Nasal Splints Market Insights, Competitive Landscape and Market Forecast–2027

Nasal Splints Market Insights, Competitive Landscape and Market Forecast–2027

Nasal Splints Market By Type (Malleable Nasal Splints, Airway Nasal Splints, Bivalve Nasal Splints), By Application (Plastic Surgery, Ent-Surgery, Others), By Route Of Administration (Intranasal, Extra Nasal), By End-User (Hospitals & Clinics, Ambulatory Surgical Centers (Asc), Others), by geography is expected to grow at a steady CAGR forecast till 2027 owing to rise in the reconstructive cosmetic surgeries and advancements in aesthetics surgeries.

Global Nasal Splints Market was valued at USD 2.27 Billion in 2021, growing at a CAGR of 3.47% during the forecast period from 2022 to 2027, to reach USD 2.78 Billion by 2027. The Nasal Splints market is expected to witness growth owing to the rise in the number of reconstructive cosmetic surgeries mainly rhinoplasty, increasing nasal injuries, growing demand for minimally invasive procedures, and rapid awareness of nasal deformities.

Nasal Splints Market Dynamics:

The Nasal Splints Market is witnessing a growth in product demand owing to various factors, such as a rise in the number of reconstructive cosmetic surgeries that are taking place across the globe. Nasal splints aid in the promotion of hemostasis and provide structural support following rhinoplasty, which is one of the most popular operations performed across the world. As per the International Society of Aesthetic Plastic Surgery’s Annual Global Survey for 2019, there was about a 7.4% increase in cosmetic procedures done in 2019 than in 2018. The rhinoplasty was among the top five most popular surgical procedures. Moreover, rhinoplasty continues to be the most common cosmetic procedure in patients 18 years or younger.

After nasal surgery, the shape and size of the nose changes, so Nasal Splints help to maintain and protect the nose until the new tissue heals, therefore, the growing reconstructive nasal surgeries is expected to lead to the rise in the demand for Nasal Splints across the world, which in turn would lead to the increase in growth of Nasal Splints Market during the forecast period.

In addition, the integration of advanced technologies, such as splints made from biodegradable material that can be dissolved once their work is done, is advancing at a great pace. Such technological advancement in the field of Nasal Splints is likely to boost the Global Nasal Splints Market.

Further, the outbreak of the pandemic led to the cancellation of outpatient visits and the suspension of non-emergency hospitals and procedures. This resulted in the reduced number of routine clinical examinations of cosmetic surgeries and related procedures. However, vaccine development of COVID-19 has initiated the process of economic recovery with the easing of lockdown restrictions and the return of normalcy in the economic landscape which has initiated the process of resumption of regular healthcare services such as outpatients visits and resumption of healthcare services, thereby bringing the demand for products on track in the Nasal Splints market. As per the American Society of Plastic Surgeons 2021, the society's board-certified plastic surgeons reported that they stopped performing elective surgical procedures for an average of 8.1 weeks in 2020 due to COVID-19, or 15% of the year, which resulted in the decline in the total number of procedures performed last year. But, the patients were willing to get surgeries done more now than before.

However, certain factors such as temporary discomfort, pain, and complications like loosening of splints post-surgery when performed by unqualified physicians, which restrict the growth of the Global Nasal Splints Market.

Nasal Splints Market Segment Analysis:

Nasal Splints Market by Type (Malleable Nasal Splints, Airway Nasal Splints, Bivalve Nasal Splints), by Application (Plastic Surgery, ENT-Surgery, Others), by Route Of Administration (Intranasal, Extra Nasal), by End-User (Hospitals & Clinics, Ambulatory Surgical Centers (ASC), Others), and by Geography (North America, Europe, Asia-Pacific, and Rest of the World).

The Intranasal route of administration segment of the Nasal Splints market holds a significant share in the Global Nasal Splints market. The significant market share of this product segment can be attributed to the growing patient adoption for these devices and quick recovery. Intranasal Splints reduce postoperative pain without increasing postoperative complications, making them a viable alternative to nasal packing following septoplasty.

Moreover, these are worn inside the nostrils and are fixed with stitches. Since no surgical tapes are used externally to attach the splints, these splints look aesthetically more pleasing to the patient, thus increasing the significant adoption of these devices in the Global Nasal Splints Market.

This, in turn, is expected that the Intranasal Nasal Splints segment will grow over the forecast period, which will also help in driving the overall Global Nasal Splints Market growth.

Also, there is a shift in trend for the preference of minimally invasive procedures owing to their advantages such as less pain, less recovery time, and minimal scars. Nasal Splints provide ease of use and can reduce patient discomfort, which has led to more demand for these devices, and this will drive Nasal Splints Market growth.

North America is expected to dominate the Overall Global Nasal Splints Market:

Among all the regions, North America is expected to account for the largest share in the Nasal Splints market. Owing to significant growth factors such as the rise in the number of reconstructive cosmetic surgeries and a shift towards minimally invasive surgeries is expected to aid in the growth of the North America Nasal Splints Market.

