Otoscope Market Share, Size, Trends, Industry Analysis Report, By Type (Pocket Otoscope, Full-sized Otoscope, and Video Otoscope); By Modality; By Potability; By End-Use; By Region; Segment Forecast, 2023 - 2032
- Published Date:Jun-2023
- Pages: 116
- Format: PDF
- Report ID: PM3301
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global otoscope market was valued at USD 173.99 million in 2022 and is expected to grow at a CAGR of 4.0% during the forecast period. Growing awareness regarding the easy availability of easy-to-use and rechargeable otoscopes and growth in the number of otolaryngologists globally and extensive surge in the emergence of hearing loss problems mainly due to spread of several highly contagious diseases including rubella, mumps, and meningitis and various genetic factors, these are the key reasons behind the growth of the global market. In addition, growing focus of both government and private institutions on the development of advanced products like portable, LED, or video otoscopes with significant investments in R&D, is further propelling the market.
To Understand More About this Research: Request a Free Sample Report
For instance, in February 2022, Portronics, introduced ear otoscope named ‘Cleansify’ working at the frequency of around 2.4 Ghz allowing for the fluid functioning of the camera installed in the ear. It provides a very crystal-clear preview of the ear was covering the walls of cavity, as it consists a 3 MP endoscope, which makes it suitable for the live real time shots.
Moreover, various types of infectious diseases like otitis media, meningitis, and measles are common causes of hearing loss mainly in the low-income countries, which has created huge demand for cost-effective and easily accessible solutions for these problems. Thus, the emerging prevalence of diseases or disorders that require otoscopes for effective diagnosis will augment the demand for the product in the near future.
The outbreak of the COVID-19 pandemic has positively impacted the growth of the otoscope market. Several types of viral infections can cause hearing loss or problems by damaging directly the inner ear tissues due to which, the demand for otoscopes have grown moderately with the rise in the number of COVID-19 patients. Additionally, this allows for the early patient isolation, that helps to prevent the viral spread across the global population.
For Specific Research Requirements, Speak to the Research Analyst
Industry Dynamics
Growth Drivers
Rising number of ear infection especially among the children globally, increasing advancements in technology of otoscope devices and products including resound assist, smartphone connectivity, and own voice processing among others coupled with the constant economic growth in major developing economies in the recent past, positively impacting the growth and demand of the global otoscope market. Furthermore, the growing noise pollution due to various factors including large number of vehicles and machineries operating across the globe, that leads to a significant rise in the ENT ailments, which in turn, have propelled the demand growth of the overall growth of healthcare sector and bode well for the demand for otoscopes all over the world.
Report Segmentation
The market is primarily segmented based on type, modality, portability, end-user, and region.
|
By Type |
By Modality |
By Portability |
By End-User |
By Region |
|
|
|
|
|
For Specific Research Requirements: Request for Customized Report
Pocket Otoscope Segment Accounted for the Largest Market Share in 2022
The growth of the segment can be mainly attributed to its several advantageous features offered by these otoscopes including easy to handle, offering high-quality pictures, less bulky, and lighter in weight as compared to other typical otoscopes available in the market. Moreover, these types of otoscopes have gained significant traction in emerging economies with limited access to advanced and innovated healthcare facilities in rural areas.
The video otoscope segment is expected to expand at fastest growth rate over the anticipated period, which is highly accelerated by extensive rise in the number of patients suffering from diseases related to ENT and incorporation of various smart technologies like AI into otoscopes along with the continuous growth in R&D investments to innovate more improved video otoscopes across the globe.
Wireless Segment is Projected to Witness Highest Growth over the Study Period
The wireless segment is projected to grow at highest growth rate during the anticipated period, on account of surge in the base of immobile patients and high technological advancements of Bluetooth technology, that allows healthcare providers to see the patients ear canal images without any need to contact with them. Additionally, with the rise in the demand for teleconsultation services, wireless otoscopes enable healthcare providers to evaluate and exchange images and videos in real-time, that are further anticipated to boost the growth of the segment market.
The wired digital segment led the industry market with a holding of healthy market share, mainly due to the ongoing research & development activities, expansion of geographical presence by key market players, and several types of government initiatives especially focusing on the better screening of ear impairment.
