(PharmaNewsWire.Com, October 26, 2021 ) According to research report the Sinus Dilation Devices Market is expected to reach USD 2.78 billion by 2023 from USD 1.80 billion in 2018, at a CAGR of 9.1%.
The growth of this market is mainly driven by the high prevalence of chronic sinusitis, growing preference for minimally invasive procedures, benefits of balloon sinuplasty/sinus dilation over conventional sinus surgeries, and favorable reimbursement scenario for sinus procedures in developed countries.
Based on product, the Sinus Dilation Devices Market is segmented into balloon sinus dilation devices, endoscopes, sinus stents/implants, and handheld instruments. The balloon Sinus Dilation Devices Market is further classified as standalone and hybrid according to the type of procedure. In 2018, balloon sinus dilation devices are expected to account for the largest share of the global Sinus Dilation Devices Market. This large share can be attributed to the rising prevalence of chronic sinusitis, increasing preference for minimally invasive surgical procedures, and the increasing focus of market players on launching advanced balloon sinus dilation devices.
Based on patient care setting, the Sinus Dilation Devices Market is segmented into hospitals, ambulatory surgical centers, and ENT clinics/in office. The ENT clinics/in office segment is expected to register the highest CAGR during the forecast period. The growth of this segment can be attributed to increasing number of treatable patients in ENT clinics, faster recovery time, cost-effectiveness, and growing preference for minimally invasive techniques.
The sinus dilation devices market is marked by the presence of several established as well as emerging players. Prominent players in this market include Entellus Medical Inc. (Subsidiary of Stryker) (US), Acclarent Inc. (Subsidiary of Johnson & Johnson) (US), Medtronic plc (Ireland), Smith & Nephew plc (UK), Intersect ENT Inc. (US), and Olympus Corporation (Japan). Other players in the market include Meril Life Sciences Pvt Ltd. (India), SinuSys Corporation (US), InAccel (India), Jilin Coronado Medical Ltd. (China), and Creganna Medical (Ireland).
Agreements, collaborations, partnerships, and expansions are some of the major growth strategies followed by key players between 2015 and 2018. Some of the companies that adopted this strategy are Entellus and Smith & Nephew.
Acclarent held the leading position in the global sinus dilation devices market in 2017. The company’s leading position is attributed to its wide presence in key markets such as the US, Europe, APAC, and the Middle East. The company has a vast customer base spanning more than 160 countries and operates in over 370 locations across the globe. The company has a vast product portfolio and specializes in minimally invasive ENT surgery products. It offers a broad range of devices such as balloon sinuplasty systems, ethmoid punch, and airway dilation systems. To maintain its position in the market, Acclarent spends exhaustively on research and development. In 2016, the company spent 12.7% of its revenue (USD 9.10 billion), which was increased to 13.7% of its revenue (USD 10.5 Billion) in 2017.
In 2018, North America is expected to dominate the Sinus Dilation Devices Market followed by Europe. The large share of this geographical segment is attributed to rising prevalence of chronic sinusitis, rapidly increasing geriatric population, higher adoption of new technologies among ENT surgeons and otolaryngologists, favorable reimbursement scenario, and the presence of major players in this region.
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