Market Trends of Otoscope Industry
This section covers the major market trends shaping the Otoscope Market according to our research experts:
Pocket-Sized Segment is Expected to Witness a Growth in the Otoscope Market Over the Forecast Period
Pocket-sized otoscopes are small in size; some are pen-sized, which makes it easier to handle them. Compared to standard-sized otoscopes, these are less bulky and lighter in weight. Some otoscopes have a camera attached to them or an interface to visualize the image on the computer, which makes the otoscopy procedure more efficient by providing quality images. The advantages possessed by pocket-sized otoscopes over full-sized otoscopes are a driving factor for the market growth of this particular segment.
Factors such as a rise in hearing loss and ear-related diseases are anticipated to boost market growth over the forecast period. For instance, as per the 2022 update from the WHO, over 1.5 billion people globally live with hearing loss. This number could rise to over 2.5 billion by 2050. Moreover, research and development on pocket-sized otoscopes are anticipated to boost market growth over the forecast period. For instance, an article published in November 2021 in the BMC journal stated that researchers introduced the idea of developing a 3D-printed small otoscope as a low-budget prototype for a financially backward population.
Congenital or early-onset childhood hearing loss, recurrent middle ear infections, and noise-induced hearing loss are additional common causes of hearing loss. As a result, it is expected that the rising prevalence of disabling hearing loss will also be a key contributor to the market's growth. For instance, as per the NIDCD 2021 update, about 2% of adults aged 45 to 54 have disabling hearing loss. The rate increases to 8.5% for adults aged 55 to 64. Nearly 25% of those aged 65 to 74 and 50% of those who are 75 and older have disabling hearing loss.
Since ENT diseases are becoming more common and otoscope technology is getting better, the market for pocket-sized otoscopes is likely to grow over the next few years.
North America is Expected to Witness a Growth in the Otoscope Market Over the Forecast Period
North America is expected to dominate the otoscope market due to the increasing burden of ENT disorders along with product development. The prevalence of hearing loss is twice as common as diabetes or cancer in the country. As per the NIDCD 2022 update, approximately 25% of people in the United States between the ages of 65 and 74 have hearing loss, and nearly half of those older than 75 have difficulty hearing. Age is the strongest predictor of hearing loss among adults. The same source stated that the TMC1 gene and a closely related gene called TMC2, which is also crucial for hearing, had been identified as the essential signaling receptors for hearing after a 40-year search.
Furthermore, as per the 2021 update from CHHA, one out of ten Canadians, 4 million people have a hearing loss including 6 out of 1000 children. Due to the rising number of ear infections and diseases, the demand for ear disease detection rises, it is therefore anticipated to boost the market growth.
Moreover, the strategic initiatives taken by the market players such as partnerships, mergers, and acquisitions are also driving market growth. For instance, in September 2021, the Malala Fund and hearing health not-for-profit Cochlear Foundation entered a partnership to raise awareness about the barriers keeping millions of children and young people with hearing loss from accessing quality education. Thus, such awareness programs are likely to shift the focus of people towards ENT diseases, which is expected to increase the adoptability of these devices and therapies, thus driving the market.
