How Big is the Opportunity in the U.S. for Rapid Medical Diagnostic Kits

Demand for ENT medical devices is hugely driven by the geriatric population across the world, while increase in health awareness over the years has further spearheaded market growth. While the outbreak of the COVID-19 pandemic affected demand and supply patterns, especially for non-critical medical treatment, recovery of the diagnostics industry has been aiding demand growth since the last quarter of 2020.

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The recent report on the ENT medical devices market by Fact.MR offers a detailed overview of the global industry along with its growth & restraining factors, potential, and new opportunities for key players. According to the report, ENT medical device manufacturers are focusing on leading regions such as North America, Europe, Asia Pacific, and Latin America, while 20+ countries will offer high growth scope to stakeholders in this field, with demand for diagnostic ENT devices especially high.

rapid medical diagnostic kits market

Key Takeaways from Market Study

  • The global ENT medical devices market is set to expand at around 5.5% CAGR through 2031.
  • High requirement for diagnostic ENT devices to spearhead demand growth.
  • The United States to drive sales ENT medical devices in North America.
  • Germany remains the epicenter of Europe’s ENT medical devices industry.
  • Asia Pacific to emerge as the fastest-growing market for ENT medical devices.
  • China, India, Canada, Japan, and France to maintain positive industry outlooks over the coming years.

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How are Advancements in Medical Devices & Diagnostics Augmenting Market Growth?

Medical ENT devices have high requirement in diagnosing and treating various ENT diseases. According to Fact.MR, rise in demand for various rigid & flexible endoscopes, surgical ENT devices, and hearing aid devices is forecast to spur the growth of ENT medical device manufacturers over the coming years.

According to a report titled “Medical Technology Industry Spotlight”, published by SelectUSA, the United States remains the largest medical device industry in the world, valued at US$ 156 billion, and is expected to reach US$ 208 billion by 2023. As stated in a report titled “European Commission- Medical Devices Sector”, published by the European Commission, the European Union (EU) medical devices industry is highly advanced and comprises over 500,000 types of medical devices and IVDs. These statistics reveal the new opportunities awaiting ENT medical device suppliers around the globe.

Who is Winning in this Space?

The global ENT medical devices market is flourishing on new developments by industry players, while also providing a strictly competitive environment for them. In order to leverage the high industry potential, key players are launching a diverse range of products while investing heavily and partnering with potential players.

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For instance,

  • Siemens Healthineers placed 53 million new shares with institutional investors through an accelerated book-building offerings in order to increase its sales footprint.
  • Atos Medical AB launched its new range of laryngectomy devices, voice Prosthesis solutions, HMEs, and others during the last 5 years.

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