(I-BusinessNews.Com, July 31, 2020 ) High prevalence of chronic sinusitis, growing preference for minimally invasive procedures, benefits of balloon sinuplasty/sinus dilation over conventional sinus surgeries, and favorable reimbursement scenario for sinus procedures in developed countries are the key factors driving the growth of this market.
According to research report the sinus dilation devices market is expected to reach USD 2.78 billion by 2023 from USD 1.80 billion in 2018, at a CAGR of 9.1%.
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The sinus dilation devices market, by product, is segmented into balloon sinus dilation devices, endoscopes, sinus stents/implants, and handheld instruments. In 2018, the sinus stents/implants segment is expected to register the highest CAGR during the forecast period. The growth of this segment can be attributed to their drug eluting functionality and reduced scarring and inflammation.
•Increasing number of treatable patients in ENT clinics, faster recovery time, cost-effectiveness, and growing preference for minimally invasive techniques are some of the factors driving the growth of this segment.
•Ambulatory surgical centres (ASCs) provide healthcare services and primary care to patients in an outpatient capacity. The minimally invasive procedure such as balloon sinus dilation can be easily performed in ASCs.
The major players in the sinus dilation devices market are Entellus Medical Inc. (a subsidiary of Stryker) (US), Smith & Nephew plc (UK), Acclarent Inc. (a subsidiary of Johnson & Johnson) (US), Medtronic plc (Ireland), Intersect ENT Inc. (US), and Olympus Corporation (Japan).
Other players in the market include Meril Life Sciences Pvt. Ltd. (India), SinuSys Corporation (US), InAccel (India), Jilin Coronado Medical Ltd. (China) and dalENT Medical (US). These players are increasingly undertaking mergers and acquisitions, and product launches to develop and introduce new technologies and products in the sinus dilation devices market.
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In 2018, North America is expected to dominate the sinus dilation devices market followed by Europe. The large share of this geographical segment is attributed to rapidly increasing geriatric population, rising prevalence of chronic sinusitis, higher adoption of new technologies among ENT surgeons and otolaryngologists, favorable reimbursement scenario, and the presence of major players in this region.
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