Global Otoscope Market Share Is Expected To Grow At A CAGR Of 4.15% By 2028

30-Sep-2022 | Facts and Factors

According to Facts and Factors, the global otoscope market size was worth around USD 216.29 million in 2021 and is predicted to grow to around USD 241 million by 2028 with a compound annual growth rate (CAGR) of roughly 4.15% between 2022 and 2028.

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.

Browse the full “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" report at https://www.fnfresearch.com/otoscope-market

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.

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.

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.

Report Scope

The global otoscope market is led by players including Olympus Medical, Systems, Kirchner & Wilhelm GmbH, American Diagnostic Corporation, Luxamed Medizintechnik, and others.

Recent Developments:

• In January 2021, the Ph.D. students of MRC London Institute of Medical Sciences launched a podcast discussing otoscope.
• In April 2021, Hillrom announced the launch of advanced medical equipment including Welch Allyn® MacroView® Plus Otoscope and the Welch Allyn® PanOptic™ Plus Ophthalmoscope.

The global otoscope market is segmented as follows:

By Modality

• Wireless
• Wired

By Type

• Video
• Pocket-Sized
• Full-Sized

By Portability

• Portable
• Wall-Mounted

By End-User

• ENT Clinics
• Hospitals

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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