London — According to market researchers at companiesandmarkets.com, the market for ear, nose and throat (ENT) devices is expected to reach a value of over $13 billion by the year 2017, representing a yearly increase of 7% from 2010 to 2017.
The prediction is based the aging global population. The World Health Organization (WHO) indicates that there will be 700 million people with moderate/severe hearing loss by 2015, compared with 300 million in 2011.
In 2010, the hearing aid devices category was the largest market category, accounting for about 86% of the overall ENT devices market. The global hearing aid devices market was valued at $6.6 billion in 2010 and is forecast to grow at a CAGR of 6% to reach $9.9 billion in 2017.
An increase in the penetration of hearing aid devices in the US and the UK and technological advances, such as open fit hearing aids, are driving the growth of the hearing aid devices market. Growth has also been stimulated by higher levels of health care expenditure in developed economies and an increase in the adoption rate of hearing aid devices in these and emerging markets.
Although there is a positive outlook for a $13 billion ENT devices market by 2017, the authors also note a trend for consolidation in the overall ENT devices market, including hearing aids.
As for cochlear implants and bone anchored devices, the research highlights that implants are growing faster than any other ENT segment. It’s expected that in the future, companies active in the ENT devices market will invest heavily in marketing their current product lines, as well as conducting research and development to discover new areas and markets.
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SOURCE: CompaniesAndMarkets.com