Wall-Mounted Otoscope Segment Dominated the Global Market in 2022
Wall-mounted otoscope segment dominated the global market with significant revenue share, which is mainly driven by the ability of these otoscope to provide continuous, non-invasive monitoring of several health parameters, and real-time updates to the healthcare providers through improved connectivity and easy availability of these products across the major developed countries like US, Canada, Germany, and France.
The portable segment is anticipated to expand at fastest growth rate throughout the projected period, owing to growing adoption of these kind of devices in home healthcare services, as it is a very cost-effective option for long-term care of disable, surgical interventions, and various types of chronic diseases coupled with the rise in the number of ambulatory and emergency care services globally.
Ent Clinics Segment Expected to Hold Significant Market Share
ENT clinics segment expected to hold the significant market revenue share over the course of study period, which is mainly accelerated by increase in the number of patients suffering from ear, nose, and throat disorders especially among the geriatric population. Moreover, the increasing affordability for the ENT treatment, proliferation of hearing loss, and rapidly increasing elderly populations are some other major factors propelling the demand and growth of the market. For instance, World Health Organization stated that the number of people’s aged 80 years or above is projected to triple between the period of 2020 and 2050 to reach approximately 426 million. By 2030, every 1 in 6 people worldwide will be aged 60 years or above and total number is likely to grow from 1 billion in 2020 to 1.4 billion by 2050.
North America Region Captured the Largest Market Share in 2022
The North America region captured the highest market share of and is expected to maintain its dominance throughout the anticipated period. The regional market growth can be highly attributable to high penetration of ENT-related disorders and presence of various large hospital chains and highly equipped ambulatory facilities in countries like US and Canada. Additionally, the quick adoption of advanced and innovated technology and availability of several supportive government regulations for portable medical devices in the region is further fueling the growth at rapid pace.
The Asia Pacific is the fastest emerging region in the market with a healthy CAGR, on account of continuously growing popularity of variety of advanced products among consumers and increased consumer spending capacity and disposable income on healthcare sector and their well-being. In addition, improving access to the advanced and highly equipped healthcare facilities and rising infrastructure development mainly in the developing nations of the region is also projected to create growth opportunities for the market.
Competitive Insight
Some of the major players operating in the global otoscope market include American Diagnostic, Orlvision, SyncVision Technology, Heine Optotechnik, Mindmark Corporation, Olympus Corporation, Prestige Medical, GE Health, CellScope, Rudolf Riester, Welch Allyn, 3M, Inventis SRL, Cupris Health, Zhejiang Honsun Medical, and Firefly Global.
Recent Developments
- In February 2022, TytoCare, received CE mark for their on-demand, remote examination solution for European consumers and professionals. This comprehensive solution includes otoscope, digital camera, & telehealth platform.
- In June 2021, Welch Allyn, introduced “Welch Allyn MacroView Plus” otoscope, that supports an elevated exam of middle ear. The newly developed devices provide a larder viewing area which is three times to the traditional single lens designs.
Otoscope Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2023 |
USD 180.88 million |
|
Revenue forecast in 2032 |
USD 257.67 million |
|
CAGR |
4.0% from 2023– 2032 |
|
Base year |
2022 |
|
Historical data |
2019 – 2021 |
|
Forecast period |
2023– 2032 |
|
Quantitative units |
Revenue in USD million and CAGR from 2023 to 2032 |
|
Segments covered |
By Type, By Modality, By Portability, By End-User, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
|
Key companies |
American Diagnostic Corporation, Orlvision GmbH, SyncVision Technology Corporation, Heine Optotechnik, Mindmark Corporation, Olympus Corporation, Prestige Medical, GE Health Products Inc., CellScope Inc., Rudolf Riester GmbH, Welch Allyn Inc., 3M, Inventis SRL, Cupris Health, Zhejiang Honsun Medical Instrument Co. Ltd., and Firefly Global. |
FAQ's
key companies in otoscope market are American Diagnostic, Orlvision, SyncVision Technology, Heine Optotechnik, Mindmark Corporation, Olympus Corporation, Prestige Medical, GE Health, CellScope.
The global otoscope market expected to grow at a CAGR of 4.0% during the forecast period.
The otoscope market report covering key segments are type, modality, portability, end-user and region.
key driving factors in otoscope market are rising burden of ENT-related disorders.
The global otoscope market size is expected to reach USD 257.67 million by 2032.
© 2024 Polaris Market Research and Consulting. All rights reserved
