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Dec-2021

Global Otoscope Market Size Is Predicted To Grow At 5.42% CAGR

Asia-Pacific is predicted to be the fastest-growing regional market worldwide.

As per our research report, the size of the global otoscope market is estimated to be growing at a CAGR of 5.42% during the forecast period.

The global otoscope market is a dynamic industry with significant growth opportunities, but due to the COVID-19 pandemic, the market has seen reduced sales. In 2020, the growth of the profit pool varied considerably in the otoscope market; companies that quickly aligned their strategies with current market conditions saw great success. In addition, new market distribution patterns and methods have been observed with the new demand for an e-commerce platform. Hence, the market is predicted to improve over time, and the otoscope market will develop gradually during the projected period.

The increasing rate of ENT-related disorders and advancements in technology will drive the market's growth. The severity of infection can lead to severe diseases such as chronic otitis media and permanent hearing loss or deterioration. Otoscope has been the primary method of diagnosing such conditions. According to the World Health Organization (WHO), approximately 1.15 billion children are affected by noise to which they are exposed in a recreational setting. Over 32.69 million children are deaf, so the growth of the otoscopes market is anticipated to be driven by the increase in the population and associated factors. According to the WHO, about 60.56% of hearing loss in children is preventable. Factors such as growing awareness of the diagnosis of chronic otitis media, noise pollution, and improved healthcare infrastructure will cause the demand for otoscopy.

Hearing loss or impairment is one of the significant public health problems seen globally, negatively affecting communication skills, independence, well-being, and quality of life. In addition to age-related factors, the increasing prevalence of hearing loss due to genetic issues, complications during pregnancy and childbirth, the spread of highly contagious diseases such as meningitis, rubella, and mumps, and substantial noise pollution will drive the market. According to a recent report published by the WHO, over 362 million people worldwide are currently victims of some type of hearing-related disease.

As the potential incidence of hearing loss is higher in the elderly population, the increase in the number of people over 65 presents significant market opportunities for devices used in their management. The incidence and prevalence of hearing loss go hand in hand with the world's population, increasing at an annual rate of more than 1.12%. For example, the number of people with hearing loss in the United States has doubled over the past three decades, with around 14.65% of adults in the region. In Europe, approximately 52.5 million people have some level of hearing loss. In the United States, more than 36.58 million people have dysfunctional hearing loss, and one in ten people is estimated to report hearing loss. Advancements in technology like Video, LED, or portable otoscopes significantly drive the growth of the otoscopes market.

However, a lack of awareness in emerging economies such as Asia-Pacific regarding the availability of the latest otoscope technologies, such as portability and connectivity, will slow the growth of the otoscope market. Furthermore, the competition with the manufacturers of local players in India and China will have a negative impact on the market growth. In addition, factors such as stereotypical market patterns, risks associated with the use of otoscopes, and the limited scope of interchangeable components in the case of pocket otoscopes can be complicated factors for the growth of the otoscope market.

KEY MARKET INSIGHTS:

The portable otoscopes segment is estimated to experience the highest CAGR during the forecast period based on portability. Factors that can be attributed to its ability to connect with printers to imprint tympanic membrane and eardrum status and increasing demand for them in developed countries are accelerating demand from other types of otoscopes.
Based on the distribution channel, in 2020, the retail sales segment held the majority of the market share.
Geographically, North America, followed by APAC, is predicted to lead the global otoscope market during the forecast period.
Otopront, Riester, Fazzini, Optomic, Anetic Aid, AUG Medical, Vimex Endoscopy, SyncVision Technology, Haymed, KaWe, Olympus, Heine, American Diagnostic, Spengler, Prestige Medical, Locamed, and Adam, Rouilly are a few of the notable companies operating in the global otoscopes market.

MARKET SEGMENTATION:

By Product Type: