Global Ear Infection Treatment Market Highlights Over 2022 - 2031
The global ear infection treatment market is estimated to garner a hefty amount of revenue by growing at a CAGR of ~7% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the rise in healthcare spending, and growing emphasis of governmental and non-governmental organizations to improve medical facilities across the globe. Along with these, factors such as unsanitary environment can also lead to the buildup of bacterial or viral infection in the ear. The presence of such unhealthy conditions in many developing and under-developed nations is expected to raise the demand for ear infection treatment in the upcoming years. According to the UNICEF, 2.3 billion people in the world lacked basic hygiene services in 2020, with 670 million people with no handwashing facilities at all. Furthermore, escalating number of collaborations among major pharmaceutical companies for improved treatment for ear infections is projected to offer lucrative opportunities to the market in the near future.
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The market is segmented by affected region into middle ear, outer ear, and inner ear, out of which, the middle ear segment is anticipated to observe significant growth in the global ear infection treatment market. This can be accounted to the high occurrence of ear infection affecting this region, especially among children. Additionally, on the basis of end user, the hospitals segment is assessed to acquire the largest share during the forecast period owing to the high patient admissions in a hospital facility, specifically government ones. Apart from these, growing preference of patients with repeated infections to get surgical treatment in hospital is also predicted to fuel the growth of the market segment in the future.
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 Infection Treatment Market Regional Synopsis
Regionally, the global ear infection treatment 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 is estimated to witness noteworthy growth over the forecast period on the back of the growing disease awareness among patients with ear infections, and rise in provision of medical insurance in the region. In addition, increasing prevalence of ear infections among children is also expected to boost the market growth in the region in the coming years. Moreover, the market in North America is projected to grab the largest share during the forecast period ascribing to the high healthcare spending, and strong presence of major market players in the region. As per the Centers for Medicare and Medicaid Services, U.S. health care spending grew 9.7 percent in 2020, reaching USD 4.1 trillion or USD 12,530 per person. As a share of the nation's Gross Domestic Product, health spending accounted for 19.7 percent.
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The global ear infection treatment market is further classified on the basis of region as follows:
Our in-depth analysis of the global ear infection treatment market includes the following segments:
By Affected Region
By End User
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are rising healthcare spending around the world, and growing emphasis of governmental and non-governmental organizations to improve medical facilities.
The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022-2031.
Asia Pacific will provide more business opportunities for market growth owing to the growing disease awareness among patients with ear infections, and rise in provision of medical insurance in the region.
The major players in the market are Intersect ENT, Inc., American Diagnostic Corporation, Heine USA Ltd., Welch Allyn, Inc., Olympus Corporation, and others.
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 affected region, treatment, end user, and by region.
The middle ear segment is anticipated to hold largest market size and is estimated grow at a notable CAGR over the forecast period and display significant growth opportunities.
Low profile healthcare regulatory bodies in lower economic regions is estimated to hamper the market growth.
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