The global ENTdevices market was valued at $17,439.8 million in 2021, which is set to reach $31,805.3 million by 2030, rising at a CAGR of 6.9% from 2021 to 2030. The growing population of older people boosts the demand for these devices since they are more prone to hearing loss and throat & nose problems. According to the WHO, the number of elderly individuals is expected to increase by 15% by 2050.
Furthermore, over the past few years, the healthcare system has seen a paradigm change from traditional surgeries to less-invasive procedures. Oncology, urology, and gastroenterology are among the medical subspecialties where minimally invasive procedures have already become popular. Similarly, this trend has been progressively rising in the ENT profession.
The hospitals category accounted for more than 42% revenue share in the market in 2021. In the worldwide healthcare system, hospitals are the primary treatment facilities, playing an important part in the delivery of care in the ENT specialty. In fact, in many emerging economies, hospitals are the only places where an ENT surgery may be performed.
To enhance their product portfolios and augment their profits, key players in the ENT devices market have been continuously involved in new introductions. Smith & Nephew plc, Medtronic plc, Stryker Corporation, Olympus Corporation, Boston Scientific Corporation, Hoya Corporation, Widex A/S, Oticon A/S, and Karl Storz Gmbh & Co. KG are the major hearing aids providers around the world.