Otoscope Market to be dominated by Video Otoscope type through 2028
Increasing ENT related diseases is expected to drive the
growth of the global otoscope market in the forecast period, 2024-2028.
According to TechSci Research report, “Otoscope Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, the
global otoscope market is anticipated to grow at an impressive rate in the
forecast period, 2024-2028. This can be ascribed to the increasing geriatric
population being more susceptible for different types of ear-related diseases
along with increasing advancement in healthcare across the globe. Additionally,
rising demand for LED otoscopes and portable devices, along with modernization
in the medical devices, especially in the developed countries in the North
America and Europe, are expected to create lucrative opportunities for the
market growth in coming years. Besides, increasing research and development
activities in healthcare industry is further expected to support the market
growth. Similarly, the growing demand for advanced ear treatment for the curing
of ENT diseases is further anticipated to propel the growth of the market over
the years.
However, high prices
of the device and increasing discomfort caused during the procedure, may slow
down the growth of global otoscope market in the forecast period. Similarly, lack
of awareness regarding usage and treatments of otoscope may hamper the otoscope
market growth during the forecast period. Also, poor reimbursement scenario and
lack of insurance coverage for ENT related diseases in emerging countries can
further restrict the growth of global otoscope market. Additionally,
limitations associated with equipment such as the limited scope of
interchangeable components in case of a pocket otoscope may hamper the growth
of the global otoscope market during the forecast period.
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Based on Product, the global otoscope market
can be segmented into Pocket Otoscope, Full Size Otoscope, and Video
Otoscope. The video
otoscope segment dominated the market in 2022 and is expected to continue maintaining
its dominance throughout the forecast period. This can be ascribed to the increasing
prevalence of ENT diseases and the increasing incorporation of smart
technologies, like AI, into otoscopes. Similarly, the growing economic
conditions in developing countries such as India along with growing healthcare
infrastructure can further boost the growth of the market during the forecast
period.
Based on end users, the market can be segmented
into Hospitals & Clinics, ENT Centers, and Others. The ENT centers segment is expected to
dominate during the forecast period on account of the increasing prevalence of
ear, nose, throat related disorders in the geriatric population and increasing
demand for ENT clinics across the globe. Similarly, an increasing number of
chronic illnesses lead to a high rate of hospitalization will further enhance
the demand for otoscope devices during the forecast period.
Major companies operating in global otoscope market are:
- HEINE Optotechnik GmbH & Co. KG
- Hill-Rom Holdings, Inc.
- Rudolf Riester GmbH
- Mindmark Corporation
- GF Health Products, Inc
- American Diagnostics Corporation
- 3M Company
- CellScope, Inc.
- Olympus Corporation
- Inventis SRL
Recent Development
In February 2022, Portronics Digital, an
Indian company manufactured electronic items like speakers, microphones, and
other items with an electronic otoscope called ‘Cleansify’ at INR 1,999. This
device can be purchased from the online e-commerce platform of Amazon as well
as the company’s official website.
In 2020, The clinicians took part in a John
Hopkins Technology Innovation Center Program that collaborated with researchers
and healthcare providers with business, design, and technical specialists to
create software that improves patient care.
In 2020, otoscope fully manufactured
automated test suite brings the latest broadband forum standard to Wi-Fi router
testing.
In 2019, Spirent communications announces the
acquisition of otoscope to establish it as a ’market leader’ in the Wi-Fi
space.
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“The North
America is expected to dominate in the global otoscope market due to the increasing
geriatric population with hearing loss diseases and increasingly developed large
hospital chains along with highly equipped ambulatory facilities across the
region. Furthermore, the increasing adoption of advanced technology such as
portable otoscope devices and increasing initiatives by government regulation
for portable medical devices are further contributing to demand for otoscopes.
Besides, the availability of skilled professionals for handling the new
portable otoscope device and growing awareness programs by different
organizations about usage of portable otoscope device in the developing region is
further expected to create lucrative opportunities for the market growth.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
“Otoscope Market - Global Industry Size, Share,
Trends, Opportunity, and Forecast, 2018-2028F Segmented By
Instrument Type (Sanding Discs, Diamond Burs, Dental Drills, Others), By Product
(Pocket Otoscope, Full Size Otoscope, Video Otoscope), By Type (Wall-Mounted,
Handheld, Standalone), By Product Type (Wired v/s Wireless), By Application
(Diagnosis v/s Surgical), By End User (Hospitals & Clinics, ENT Centres,
Others), By Region and Competition”, has evaluated the future growth potential of
global otoscope market and provides statistics & information on market
size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in global otoscope market.
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