Research Nester published a report titled “Western Europe Otology Drill Product Market: Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the Western Europe otology drill product market in terms of market segmentation by device type, procedure, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The Western Europe otology drill product market is anticipated to grow with a CAGR of 6.8% during 2020-2029. The market is segmented by end-user into hospital, ambulatory surgery centers, and individual clinics, out of which, the hospital segment is anticipated to register the largest revenue of USD 41480.5 Thousand by the end of 2029, up from a revenue of USD 22911.6 Thousand in the year 2020.
The Western Europe otology drill product market is estimated to garner a revenue of USD 78317.2 Thousand by the end of 2029, up from a revenue of USD 43488.0 Thousand in 2020. Rising prevalence of hearing-related diseases, and the growing number of ear surgeries, followed by the surge in prevalence of otologic diseases, such as Bell’s Palsy, mastoiditis, otitis media, cholesteatoma, and others in the region are some of the major factors anticipated to drive the market growth during the forecast period.
The Western Europe otology drill product market is segmented by country 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, out of which, the market in Germany is expected to garner a revenue of USD 17179.6 Thousand by the end of 2029, and further grow with the highest CAGR of 7.4% during the forecast period. Additionally, in the year 2020, the market in the country attained a revenue of USD 9002.0 Thousand.
Increasing Concern for the Rising Prevalence of Hearing-Related Diseases
The prevalence of age-related and other 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), grew from 72125778.69 numbers in the year 2010 to 79973683.67 numbers in the year 2019.
Owing to the rising prevalence of hearing-related disorders in Western Europe, the need for ear surgeries in the recent years has soared recently. This, as a result, is driving the need for advanced medical equipment that can help ENT surgeons undergo critical surgeries. Such a factor is expected to drive the growth of the Western Europe otology drill product market.
However, the lack of skilled personnel to use otology drill products is expected to operate as key restraint to the growth of Western Europe otology drill product market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the Western Europe otology drill product market which includes company profiling of Stryker Corporation, KARL STORZ, Olympus Corporation, Bien-Air Surgery SA, DePuy Synthes (Johnson & Johnson), and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Western Europe otology drill product market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.