Global Ear and Nasal Packing Market Highlights over 2022 – 2031
The global ear and nasal packing market is estimated to grow at a CAGR of ~6% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing number of ear and nose surgeries, such as, tonsillectomy, adenoidectomy, myringotomy, endoscopic sinus surgery, and others. Ear and nasal packing are used to stop the bleeding from nose or ear, after a surgery or operation. The growing prevalence of ear-nose-throat disorders, including sinusitis, and allergic rhinitis, is also anticipated to encourage the market growth. According to the data by the World Health Organization (WHO), more than 1 billion people between the age of 12-35 years are at risk for hearing loss. Moreover, increasing demand for minimally invasive surgeries, backed by efficient medical reimbursement policies, is projected to influence the market growth. Furthermore, the growing per capita healthcare expenditure, and overall health expenditure across the globe, are also anticipated to propel the market growth. According to the data by the World Bank, USD 1,111.082 were spent per capita for healthcare globally, in 2018.
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The market is divided by material into bio absorbable, and non-absorbable, out of which, the bio absorbable segment is anticipated to hold a substantial share in the global ear and nasal packing market over the forecast period. Bio absorbable packing gets dissolved in the body after a few days, which eliminates the need to remove them post-surgery. This is estimated to contribute to the growing demand for the segment.
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Ear and Nasal Packing Market Regional Synopsis
On the basis of geographical analysis, the global ear and nasal packing market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness modest growth over the forecast period on the back of improving healthcare sector in the developing countries, growing availability of ENT specialists, and growing healthcare expenditure in the region.
The market in the North America region is anticipated to gain the largest market share, growing at a notable CAGR throughout the forecast period owing to the increasing incidences of ear and nose disorders, such as, sinus. According to the data by the Center for Disease Control and Prevention, in the U.S., 11.6% adults were diagnosed with sinusitis. Moreover, people have easier access to better healthcare facilities, backed by the favorable medical reimbursement policies.
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The global ear and nasal packing market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global ear and nasal packing market includes the following segments:
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The increasing demand for minimally invasive surgeries is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2031.
The major players in the market are Cerecor, Inc., Bausch Health Companies Inc., Boehringer Ingelheim International GmbH, AbbVie Inc., Smith & Nephew plc, Amgen Inc., Novartis AG, Bayer AG, and Progenity, Inc.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, material, end-user, and by region.
The bio-absorbable segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Lack of awareness about ENT health and care is estimated to hamper the market growth.
The North America region is anticipated to provide more business opportunities over the forecast period owing to the increasing prevalence of sinusitis.
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