Surgical ENT Device Market Growth & Trends
The global surgical ENT devices market size is expected to reach USD 11.2 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.67% from 2022 to 2030. The high prevalence of hearing loss, increasing uptake of surgeries for the treatment of ENT disorders, and the availability of advanced surgical devices are certain factors positively impacting the market growth.
Traditionally existing surgical procedures are slowly being replaced by minimally invasive surgeries in most advanced countries, such as the U.S., the U.K., and Japan. Surgical ENT devices for minimally invasive procedures are dominated by companies such as Karl Storz, which offer HD video rhino-laryngoscope that can be used for visualization of the nose, pharynx, and larynx in HD image quality.
The COVID-19 pandemic has significantly impacted the global economy. It adversely affected operational goals and long-term projections of businesses. The COVID-19 pandemic has increased the pressure on healthcare providers and caused the cancelation or postponement of various examinations and procedures. The number of elective procedures has decreased, which has also affected the sales of ENT medical devices.
In the worst-hit months of 2020, mass closure of ENT clinics and termination of elective surgical procedures in hospitals drove down sales of ENT medical devices. For instance, Olympus Corporation's revenue decreased by 21.7% in the first quarter of 2020 due to a decrease in revenue from all businesses with factors such as restrictions on sales promotion activities. Surgeries across most emerging markets, including Latin America and India, remained very low during the pandemic.
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