive, with few major companies controlling a sizable portion of it. Both emerging and developed economies have seen an upsurge in the demand for nasal splints.
Players in the business are also hiring independent distributors to increase their market share. As a result, the quantity of distributors and suppliers in emerging markets has increased dramatically.
- Recently, Innovia Medical unveiled a brand-new website with a selection of over 550 medical items, including the whole ENT collection. This is expected to support the sales of nasal splints, contributing to increasing its market revenue share.
Winning Strategy
Due to continuous cosmetic developments in nasal devices, the rate of their adoption is also increasing, and also a majority of well-established manufacturers in the global nasal splints market are concentrating on producing advanced and more effective ENT devices.
Significant stakeholders are also utilizing a range of marketing strategies such as alliances, acquisitions, and mergers.
- Thyssen'sche Handelsgesellschaft mbH (THG) purchased a majority stake of SPIGGLE & THEIS Medizintechnik GmbH in November 2020. SPIGGLE & THEIS's line of work entails the creation, manufacturing, and marketing of medical goods for the ENT market.
These kinds of acquisitions are supporting the expansion of the nasal splints industry.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the nasal splints market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2027.
The study divulges essential insights on the market on the basis of mechanism (intranasal splints, external nasal splints), product (malleable nasal splints, airway nasal splints, bivalve nasal splints), material (biodegradable, non-biodegradable), and end user (hospitals, clinics, ambulatory surgical centres, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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