According to the report published by Allied Market Research, the global otoscope market generated $216.30 million in 2021, and is projected to reach $360.80 million by 2031, witnessing a CAGR of 5.4% from 2022 to 2031.
An otoscope is developed for inspecting aural environments and diagnosing potential ear-related disorders. Doctors and healthcare professionals utilize this medical device for screening and analyzing the symptoms of diseases related to ears. This device examines the tympanic membrane along with inner ear canal. In addition, it can be utilized for inspecting nasal cavity and throat. The device consists of a head and a handle. This head comprises of a light source along with low-powered magnifying lens. While some models offer a detachable magnifying lens for providing convenience to medical examiners in inserting the device in the ear canal for eliminating cerumen(or ear wax).
The major driving factors of the otoscope market include increase in prevalence of aural and other related ENT diseases. Moreover, surge in advancements in healthcare facilities and technology of otoscope devices boosts the market growth throughout the forecast period. However, less awareness in developing nations is expected to hamper the growth of the market. On the other hand, surge in LED otoscope demand and the modernization of medical devices are expected to create new opportunities for the otoscope market size growth.
The global otoscope industry had a negative impact on the pandemic. Owing to stringent precautionary measures taken by the governments of different countries, restrictions were put on clinics and audiology shops. As a result, procedures related to hearing loss-related therapies and treatments were postponed during the pandemic. This, in turn, impacted the sales of otoscope. The market is estimated recover post-pandemic.
Based on product type, the pocket size segment held the highest market share in 2021, and is expected to maintain its dominance during the forecast period. Pocket otoscopes are developed for fitting in the pocket and less bulky in comparison to other types of otoscopes. In addition, improved healthcare infrastructure, steady rise in ear/otic diseases, and strong economic growth in developing nations such as India are projected fuel the growth of the pocket otoscope segment.
Based on portability, the portable segment accounted for the highest market share in 2021, and is expected to maintain its highest share during the forecast period, owing to ability to link with printers for printing the conditions of tympanic membrane and eardrum. On the basis of application, the diagnosis segment held the largest market share in 2021, and is projected to remain dominant throughout the forecast period, owing to surge in prevalence of ear infections including otitis externa and ear disorders including acoustic neuroma.
Based on region, North America accounted for the highest market share of the otoscope market, contributing to $95.7 million in 2021, and is projected to reach $150.6 million by 2031, witnessing a CAGR of 4.8% during the forecast period. This is due to the well-established healthcare system and supportive reimbursement policies in the healthcare system. Asia-Pacific is expected to witness the highest CAGR of 7.6% during the forecast period. The presence of huge population and expansion of the medical tourism industry are major driving factors that boost the market growth in the region.
KEY FINDINGS OF STUDY
- Based on product type, the pocket size segment held the highest share in 2021, and is expected to maintain this trend throughout the forecast period.
- Based on portability, the portable segment contributed to dominant share of the market in 2021, and is expected to maintain this trend during the forecast period.
- Depending on application, the diagnosis segment is expected to register a CAGR of 5.5% during the forecast period.
Region wise, North America generated the highest revenue share in 2021. However, Asia-Pacific is projected to register the highest CAGR of 7.6% du