Otoscope Market Growth & Trends
The global otoscope market size is expected to reach USD 240.90 million by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.1% from 2022 to 2030. The rising prevalence of ENT-related disorders and increasing penetration of minimally invasive ENT procedures are among the key trends stimulating industry growth. According to the WHO, 5% of the global population suffers from hearing loss, which is nearly 432 million adults and 34 million children. Due to the growing awareness regarding the diagnosis of chronic otitis media, the demand for otoscopy is increasing.
A moderate impact has been observed during the COVID-19 outbreak on industry growth. In the worst-hit months of 2020, mass closure of ENT clinics and termination of elective surgical procedures in hospitals drove down sales of otoscopes. However, resumption of surgical procedures and gradual increase to reach the pre-pandemic surgical volume are expected to increase product demand and reduce revenue losses medical care providers and manufacturers suffer.
Moreover, introducing new products and incorporating new technologies by the industry players are expected to propel the market growth during the forecast period. For instance, in April 2021, Hill-Rom launched the new Welch Allyn PanOptic Plus Ophthalmoscope and MacroView Plus Otoscope to provide caregivers with better, brighter views in earlier diagnosis and treatment.
Otoscope Market Report Highlights
- Based on type, the pocket otoscope segment accounted for a dominant share of above 65.0% in 2021 as it is comparatively less bulky, lighter in weight, and widely used by ENT practitioners
- Based on portability, the portable segment held the largest share of over 70.0% in 2021. This type of otoscope allows greater mobility and can be used anywhere in the clinic and even on home visits
- The hospital end-user segment dominated the market with a share of over 50.0% in 2021
- North America captured a leading revenue share of over 30.0% in 2021 owing to the increasing burden of diseases related to ENT and the introduction of technologically advanced products in the region