By 2023, the Nasal Packing Devices Market is projected to be worth US$ 189.4 million, growing at a moderate CAGR of 5.1% from 2023 to 2033. By the end of 2033, the nasal packing devices market is projected to be worth around US$ 311.9 million.
The market for nasal packing devices has increased as more people experience epistaxis. The International Journal of Otolaryngology reports that in 2021, epistaxis impacted more than 12% of the world’s population, with 75% of those affected needing medical intervention.
Epistaxis is a common clinical disorder that causes bleeding from the nose, and it is generally accepted that hypertension is the main factor contributing to this condition. Good news for the nasal packing devices market comes from the rise in hypertension cases. Because of the increased blood flow brought on by the dilatation of blood vessels, nosebleeds are a frequent symptom during pregnancy.
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The market for nasal packing devices is being driven in large part by the increased prevalence of hypertension among pregnant women. The need for nasal packing devices is also being fueled by the rising incidence of nasal cancers. Nasal packing devices are less common than they once were due to consequences such mucosal lacerations, which can result in further bleeding, infections, and toxic shock syndrome (TSS).
Because of this, it is predicted that fewer people would use nasal packing devices. On the other hand, the ongoing emphasis on technological advancements and the development of new products in this field are driving the growth of nasal packing devices.
The world’s nasal packing devices market is anticipated to develop at the greatest rate from 2023 to 2033 in the Asia-Pacific region. This expansion is mostly attributable to a combination of high unmet needs, a booming economy, and general improvements in healthcare infrastructure, particularly in developing nations like China and India. In addition, the market is growing as more people are becoming aware of nasal packing devices and the functions they serve.
Key Takeaways from Market Study: Nasal Packing Devices Market
- Market Growth and Size: The Nasal Packing Devices Market is likely to experience steady growth due to an increase in the number of ENT (Ear, Nose, and Throat) surgeries and other nasal-related medical procedures. The growing awareness of the benefits of nasal packing devices in controlling bleeding and reducing the risk of complications during and after surgery is likely to contribute to market expansion.
- Product Innovation: Market players in the Nasal Packing Devices industry are expected to focus on product innovation and development to gain a competitive edge. Advances in technology and materials used in nasal packing devices are likely to improve patient comfort, reduce side effects, and enhance overall effectiveness.
- Prevalence of Nasal Disorders: Nasal packing devices are often used in the treatment of various nasal disorders, such as epistaxis (nosebleeds), sinusitis, and nasal septum deviations. The prevalence of these conditions, particularly among the aging population, is likely to drive the demand for nasal packing devices.
- End-user Segments: The market is likely to be segmented by end-users, such as hospitals, ambulatory surgical centers, and specialty clinics. The adoption of nasal packing devices may vary depending on the facility’s capabilities and the types of procedures performed.
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Competitive Landscape:
In order to keep up with the ever-increasing innovation and demand for nasal packing devices, market participants are strongly encouraged to engage heavily in R&D activities and focus their attention there. Increased competition from companies offering innovative features has contributed to the growth of the nasal packing device industry.
During the projected period, the nasal packing devices manufacturing industry is anticipated to grow as a result of new product releases, mergers, and acquisitions.
In August of 2021, a binding agreement was announced between Medtronic and Intersect ENT, whereby Medtronic would buy all outstanding shares of Intersect ENT for USD 28.25 per share in cash, for a total purchase price of USD 1.1 billion.
Emerging Innovations in the Market:
Research and development for new technologies and nasal packaging device innovation are both actively pursued by new market entrants. Smith & Nephew has released a series of nasal packaging devices that use their proprietary RAPID RHINO technology. This technology utilises a carboxymethylcellulose (CMC) blend with self-lubricating properties to apply mild, uniform pressure to the nose, facilitating the quick re-contouring of the nose. The global nasal packaging device market is anticipated to expand on account of similar technical developments and strategic implementations by both rising and established market competitors.
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Nasal Packing Devices Market by Segmentation
By Product:
- Injectable
- Gel
- Spray
- Dressings
By Type:
- Bio-resorbable
- Non-absorbable
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By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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