Global Otoscopes Market to Reach $198.1 Million by 2026

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Aug 10, 2021, 11:55 ET

SAN FRANCISCO, Aug. 10, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Otoscopes - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE
Edition: 8; Released: May 2021
Executive Pool: 1368
Companies: 50 - Players covered include Adam,Rouilly Limited; AIIM GmbH; Albert Waeschle Ltd. (Opticlar); AMD Global Telemedicine, Inc.; AME WORLDWIDE; American Diagnostic Corporation; Arno Barthelmes Zella-Mehlis GmbH; AUG MEDICAL; Bosch + Sohn GmbH u. Co. KG; Cupris Limited; Dino-Lite Europe; Dr. Mom Otoscopes; Endoservice GmbH; Fazzini SRL; Firefly Global; GF Health Products, Inc.; GPC Medical Ltd.; Happersberger Otopront GmbH; HEINE Optotechnik GmbH & Co. KG; Henry Schein, Inc.; Hill-Rom Holdings, Inc.; Honsun Group; Interacoustics A/S; Inventis srl; Keeler; Kirchner & Wilhelm GmbH + Co. KG; LUXAMED GmbH & CO. KG; Maico Diagnostic GmbH; Medline Industries, Inc.; MedRx Inc.; Medstar Co., Ltd.; Natus Medical, Inc.; Oaktree Products, Inc.; Olympus Corporation; OPTOMIC Espana S.A.; Orlvision Gmbh; Prestige Medical; RA Block Diagnostics; RF Co.; Rudolf Riester GmbH & Co. KG; Sklar Surgical Instruments; SOS Group Global Ltd.; Spengler Instruments; Spirit Medical Co., Ltd.; SyncVision Technology Corporation; Timesco Healthcare Ltd.; Videomed Zaklad Elektroniczny; Vitalitaet Medtech Co., Ltd.; XION GmbH; Zumax Medical Co., Ltd. and Others.
Coverage: All major geographies and key segments
Segments: Product (Pocket-size Otoscopes, Full-size Otoscopes, Video Otoscopes); End-Use (Hospitals, ENT Clinics, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

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ABSTRACT-

Global Otoscopes Market to Reach $198.1 Million by 2026
An otoscope/ auriscope is an audiological tool possessing light generation and magnification properties that are useful for an external investigation of the tympanic membranes and the ear canal. The otoscope is also used widely during general checkups as a screening process for illness. Otoscope provides a clear view of the eardrum/ tympanic membrane and ear canal if there aren't any blockages in these areas. Some of the diseases that can be diagnosed by an otoscope are otitis externa (external ear) and otitis media (middle ear). Another common use of the otoscope is a nasal examination and this reduces the need for a nasal speculum. Sometimes the speculum of the otoscope is removed and it's used to examine the upper throat too. Though all otoscopes allow magnification and illumination of the tympanic membranes and ear canal so that visual examination can be performed by the audiologists, properties and functionalities of different otoscopes depend upon the technology they use.

Otoscopes came in varying price brackets but high quality should be prioritized before low price whenever a purchase decision of an otoscope needs to be made. An otoscope is primarily involved in performing otoscopy, wherein secondary applications such as pneumatic otoscopy, and cerumen management, among others become insignificant. The feature of image/video capture in video otoscopes provides real-time objective documentation pertaining to the tympanic membrane and the ear canal. This is also useful in enabling to decide the qualifying position before/after clinical procedures, including earmold impression and cerumen removal methods. Additionally, the feature enables image/video sharing for consulting and educational purposes. Bigger screen image projection enables to observe structures on a bigger scale, providing detailed view for subtle structures.

Amid the COVID-19 crisis, the global market for Otoscopes estimated at US$163.5 Million in the year 2020, is projected to reach a revised size of US$198.1 Million by 2026, growing at a CAGR of 3.2% over the analysis period. Pocket-size Otoscopes, one of the segments analyzed in the report, is projected to record a 2.9% CAGR and reach US$89.4 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Full-size Otoscopes segment is readjusted to a revised 3.4% CAGR for the next 7-year period.

The U.S. Market is Estimated at $58.8 Million in 2021, While China is Forecast to Reach $14 Million by 2026
The Otoscopes market in the U.S. is estimated at US$58.8 Million in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$14 Million by the year 2026 trailing a CAGR of 5.5% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.4% and 3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.7% CAGR.

The market is forecast to experience a significant growth over the coming years due to increasing incidence of ear-related conditions and preventable hearing loss that create a pressing demand for sophisticated diagnostic devices. The market growth is also facilitated by availability of rechargeable, user-friendly pocket otoscopes along with increasing number of otolaryngology professionals. Rising incidence of hearing loss is also expected to drive the global otoscopes market in the long-term. Hearing loss or impairment is one of the leading global public health problems, adversely affecting the communication ability, independence, wellbeing, and quality of life. Besides age-related factors, the growing prevalence of hearing loss is a product of genetic factors; complications during pregnancy and childbirth; the spread of highly contagious diseases such as meningitis, rubella and mumps; injuries; polypharmacy and high noise pollution.

Given the fact that the potential incidence of hearing loss is higher in the aged population, the rise in number of people above 65 years presents significant market opportunities for devices used in their management. In addition to demographics, other factors that could lead to increase in number of patients with hearing loss include higher damages to hearing caused due to environmental factors. The over 55-years age group is more prone to hearing impairment due to age related afflictions. The incidence and prevalence of hearing impairments is in tandem with the world population which is expanding at an annual rate of over 1%. For instance, the number of individuals suffering from hearing impairments in the United States grew two-fold over the course of the last 3 decades, with around 14% of the region's adult Within Europe, around 52 million people suffer from some level of hearing loss population under its sphere. Across the Atlantic, over 36 million people have hearing impairment in the US, with one in every ten individuals expressing some loss of hearing functionality

Video Otoscopes Segment to Reach $36.4 Million by 2026
In the global Video Otoscopes segment, USA, Canada, Japan, China and Europe will drive the 3.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$24.4 Million in the year 2020 will reach a projected size of US$30.9 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$3.1 Million by the year 2026, while Latin America will expand at a 4.8% CAGR through the analysis period. More

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