Western Europe Otology Drill Product Market Highlights Over 2020 - 2029
The Western Europe otology drill product market is estimated to garner a revenue of USD 78317.2 Thousand by the end of 2029, by growing with a CAGR of 6.8% over the forecast period, i.e., 2020 – 2029. Moreover, in the year 2020, the market registered a revenue of USD 43488.0 Thousand. The growth of the market can primarily be attributed to the growing prevalence of hearing loss related disorders and other otologic diseases, such as Bell’s Palsy, mastoiditis, otitis media, cholesteatoma, and others in Western Europe. Moreover, growing advancements in medical research and the escalating trend for robot-based surgeries, are also expected to accelerate the market growth in the coming years.
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One of the major causes of the rising prevalence of hearing loss related disorders in Western Europe is the growing exposure to loud noises, especially amongst the working population. According to the statistics by the Global Health Data Exchange (GHDx) of the Institute for Health Metrics and Evaluation (IHME), the prevalence of age-related and other hearing loss in Western Europe grew from 72125778.69 numbers in the year 2010 to 79973683.67 numbers in the year 2019. The surge in the number of hearing related diseases is expected to drive the demand for ear surgeries, and in turn drive the growth of the Western Europe otology drill product market in the coming years.
Western Europe Otology Drill Product Market Regional Synopsis
Regionally, the Western Europe otology drill product market is segmented 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. The market in Germany is expected to garner a revenue of USD 17179.6 Thousand by the end of 2029, up from a revenue of USD 9002.0 Thousand in the year 2020. The market in the region is further expected to grow with the highest CAGR of 7.4% during the forecast period. One of the major factors that can be attributed to the growth of the market in the country is the growing expenditure on health, and the increasing focus of the government of the nation on developing the healthcare infrastructure. According to the statistics by the World Bank, the current health expenditure as a share of GDP in Germany grew from 10.776% in the year 2011 to 11.43% in the year 2018. On the other hand, the market in France garnered a revenue of USD 6784.1 Thousand in the year 2020 and is further projected to touch USD 1866.8 Thousand by the end of 2029.
Growth Drivers and Challenges Impacting the Growth of the Western Europe Otology Drill Product Market
Growth Drivers
- Surge in Diseases of the Ear
- Increasing Geriatric Population
- Growing Prevalence of Hearing-Related Disorders
Challenges
- Lack of Skilled Personnel to Use Otology Drill Products
Western Europe Otology Drill Product Market Segmentation Synopsis
The Western Europe otology drill product market is segmented by device type into capital and disposable, out of which, the capital segment is expected to garner the largest revenue by the end of 2030 and further grow with the highest CAGR of 6.8% during the forecast period. On the basis of procedure, the market is segmented into otosclerosis, cholesteatoma, chronic otitis media, acustic neuroma, schwannomas, meningiomas, chronic otitis externa, exostosis, osteatomas, and atresia. Amongst these segments, the otosclerosis segment is anticipated to garner the largest revenue of USD 11038.2 Thousand by the end of 2029, up from a revenue of USD 6016.2 Thousand in the year 2020. Further, the Western Europe otology drill product market is segmented by end-user into hospital, ambulatory surgery centers, and individual clinics. Amongst these segments, 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.
Top Featured Companies Dominating the Global Fiberglass Roving Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the Western Europe otology drill product market that are included in our report are Stryker Corporation, KARL STORZ, Olympus Corporation, Bien-Air Surgery SA, DePuy Synthes (Johnson & Johnson), and others.
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