Growing Cases of Epistaxis Expected to Drive the Global Nasal Packing Devices market - Future Market Insights, Inc.
From 2022 to 2032, the Asia-Pacific region is expected to post the highest nasal packing devices market growth rate worldwide. Nasal packing is used after sinus surgery to help stop bleeding and support the area's separated tissues and structures.
NEWARK, Del., Aug. 24, 2022 /PRNewswire/ -- The global nasal packing devices market is expected to reach a market valuation of US$ 182.03 Million by the year 2022, accelerating with a moderate CAGR of 5.1% by 2022-2032. Nasal Packing Devices market size is anticipated to be valued at about US$ 299.35 Million by 2032 end.
With more people experiencing epistaxis, there has been an increase in the demand for nasal packing devices. According to the International Journal of Otolaryngology, more than 12% of the global population suffered from epistaxis in 2021, with 75% of those affected requiring medical attention.
A common clinical condition, epistaxis is characterized by bleeding from the nostrils, and it is widely believed that hypertension is the primary cause of this condition. The increasing number of people with hypertension is good news for the nasal packing devices industry. Nosebleeds are a common pregnancy symptom due to the increased blood flow caused by the dilation of blood vessels.
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The rising prevalence of hypertension among pregnant women is a key factor propelling the nasal packing devices market. The increased prevalence of nasal malignancies is also fueling the demand for nasal packing devices. As a result of complications such mucosal lacerations, which can cause more bleeding, infections, and toxic shock syndrome, nasal packing devices are not as popular as they once were (TSS).
Since this is the case, the adoption of nasal packing devices is anticipated to decrease. The proliferation of nasal packing devices, on the other hand, is being propelled by the constant focus on technology advances and the introduction of new items in this space.
From 2022 to 2032, the Asia-Pacific region is expected to post the highest nasal packing devices market growth rate worldwide. High unmet requirements, a thriving economy, and an overall improvement in healthcare facilities, particularly in developing countries like China and India, are mostly responsible for this expansion. Additionally, the expansion of the market is due to the rising level of public understanding of nasal packing devices and the roles they play.
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Key Takeaways from Market Study
- North America is the fastest growing region for the nasal packing devices market.
- The nasal packing devices market is anticipated to reach a valuation of US$ 299.35 Million by 2032.
- Development of more cutting-edge medical equipment are opening new opportunities in the market.
- About 55% of the revenue in 2021 came from the non-absorbable nasal packing devices market category.
Competitive Landscape
In order to keep up with the ever-increasing innovation and demand for nasal packing devices, market participants are strongly encouraged to engage heavily in R&D activities and focus their attention there. Increased competition from companies offering innovative features has contributed to the growth of the nasal packing device industry.
During the projected period, the nasal packing devices manufacturing industry is anticipated to grow as a result of new product releases, mergers, and acquisitions.
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In August of 2021, a binding agreement was announced between Medtronic and Intersect ENT, whereby Medtronic would buy all outstanding shares of Intersect ENT for USD 28.25 per share in cash, for a total purchase price of USD 1.1 billion.
Emerging Innovations in the Market
Research and development for new technologies and nasal packaging device innovation are both actively pursued by new market entrants. Smith & Nephew has released a series of nasal packaging devices that use their proprietary RAPID RHINO technology. This technology utilises a carboxymethylcellulose (CMC) blend with self-lubricating properties to apply mild, uniform pressure to the nose, facilitating the quick re-contouring of the nose. The global nasal packaging device market is anticipated to expand on account of similar technical developments and strategic implementations by both rising and established market competitors.
Nasal Packing Devices Market by Segmentation
By Product:
- Injectable
- Gel
- Spray
- Dressings
By Type:
- Bio-resorbable
- Non-absorbable
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10 years.
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