DUBLIN, Ireland, Oct. 04, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Otoscope Market Size, Share, Growth Analysis Report By Modality (Wireless, and Wired), By Type (Video, Pocket-Sized, and Full-Sized), By Portability (Portable, and Wall-Mounted), By End-User (ENT Clinics, and Hospitals), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Otoscope Market size & share was valued at approximately USD 216.29 Million in 2021. The market is expected to grow above a CAGR of 4.15% and is anticipated to reach over USD 241 Million by 2028.”
The report analyses the Otoscope market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Otoscope market.
Otoscope Market Overview:
An otoscope is a medical device that uses a beam of light to view, examine, and analyze the inside of the ear for healthcare purposes. The most widely used otoscope generally consists of a head and a body with the light source being mounted on the head along with a basic low-power magnifying glass to view the components inside the ear. Some of the medical conditions easily diagnosable with the aid of an otoscope are infections of the outer and middle part of the ear, respectively. In some cases, they are also used to examine the nose and upper throats eliminating the need for a separate speculum.
In medical units, a doctor may use a portable otoscope or it may be mounted on a wall. The latter type is generally attached with a chord allowing the device to be used with unrestricted flexibility and also acts as a power source. The portable otoscopes are battery-powered and rechargeable. Some of the most common places where otoscopes can be located involve pediatric offices, emergency rooms, and at general physician offices.
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Our Free Sample Report Consists of the Following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
- The COVID-19 Pandemic Outbreak Impact Analysis is included in the package
- About 209+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on Request
- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, Revenue Analysis, SWOT Analysis, Historical and Forecast Growth, Porter's 5 Forces Analysis
- Facts and Factors research methodology
(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)
Market Growth Drivers
- Growing number of ear infections in children to propel market demand
The global otoscope market may grow owing to the rising investments in product innovation and the launch of advanced otoscopes to better cater to the needs of patients and medical professionals. With a growing population, there is increasing pressure on the healthcare sector to provide timely, and efficient medical care to patients. This has resulted in multiple market players upgrading their product innovation and manufacturing process which is further propelled by initiatives undertaken by the government to constantly work on developing better systems.
As per data published on the official website, the Australian government spent around AUD 202.5 billion on medical goods and services. Medtronic, one of the largest American medical equipment companies, is claimed to spend around USD 2 billion annually purely on research & development activities. The global market cap may also benefit from the increased access to the product through online channels of sales. The medical device industry is known to generate Millions of dollars through sales on e-commerce websites, especially mid-sized products. The global e-commerce healthcare market was valued at USD 261.3 billion in 2021 and it may grow at a CAGR of over 30% in the coming years.
Restraints
- Incisive nature of the device to restrict the market growth
The incisive nature of the device may restrict the global market growth. Although growth opportunities can be expected owing to the growing number of ear, nose, and throat (ENT) clinics, the global market may face challenges due to poor ENT facilities in underdeveloped economies.
Key questions answered in this report:
- What is the market size and growth rate forecast for Otoscope industry?
- What is the main driving factors propelling the Otoscope Market forward?
- What are the leading companies in the Otoscope Industry?
- What segments does the Otoscope Market cover?
- How can I receive a free copy of the Otoscope Market sample report and company profiles?
Browse the full “Otoscope Market Size, Share, Growth Analysis Report By Modality (Wireless, and Wired), By Type (Video, Pocket-Sized, and Full-Sized), By Portability (Portable, and Wall-Mounted), By End-User (ENT Clinics, and Hospitals), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/otoscope-market
Otoscope Market: COVID-19 Impact Analysis
During the pandemic, the global market cap initially witnessed some turbulence owing to concerns about maintaining an effective supply chain because of the sudden rise in demand for the product. However, eventually, the market players were able to balance the supply and demand chain, with the global market size picking up pace in the latter half of 2020.
Key Insights from Primary Research
- As per the analysis, the Otoscope market is likely to grow above a CAGR of around 4.15% between 2022 and 2028.
- The Otoscope market size was worth around US$ 216.29 Million in 2021 and is estimated to hit approximately US$ 241 Million by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Based on type segmentation, pocket-sized was predicted to show maximum market share in the year 2021
- Based on end-user segmentation, ENT clinics were the leading end consumers in 2021.
- On the basis of region, North America was the leading revenue generator in 2021.
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Otoscope Market: Segmentation Analysis
The global otoscope market is segmented based on modality, portability, type, end-user, and region.
Based on modality, the global market is segmented as wireless and wired. The largest part of the global market share is owned by the wireless segment owing to the convenience offered by the product. The non-wired device may cost between USD 400 to USD 500.
Based on portability, the global market divisions are portable and wall-mounted. In 2021, the portable segment led the global market growth and may grow at a CAGR of 5.5% during the projection period since they are most easy to use as compared to their counterpart.
Based on type, the global market is divided into video, pocket-sized, and full-sized. With a predicted CAGR of 5.9% during the forecast period, pocket-sized otoscopes generated the highest revenue in 2021 and will follow the same trend in the coming years.
Based on end-user, the global market segments are ENT clinics and hospitals, with the former leading the global market growth trend since specialists are more equipped to treat ear-related infections. As per MDsave, the first time visit to an ENT specialist may cost between USD 144 to USD 268.
Regional Analysis:
North America is anticipated to generate the highest revenue in the global otoscope market with the United States covering more than 50% of the regional market share. This could be due to high consumer awareness and a proactive approach toward maintaining health. The increased accessibility to the product due to increasing sales through online mode of purchase could further drive the regional market demand.
Asia-Pacific is projected to generate high revenue due to increasing cases of ear infections as well as medical tourism in Japan, India, and China due to quality medical care and reasonable prices. An increasing number of domestic players may further propel regional CAGR in the coming years.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2021 | USD 216.29 Million |
| Projected Market Size in 2028 | USD 241 Million |
| CAGR Growth Rate | 4.15% CAGR |
| Base Year | 2021 |
| Forecast Years | 2022-2028 |
| Key Market Players | Olympus Medical, Systems, Kirchner & Wilhelm GmbH, American Diagnostic Corporation, LuxamedMedizintechnik, and others. |
| Key Segment | By Modality, Type, Portability, End-User, and Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Purchase Options | Request customized purchase options to meet your research needs. |
Competitive Players
The report contains qualitative and quantitative research on the global Otoscope Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.
Some of the main players in the global Otoscope market include:
- Olympus Medical
- Systems
- Kirchner & Wilhelm GmbH
- American Diagnostic Corporation
- LuxamedMedizintechnik
Recent Industry Developments:
- In January 2021, the Ph.D. students of MRC London Institute of Medical Sciences launched a podcast discussing otoscope.
- In April 2021, Hillrom announced the launch of advanced medical equipment including Welch Allyn® MacroView® Plus Otoscope and the Welch Allyn® PanOptic™ Plus Ophthalmoscope.
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The global Otoscope market is segmented as follows:
By Modality
- Wireless
- Wired
By Type
- Video
- Pocket-Sized
- Full-Sized
By Portability
- Portable
- Wall-Mounted
By End-User
- ENT Clinics
- Hospitals
By Region
- North America
- Europe
- Asia Pacific
- The Middle East & Africa
- Latin America
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Key Offerings:
- Market Size, Trends, & Forecast by Revenue | 2022−2028
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Modality, Type, Portability, End-User, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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