Furthermore, high disposable income, sophisticated healthcare infrastructure, new product approvals, and increased awareness regarding aesthetics also propelled the market growth in this region.

According to the American Society of Plastic Surgeons 2020, nose reshaping was one of the top 5 cosmetic surgical procedures done with 352,555 surgeries done in the United States. Furthermore, 13.3 million cosmetic minimally-invasive procedures were performed in 2020 in the United States.

Moreover, according to the same statistics, there were nearly 7 million reconstructive procedures that were performed in 2020, up 3% overall compared to 2019, despite the global pandemic's impact on elective surgeries.

With such a high need for cosmetic nose surgeries in the country, it is estimated that there will be an increase in the patient population that may in turn drive the demand for Nasal Splints during the forecast period.

Moreover, efforts such as the conducting of local clinical trials to establish product safety and efficacy help in the faster device approval by the concerned local authorities and speed up the market approval process for the devices.

Therefore, the aforementioned factors all will collectively contribute towards the growing regional demand for such devices thereby driving the Nasal Splints market during the forecast period.

Nasal Splints Market Key Players:

Some of the key market players operating in the Global Nasal Splints Market include Boston Medical Products Inc., Summit Medical LLC, Olympus, Smith+Nephew PLC, DTR Medical Ltd., Network Medical Products Ltd., Surgiform Technologies LLC, Medtronic PLC, Hemostasis, LLC, Anthony Products, Inc., Traumec Health Technology, Audio Technologies SRL, Websinger Ges.m.b.H., Stryker Corporation, SPIGGLE & THEIS Medizintechnik GmbH, EON Meditech Pvt. Ltd., among others.

Recent Developmental Activities in the Nasal Splints Market:

• In November 2020, Thyssen’sche Handelsgesellschaft mbH (THG) acquired a majority stake in SPIGGLE & THEIS Medizintechnik GmbH. The business of SPIGGLE & THEIS is related to the development, production, and distribution of medical products for the ENT segment. Since SPIGGLE & THEIS has a strong international footprint, these kinds of acquisitions help the Nasal Splints market to grow.
• In October 2019, Innovia Medical acquired DTR Medical. DTR Medical specializes in the design and manufacture of single-use surgical instruments for general and specialist surgical procedures. This kind of acquisition help Innovia Medical to expand its product portfolio, which will eventually boost the Nasal Splints Market growth.

Key Takeaways from the Nasal Splints Market Report Study

• Market size analysis for current market size (2021), and market forecast for 5 years (2022-2027)
• The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the Nasal Splints market.
• Top key product/services/technology developments, merger, acquisition, partnership, joint venture happened for last 3 years
• Key companies dominating the Global Nasal Splints Market.
• Various opportunities are available for the other competitor in the Nasal Splints Market space.
• What are the top-performing segments in 2021? How these segments will perform in 2027.
• Which are the top-performing regions and countries in the current market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for Nasal Splints market growth in the coming future?

Target Audience who can be benefited from this Nasal Splints Market Report Study

• Nasal Splints providers
• Research organizations and consulting companies
• Nasal Splints related organization, association, forum, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and Traders in Nasal Splints
• Various End-users want to know more about the Nasal Splints Market and the latest technological developments in the Nasal Splints market.

Frequently Asked Questions for Nasal Splints Market:

1. What are Nasal Splints?

Nasal Splints are devices that are used majorly after nasal surgeries to prevent nasal bone movement from their position to minimize any problems inside the nose, such as inflammation, nose bleeding. These devices are also used in providing structural support to the nose in maintaining the shape after reconstructive surgery.

2. What is the market for Global Nasal Splints?

Global Nasal Splints Market was valued at USD 2.27 Billion in 2021, growing at a CAGR of 3.47% during the forecast period from 2022 to 2027, to reach USD 2.78 Billion by 2027.

3. What are the drivers for Global Nasal Splints?

The major drivers driving the demand for Nasal Splints are the rise in the number of reconstructive cosmetic surgeries mainly rhinoplasty, increasing nasal injuries, growing demand for minimally invasive procedures, and rapid awareness of nasal deformities.

4. Who are the key players operating in Global Nasal Splints?

Some of the key market players operating in the Nasal Splints market include Boston Medical Products Inc., Summit Medical LLC, Olympus, Smith+Nephew PLC, DTR Medical Ltd., Network Medical Products Ltd., Surgiform Technologies LLC, Medtronic PLC, Hemostasis, LLC, Anthony Products, Inc., Traumec Health Technology, Audio Technologies SRL, Websinger Ges.m.b.H., Stryker Corporation, SPIGGLE & THEIS Medizintechnik GmbH, EON Meditech Pvt. Ltd. and others.

5. Which regions has the highest share in the Nasal Splints market?

North America is expected to dominate the overall global Nasal Splints market during the forecast period from 2022 to 2027. This domination is owing to the rise in the number of reconstructive cosmetic surgeries and a shift towards minimally invasive surgeries.

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