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The Otoscopes Market size is estimated to grow by USD 72.05 million at a CAGR of 5.03% between 2023 and 2028.
There has been an increase in the prevalence of disorders associated with ENT over the years, which, in turn, has increased the demand in the otoscope market. Some of the factors that lead to hearing impairment include infections during childhood such as measles, mumps, and meningitis, exposure to excessive or prolonged noise, chronic otitis media, head/neck injuries, certain nutritional deficiencies, congenital abnormalities, and infections and perinatal problems, use of ototoxic medications such as certain types of chemotherapies and antibiotics, industrial solvents, genetic disorders, and aging. Therefore, this rise in the prevalence of hearing impairment can fuel the demand for otoscopes which in turn drive the market growth.
Technavio has segmented the market into Product, Type, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018 - 2022, besides analyzing the current market scenario.
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The pocket otoscope segment is estimated to witness significant growth during the forecast period. This segment comprises a small-sized otoscope, which makes it easier to handle. The main advantage of this segment when compared to typical otoscopes, they are less bulky and lighter in weight. In addition, few otoscopes are fitted with a camera or an interface for visualizing images on a computer, making the otoscopy procedure more efficient by providing high-quality images.
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The pocket otoscope segment was the largest segment and was valued at USD 144.66 million in 2018. Moreover, the advantages offered by a pocket otoscope over a full-sized otoscope are fuelling the growth of the pocket otoscope segment. In addition, in developing countries with limited access to advanced medical imaging in rural areas, this otoscope plays a major role in diagnosis. Furthermore, wireless/smart otoscopes are not available in all small medical facilities and hospitals in sub-Saharan Africa. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
Some of the main factors that are significantly contributing to the growth of the portable segment include the availability of various portable products including portable USB digital otoscopes and LED portable otoscopes and the presence of major players in the global otoscopes market. In addition, portable otoscopes are flexible and, therefore, can be used across all health facilities. Moreover, some of the key market players in the market that offer portable otoscopes are Welch Allyn, Inc., American Diagnostic Corporation, Midmark Corporation, Prestige Medical, and GF Health Products, Inc. FurthermorePortable otoscopes not only provide continuous, non-invasive monitoring of health parameters but also can also provide real-time updates to healthcare providers through connectivity. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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North America is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. One of the main countries which has significantly contributed to the market growth in North America is the US. There is a significant growth of the market in the region due to government measures to cut down hospital expenditures and reduce hospital stays. Moreover, in the US, due to the presence of the ACA, there is a Patient Bill of Rights, it provides care and coverage to the people. Furthermore, several initiatives by various organizations have led to a rise in the number of people being diagnosed with various ENT disorders and undergoing suitable treatments. For example, he American Academy of Otolaryngology is the world's largest organization, representing specialists who treat the ear, nose, throat, and related structures of the head and neck in the US. Hence, such factors drive the market growth in the region during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global otoscopes market witnessed a significant slowdown due to the temporary shutdown of ENT clinics and hospitals which resulted in a supply-demand imbalance in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the restoration of operations in ENT clinics and hospitals. Such factors are expected to drive the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
AdamRouilly: The company offers otoscopes products such as ARR00001 otoscopes, AR405 B digital eye and ear examination trainer set black.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
A key factor shaping the otoscopes market growth is the growing geriatric population. There is an increase in number of proportion of older people in the population of several nations. In addition, the aging population has become one of the most significant social transformations of the modern century, with implications for nearly all sectors of society.
Moreover, the rise in the aging population globally presents many opportunities and several public health challenges, as with the increasing age, the immunity of individuals reduces significantly. In addition, reduced immunity directly signifies an increased risk of infection and other disorders which fuels the need for otoscopes which is positively impacting the market. Hence, such factors are driving the market growth during the forecast period.
Uncertain reimbursement policies for hearing aids are one of the key challenges hindering the otoscopes market growth. The main reason restricting others from wearing these devices is the cost of hearing aids. In addition, hearing devices are expensive, and keeping this in mind, the requirement of adequate insurance coverage seems to have a significant role in the growth of the hearing devices market.
Moreover, government healthcare insurance plans may provide some coverage for hearing devices. However, the assistance offered by the government is very limited. In addition, coverage for appointments, hearing tests, and hearing devices varies from state to state in the US. Hence, such factors are hindering the market. Therefore, it is expected to hinder the market growth during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Otoscopes Market Customer Landscape
The otoscopes market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Otoscopes Market Scope |
|
Report Coverage |
Details |
Page number |
147 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.03% |
Market Growth 2024-2028 |
USD 72.05 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.26 |
Regional analysis |
North America, Europe, Asia, and the Rest of the World (ROW) |
Performing market contribution |
North America at 37% |
Key countries |
US, Germany, UK, China, and Japan |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
AdamRouilly, American Diagnostic Corp., AUG MEDICAL LLC, Baxter International Inc., CellScope Inc., Fazzini Srl, Firefly Global, GF Health Products Inc., GPC Medical Ltd., Halma Plc, HEINE Optotechnik GmbH and Co. KG, Inventis s.r.l., KIRCHNER and WILHELM plus GmbH Co. KG, LUXAMED GmbH and Co. KG, Midmark Corp., Olympus Corp., orlvision GmbH, SyncVision Technology Corp., Tiger Medical Inc., and Tuttnauer Israel Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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