October 04, 2022 15:29 ET | Source: Facts & Factors Facts & Factors
DUBLIN, Ireland, Oct. 04, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Otoscope Market Size, Share, Growth Analysis Report By Modality (Wireless, and Wired), By Type (Video, Pocket-Sized, and Full-Sized), By Portability (Portable, and Wall-Mounted), By End-User (ENT Clinics, and Hospitals), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Otoscope Market size & share was valued at approximately USD 216.29 Million in 2021. The market is expected to grow above a CAGR of 4.15% and is anticipated to reach over USD 241 Million by 2028.”
The report analyses the Otoscope market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Otoscope market.
An otoscope is a medical device that uses a beam of light to view, examine, and analyze the inside of the ear for healthcare purposes. The most widely used otoscope generally consists of a head and a body with the light source being mounted on the head along with a basic low-power magnifying glass to view the components inside the ear. Some of the medical conditions easily diagnosable with the aid of an otoscope are infections of the outer and middle part of the ear, respectively. In some cases, they are also used to examine the nose and upper throats eliminating the need for a separate speculum.
In medical units, a doctor may use a portable otoscope or it may be mounted on a wall. The latter type is generally attached with a chord allowing the device to be used with unrestricted flexibility and also acts as a power source. The portable otoscopes are battery-powered and rechargeable. Some of the most common places where otoscopes can be located involve pediatric offices, emergency rooms, and at general physician offices.
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The global otoscope market may grow owing to the rising investments in product innovation and the launch of advanced otoscopes to better cater to the needs of patients and medical professionals. With a growing population, there is increasing pressure on the healthcare sector to provide timely, and efficient medical care to patients. This has resulted in multiple market players upgrading their product innovation and manufacturing process which is further propelled by initiatives undertaken by the government to constantly work on developing better systems.
As per data published on the official website, the Australian government spent around AUD 202.5 billion on medical goods and services. Medtronic, one of the largest American medical equipment companies, is claimed to spend around USD 2 billion annually purely on research & development activities. The global market cap may also benefit from the increased access to the product through online channels of sales. The medical device industry is known to generate Millions of dollars through sales on e-commerce websites, especially mid-sized products. The global e-commerce healthcare market was valued at USD 261.3 billion in 2021 and it may grow at a CAGR of over 30% in the coming years.
The incisive nature of the device may restrict the global market growth. Although growth opportunities can be expected owing to the growing number of ear, nose, and throat (ENT) clinics, the global market may face challenges due to poor ENT facilities in underdeveloped economies.
Key questions answered in this report:
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Otoscope Market: COVID-19 Impact Analysis
During the pandemic, the global market cap initially witnessed some turbulence owing to concerns about maintaining an effective supply chain because of the sudden rise in demand for the product. However, eventually, the market players were able to balance the supply and demand chain, with the global market size picking up pace in the latter half of 2020.
Key Insights from Primary Research
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The global otoscope market is segmented based on modality, portability, type, end-user, and region.
Based on modality, the global market is segmented as wireless and wired. The largest part of the global market share is owned by the wireless segment owing to the convenience offered by the product. The non-wired device may cost between USD 400 to USD 500.
Based on portability, the global market divisions are portable and wall-mounted. In 2021, the portable segment led the global market growth and may grow at a CAGR of 5.5% during the projection period since they are most easy to use as compared to their counterpart.
Based on type, the global market is divided into video, pocket-sized, and full-sized. With a predicted CAGR of 5.9% during the forecast period, pocket-sized otoscopes generated the highest revenue in 2021 and will follow the same trend in the coming years.
Based on end-user, the global market segments are ENT clinics and hospitals, with the former leading the global market growth trend since specialists are more equipped to treat ear-related infections. As per MDsave, the first time visit to an ENT specialist may cost between USD 144 to USD 268.
North America is anticipated to generate the highest revenue in the global otoscope market with the United States covering more than 50% of the regional market share. This could be due to high consumer awareness and a proactive approach toward maintaining health. The increased accessibility to the product due to increasing sales through online mode of purchase could further drive the regional market demand.
Asia-Pacific is projected to generate high revenue due to increasing cases of ear infections as well as medical tourism in Japan, India, and China due to quality medical care and reasonable prices. An increasing number of domestic players may further propel regional CAGR in the coming years.
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The report contains qualitative and quantitative research on the global Otoscope Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.
Some of the main players in the global Otoscope market include:
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The global Otoscope market is segmented as follows:
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