Newark, NJ, Nov. 11, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global sinus dilation devices market is expected to grow from USD 2.2 billion in 2020 to USD 4.5 billion by 2028, at a CAGR of 9.4% during the forecast period 2021-2028.
The global sinus dilation devices market is witnessing significant growth from the past years. The growth is attributed to the rising cases of chronic sinusitis are foreseen to provide scope for players present in the market. Apart from this, rapid advancement in technology is helping the manufacturers come up with new devices like balloon sinus dilation systems, which is likely to provide an extra boost to the market growth. Balloon sinus dilation system is expected to be preferred more by physicians as these devices are less invasive and more effective. Growing initiatives by the government of many countries, particularly developing countries, to build healthcare infrastructure also drive market growth. Rise in investment to create new market devices to propel sinus dilation devices market growth.
Sinus is a massive clinical condition wherein the cavities across the nasal passages grow to be inflamed. Acute sinusitis may be brought about with the aid of using allergies or bloodless and can resolve on its own. It may be caused because of the infection or swelling of the tissues lining the sinuses. Sinus dilation devices extend the sinus opening of the nostril during sinus surgeries, thereby treating the drainage problem associated with nasal sinuses. Sinus dilation devices also consist of endoscopes and hand-held devices used to visualize and guide all through sinus dilation procedures.
The global sinus dilation devices market is witnessing a significant growth, owing to the increase in the chronic sinusitis, minimally invasive procedures, rapidly growth in geriatric population, and favorable reimbursement scenario in developed countries. The factors restraining the market growth are the rise in prescription drugs such as decongestants and antibiotics to treat sinusitis is likely to dissuade users from adopting sinus dilation devices.
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Key players operating in the global sinus dilation devices market include Jilin Coronado Medical, Entellus Medical, InAccel, Acclarent, dalENT Medical, Creganna Medical, Medtronic, Meril Life Sciences, SinuSys Corporation, Olympus Corporation, and Intersect ENT. To gain a significant market share in the global sinus dilation devices market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- Intersect ENT, a significant player in the sinus dilation device market, announced the launch of the SINUVA sinus implant in the year 2019. The company mentioned that this would be a new way of treating nasal polyp disease in adults who already had sinus surgery.
- In the year 2018, Stryker Corporation finalized its merger agreement to acquire Entellus Medical, a high-growth global medical technology company, for USD 662 million. The company Entellus Medical focuses on providing minimally invasive solutions for different ear, throat, and nose conditions.
- In February 2019, Stryker announced the acquisition of Arrinex, a California-based medical device company to grow the portfolio of Stryker’s ENT Unit.
- In April 2017, the Olympus Corporation entered into a contract to acquire Image Stream Medical, Inc. to improve medical solution assistance to healthcare facilities.
Handheld instruments segment dominated the market and held the largest market share of 25.4% in the year 2020
On the basis of product, the global sinus dilation devices market is segmented into sinus implants, sinuscopes, rhinoscopes, handheld instruments, balloon sinus dilation devices. Handheld instruments segment dominated the market and held the largest market share of 25.4% in the year 2020. This growth is attributed to the increasing number of sinus patients across the globe.
Hybrid sinus dilation procedures segment dominated the market and held the largest market share of 58.7% in the year 2020
On the basis of procedure, the global sinus dilation devices market is segmented into hybrid sinus dilation procedures, standalone sinus dilation procedures. Hybrid sinus dilation procedures segment dominated the market and held the largest market share of 58.7% in the year 2020. This growth is attributed to the combination of standalone dilation and endoscopy surgery resulting in greater success rate.
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Hospital segment dominated the market and held the largest market share of 48.9% in the year 2020
On the basis of end-use, the global sinus dilation devices market is segmented into physician’s office, hospital, ambulatory surgical centres, and others. Hospital segment dominated the market and held the largest market share of 48.9% in the year 2020. This growth is due to the rising sinus dilation routine checkups conducted in the hospitals.
Regional Segment of Global Sinus Dilation Devices Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global sinus dilation devices market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America region held the largest market share of 43.2% in the year 2020. This growth is ascertained by the U.S., owing to the advanced technology and the presence of the key manufacturers in the country.
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About the report:
The global sinus dilation devices market is analysed on the basis of value (USD billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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