The otoscope market is projected to grow at a CAGR of 5.48% to reach a value of US$407.812 million by 2025, from US$296.100 million in 2019.
There are growing number of cases of otitis media, which is a disease caused due to the inflammation in the middle region of the ear and is of two types namely Acute Otitis Media and Otitis Media with Infusion. On the other hand, Otitis externa, which is a disease also known as the swimmer's ear, affects the outer part of the ear. The most common causes for the ear infection are the entering of bacteria or virus in the middle ear, or most often it can result from colds, flu’s, and allergies, that eventually results in congestion and swelling of the nasal passages, throat and Eustachian tubes.
Acute otitis media is among one the most common and accounts for 10% to 15% of all the cases for which the younger patients visit the doctor.In addition, there are approximately 60% to around 85% of children, which suffer from acute otitis media (AOM) during the first year of their lives. Therefore, these increasing cases of ear infections among the children and the geriatric population are causing a spike in the demand for otoscopes globally and fuelling the market growth over the forecast period.
Product Offerings by Major Market Players in the Otoscope Market Space
The offering of better and advanced otoscopes with enhanced upcoming technologies such as ultrasonic transducers and better magnification features such as quality and durability among other properties by existing and new players in different markets is estimated to lead to increased adoption and propel the market growth further over the forecast period.
Some of the examples of product offerings are as follows:
Asia Pacific offers good growth opportunities
The North American region is expected to hold a significant share over the forecast period owing to the fact that there are an increasing number of players involved in the provision of advanced and enhanced varieties of otoscopes. In addition, increasing investments in the R&D Of better medical equipment to contribute to the development of the well-established healthcare and medical equipment sector.
In addition, the Asia Pacific region is expected to witness a significant increase In its market share over the forecast period, which is attributable to the fact that there are initiatives being taken by the government in order to boost the healthcare sector. In addition, there is an increasing number of individuals such as children and the geriatric population that are diagnosed with ear canal problems and diseases that require diagnosis and treatment.
Increasing Demand for the video otoscope by the medical physicians and ENT professionals
Unlike the standard and the pocket-sized otoscope, the video otoscopes are types of otoscopes that are equipped with a digital video camera, which are in turn combined with a high magnification lens and multiple ultra-bright LEDs. The demand for video otoscopes is expected to surge over the forecast period owing to the fact that they are more effective than the other types of otoscopes in testing different ear problems such as otitis media and the otitis externa. In addition, they are preferred more by the ENT specialists and physicians as they are able to provide a clearer picture of the underlying problems, and thus the physicians are able to rive much better treatment and advice.
Online distribution channel to grow at a significant pace.
The penetration of the internet and the availability of high-speed internet globally, has resulted in the rapid growth and popularity of the e-retail and e-commerce channels. This, in turn, has resulted in a majority of the individuals including healthcare professionals to procure their medical equipment and supplies from e-retail and e-commerce channels, as they are able to effectively compare different products and provide lucrative discounts to the users, in addition, to time savings and added convenience of ordering from home or on the go.