Global Sinus Dilation Devices Market to Grow at a CAGR of 9.5% during Forecast Period

Published | 21 October 2022

Global Sinus Dilation Devices market is growing at a high CAGR because of the increasing global sinusitis prevalence, technological improvements, a rapidly rising chronic sinusitis treatment in developing countries and a favorable reimbursement scenario in developed nations.

A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global sinus dilation devices market was worth USD 2.49 billion in the year 2021. The market is projected to grow at a CAGR of 9.5% from 2022-2028 (forecast period), earning revenues of around USD 4.73 billion by the end of 2028. The global sinus dilation devices market is booming because of an increase in sinusitis worldwide, advances in medical technology, growing chronic sinusitis treatment in developing countries and advantageous reimbursement policies in developed nations. New, less invasive surgical approaches drive market expansion. Sinus surgery lasers enable little ablation and less side effects. These treatments' fast recovery times allow for outpatient use.

On-going technological developments in the market

Players already in the industry might expect more opportunities as a result of the rise in chronic sinusitis cases. In addition, producers are able to respond to the market need for new products by innovating and releasing products such as balloon sinus dilation systems, which should drive the industry forward. In the future, more doctors will likely opt for balloon sinus dilation systems due to the fact that they are more efficient and need less surgery. The expanding efforts of governments worldwide, especially in emerging nations, to construct healthcare infrastructure also contribute to the market's expansion. The development of innovative sinus dilation devices is a key factor fueling the market for these products.

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Challenge

Sinus dilation tools are less common in underdeveloped nations

In underdeveloped countries, not only is there a scarcity of skilled otolaryngologists and ENT surgeons, but there is also a lower level of acceptance for sinus dilation devices. It is projected that both of these problems will operate as market barriers, which will slow down the expansion of the market for sinus dilation devices. The risks that are associated with sinus procedures will be the most significant barrier that the market's expansion will face in the future. This will prevent the market from expanding.

Segment Coverage

Global Sinus Dilation Devices Market - By End User

On the basis of end user segmentation, global sinus dilation devices market is divided into Hospitals, ENT Clinics/In-Office, Ambulatory Surgical Centers and others. Hospitals subsegment generated the most revenue for the market and is anticipated to expand at a rapid rate over the forecast period. The category is expected to develop because to the rising incidence of chronic sinusitis and the generally positive reimbursement criteria in the market. Having access to cutting-edge medical technology and facilities, as well as the expertise to carry out intricate sinus operations, are all factors that are expected to contribute to the sector's further expansion.

Global Sinus Dilation Devices Market - By Region

The market for sinus dilation devices worldwide can be broken down into the regions of North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America has cornered the largest portion of the market, and this is expected to continue for the foreseeable future. The country's success is helped along by its excellent healthcare system, which is carefully enforced. Industry growth is being fueled not just by rising demand for products, but also by the existence of important market competitors. During the projection period, Asia Pacific is predicted to grow at the quickest rate due to rising demand for sinus surgery in the region and rising consumer disposable income.

Impact of COVID-19 on Global Sinus Dilation Devices Market

Normal patient treatment was interrupted because to the COVID-19 epidemic. Many hospitals and clinics have postponed or cancelled elective surgeries, appointments, and other services, and shifted medical and nursing staff in order to increase and maintain the availability of intensive care and inpatient care beds. There has been a major setback in treatment for those with chronic rhinitis as a result of this. Teleconsultations and temporary treatments were the most popular choices for patients with sinus problems. Experts believe that with the introduction of COVID-19 vaccinations, the frequency with which elective surgeries, such as those pertaining to sinus problems, are performed would increase, boosting market expansion.

Competitive Landscape

Aetna Inc., Dalent Medical, InnAccel Technologies Pvt Ltd., Intersect ENT, Inc., Johnson & Johnson Services, Inc., KARL STORZ SE & Co. KG, Medtronic, Meril Life Sciences Pvt Ltd., SinuSys Corporation., Stryker, and other major corporations are all major players in the global sinus dilation devices market. Many different businesses produce sinus dilation devices, making the global industry extremely concentrated. Spending on R&D, using state-of-the-art technology, and releasing improved products are all ways that market leaders keep their positions at the top. Strategic alliances, agreements, mergers, and partnerships are among the many tools at the disposal of the players.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Sinus Dilation Devices market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global sinus dilation devices market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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