DUBLIN, December 03, 2021--(BUSINESS WIRE)--The "Otoscope Market Insights, Competitive Landscape and Market Forecast - 2026" report has been added to ResearchAndMarkets.com's offering.
Global Otoscopes Market was valued at USD 165.34 million in 2020, growing at a CAGR of 3.98% during the forecast period from 2021 to 2026 to reach USD 205.79 billion by 2026.
The demand for otoscopes is primarily being boosted owing to the increasing prevalence of ENT related disorders, growing demand for LED and portable otoscopes which are expected to increase the product demand thereby contributing in the growth of the otoscopes market during the forecast period from 2021-2026.
Otoscopes Market Dynamics:
The otoscope market is witnessing an increase in product demand owing to numerous reasons and one of the key aspects being the rise in the geriatric population. According to the World Health Organization (WHO) 2021, about 2.5 million people worldwide or one in four people will be suffering from hearing loss by the year 2050.
Also, as per the Ear, Nose and Throat (ENT) Care at Health and Wellness Centers 2020, by the year 2030 there will be 630 million people suffering from hearing loss and by the year 2050, the number of people are estimated to rise to 900 million.
Furthermore, according to the Institute for Health Metrics and Evaluation Population Health Building/Hans Rosling Center in the year 2019, more than 1.5 billion people are affected with hearing disorders. Therefore, in order to facilitate in timely diagnosis of ENT related disorders and restrict the disease progression, otoscopes are witnessing an increase in demand, ultimately leading to the global otoscopes market growth.
Another key aspect influencing the demand for otoscopes equipment is the rising demand for LED and portable otoscopes. Owing to the advantages offered by portable forms of otoscopes such as smaller built-in design and lighter as compared to a full-sized and conventional form of video otoscopes.
Also, LED otoscopes do not comprise of filaments and hence they can be readily used for a much longer time in comparison to incandescent and halogen bulbs. LED otoscopes also provide better image clarity as they are brighter than other otoscopes using halogen lights or incandescent bulbs. Thus, owing to an increase in the advantages offered by LED or portable otoscopes will increase the demand of these otoscopes, thereby propelling the otoscope market growth.
Furthermore, owing to an increase in the technological advancements of otoscopes such as integrating AI based algorithms with digital forms of otoscopes allow better diagnosis and treatment of ear infections, even remotely from the patient's home. Therefore, the rising technological advancement of otoscopes across the globe is further expected to aid in the increasing demand for otoscopes, thereby boosting the growth of the global otoscopes market during the forecast period.
Otoscopes Market Key Players:
Some of the key market players operating in the otoscopes market includes
American Diagnostic Corporation
Kirchner & Wilhelm GmbH + Co KG
Vimex Sp. z o.o.
HAI Laboratories, Inc.
Recent Developmental Activities in Otoscopes Market:
On April 21, 2021, Hillrom launched the new Welch Allyn MacroView Plus Otoscope to enhance caregivers' views and support in early diagnosis and treatment for diseases.
In January 2021, WiscMed announced a design upgrade to the Wispr digital otoscope and is offering a free exchange program for existing customers.
In April 2021, the Halma Company acquired PeriGen, Inc. (PeriGen), which is based in North Carolina, United States.
Key Takeaways from the Otoscopes Market Report Study
Market size analysis for current otoscopes market size (2020), and market forecast for 5 years (2021-2026)
The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the otoscopes market.
Top key product/services/technology developments, merger, acquisition, partnership, joint venture happened for last 3 years
Key companies dominating the Global Otoscopes Market.
Various opportunities available for the other competitor in the Otoscopes Market space.
What are the top performing segments in 2020? How these segments will perform in 2026.
Which is the top-performing regions and countries in the current otoscopes market scenario?
Which are the regions and countries where companies should have concentrated on opportunities for otoscopes market growth in the coming future?
Key Topics Covered:
1.Otoscopes Market Report Introduction
2. Otoscopes Market Executive Summary
2.1 Scope of the Study
2.2 Market at Glance
2.3 Competitive Assessment
2.4 Financial Benchmarking
3. Regulatory and Patent Analysis
3.1 The United States
4. Otoscopes Market Key Factors Analysis
4.1 Otoscopes Market Drivers
4.1.1 Rising Prevalence of ENT disorders
4.1.2 Growing Demand for LED and portable otoscopes
4.1.3 Favorable Reimbursement Policies
4.1.4 Technical Innovation in Product Development
4.2 Otoscopes Market Restraints and Challenges
4.2.1 Risks associated with Otoscopes
4.2.2 Limited scope of interchangeable components in pocket Otoscope
4.3 Otoscopes Market Opportunities
4.3.1 Increasing Focus of Market Players in Emerging Economies
4.3.2 Addressing the Technology-Specific Limitations
5. Otoscopes Market Porter's Five Forces Analysis
5.1 Bargaining Power of Suppliers
5.2 Bargaining Power of Consumers
5.3 Threat of New Entrants
5.4 Threat of Substitutes
5.5 Competitive Rivalry
6. COVID-19 Impact Analysis on Otoscopes Market
7. Otoscopes Market Layout
7.1 By Product Type
7.2 By Illumination Source
7.3 By Application
7.4 By Offering
7.4.1 Diagnostic Systems
7.5 By Geography
8. Otoscopes Market Global Company Share Analysis - Key 3-5 Companies
9. Otoscopes Market Company and Product Profiles
9.1. Company Overview
9.2. Company Snapshot
9.3. Financial Overview
9.4 Product Listing
For more information about this report visit https://www.researchandmarkets.com/r/c5objq
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