Number of pages: 100 | Report Format: PDF | Published date: December 15, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
According to the deep-dive market assessment study by Growth Plus Reports, the global otoscopes market was valued at US$ 168.02 million in 2021 and is expected to register a revenue CAGR of 3.90% to reach US$ 237.09 million by 2030.
An otoscope or auriscope is used to examine the internal structure and anatomy of the ears. An otoscope can provide a view of the ear canal as well as the tympanic membrane or eardrum. The device aids audiologists in tasks including inspecting the ear canal and tympanic membrane and diagnosing ear-related conditions like infection, irritation, pain, discharge, and redness physically.
Global otoscopes market revenue growth is expected to be fueled by the increased prevalence of ENT diseases and technical advances in otoscopes. Additionally, the tool magnifies the ear canal, aiding medical experts in the easy analysis and identification of ear-related issues. Furthermore, increased demand for LED otoscopes, and technological advancements leading to advanced products such as products offering smartphone connectivity is increasing the market potential. However, high cost of otoscopes can negatively impact the market revenue growth to some extent.
The global otoscopes market is analyzed from three perspectives: type, modality, end user, and region.
Otoscopes Market by type
Based on the type, the global otoscopes market is segmented into video otoscopes, full-sized otoscopes, and pocket otoscopes.
The video otoscopes segment accounts for the largest revenue share of this market. The advantages offered by video otoscopes is increasing the market. Benefits such as increased client satisfaction, video otoscopes provide real-time pictures, hence it helps physicians in comparing pre-treatment and post-treatment data. It enables patients to get more interested in treatment adherence. Furthermore, video otoscopes offer convenience, efficiency, and functionality. For instance, MedRx video otoscope by e3 Diagnostics is a novel product which simply requires software and a USB port on connectivity to computer.
Otoscopes Market by Modality
Based on modality, the global otoscopes market is segmented into wireless and wired digital.
The wired digital segment accounts for majority of market share. Introduction of novel products in this space is enabling the segment revenue growth. Moreover, wired devices offers clear picture about the condition to the practitioner, leading to proper management of the treatment. The wired devices offer real-time monitoring to patients. Simple 'plug and play' design enables for quick set-up and use. The software is easily installed on PC which provides high-resolution photographs which are simple to save to the patient record or email to customers or colleagues.
Otoscopes Market by Region
Based on the region, the global otoscopes market is segmented into North America, Europe, Asia Pacific, and rest of the world. North America is the leading region in global otoscopes market. Key factor attributed to the region’s revenue growth is the rising prevalence of hearing loss. This increasing prevalence made market players to introduce user-friendly and rechargeable pocket-friendly otoscopes. In addition to this government initiatives are raising awareness about prevalence of ENT disorders and its easy diagnosis.
Asia Pacific market is expected to rise in the forecast period due to rising density of hospital and specialty centers (ENT clinics) in the region. Furthermore, it will experience rapid expansion in the next years because of developing healthcare infrastructure, better access to healthcare services, and increased introduction of new technologies.
The prominent players operating in the global otoscopes market are:
The increased prevalence of ENT diseases, technological advances, and the increased demand of LED otoscopes are the key trends governing the revenue growth of the global otoscopes market.
Rudolf Riester GmbH, Heine Optotechnik GmbH & Co. KG, GF Health Products, Inc., and Prestige Medical are among the key companies operating in global otoscopes market.
The high cost of novel otoscopes can negatively impact the revenue growth of the global otoscopes market.
A medical instrument called otoscope or auriscope is used to examine ears. Otoscopes are used by doctors to examine ear complaints and check for infection during routine checkups.
The global otoscopes market is expected to register a CAGR of 3.90% during the forecast period.
*Insights on financial performance are subject to availability of the information in the public domain