Sinus Dilation Devices Market worth over $3.3 Bn by 2026
Published Date: November 2, 2020 Authors: Sumant Ugalmugle, Rupali Swain
Global Sinus Dilation Devices Market size is set to surpass USD 3.3 billion by 2026, according to a new research report by Global Market Insights, Inc.
Several reimbursement initiatives and policies pertaining to the treatment of sinusitis is one of the major factors that will positively impact the market growth. Companies including Centene Corporation is engaged in providing reimbursement of services covered during balloon sinus dilation procedures. With the growing awareness regarding reimbursement policies along with increase in patient population suffering from chronic sinusitis the demand for sinus dilation treatment is anticipated to grow in future. Due to the favorable reimbursement policies, the healthcare professionals are also adopting the sinus dilation devices during the procedures.
Increasing technological advancements will foster the sinus dilation devices market expansion in the coming years. Flexible micro sensor technology is integrated in new sinus dilation devices. This technological integration will provide real-time navigation tracking of balloon devices during the balloon sinus ostial dilation procedures (BSOD). Hence, the recent technological developments have the potential to expand the adoption of sinus dilation devices. Major market player Entellus Medical, has developed technologically advanced The XprESS Multi-Sinus Dilation System to provide cost-effective treatment of acute sinusitis with efficacy. This has led to an increased adoption and demand for sinus dilation devices.
Growing geriatric population coupled with chronic sinusitis will boost the market revenue
Ageing population prone to several chronic diseases due to anatomic and functional changes will act as a significant growth factor driving the sinus dilation devices market value. Rapidly rising geriatric patient base across the world is at high risk of developing sinusitis owing to various physiological and functional changes in the nose. Such changes lead to significant impact on their quality of life. The elderly population base prone to chronic diseases will further surge the demand for sinus dilation devices. According to the Paparella Ear Head and Neck Institute, around 14% of all the Americans aged 65 years and above along with 13.5% aged 75 years and above suffer from chronic sinusitis. Such factors will increase the adoption of minimally invasive sinus dilation procedures among the elderly population.
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Increasing adoption of balloon sinus dilation devices led by several advantages are expected to drive the product adoption
Balloon sinus dilation devices segment valuation was more than USD 610 million in on account of increased benefits of advanced technology used in balloon sinus dilation devices as compared to the conventional sinus dilation devices. The benefits such as improved recovery time in patients, reduced chances of bleeding and no requirement for bone or tissue removal have led to an increased adoption and demand for these devices. In addition, the ENT physicians are increasingly adopting balloon sinus dilation devices to treat patients with chronic rhinosinusitis.
Browse key industry insights spread across 125 pages with 164 market data tables & 16 figures & charts from the report,“ Sinus Dilation Devices Market Size By Product (Balloon Sinus Dilation Devices, Sinus Implants, Handheld instruments, Sinuscopes, Rhinoscopes), By Procedure (Standalone Sinus Dilation Procedures, Hybrid Sinus Dilation Procedures), By End-Use (Hospital, Physician’s office, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Rising preference for standalone sinus dilation procedures will propel the sinus dilation devices market demand
The standalone sinus dilation procedures valued at over USD 1,372 million in 2019 impelled by the post-procedure benefits such as significant reduction in rhinosinusitis episodes and in consumption of antibiotics. The standalone sinus dilation procedures provide clinically significant symptom improvement. Moreover, balloon sinus dilation as a standalone treatment offers significant cost-savings to healthcare systems and patients. Patients upon treatment with standalone sinus dilation procedures experience rapid return to daily life activities with higher degree of satisfaction.
High patient inflow in hospitals will spur the market growth
Hospital end-use segment in the sinus dilation devices market exceeded USD 902 million in 2019 owing to the rapidly improving infrastructure facilities in healthcare including development of ENT examination rooms with advanced facilities. The technologically advanced sinus dilation devices are easily afforded by the hospitals due to rise in healthcare expenditure. High inflow of patients in hospitals leads to an increased demand for sinus dilation devices.
Initiatives by the Brazilian government offers a lucrative market opportunitiy
Brazil sinus dilation devices market size was around USD 48 million in 2019on account of the rising prevalence of sinusitis disorders in the country. According to a published report, approximately 12% of population in Brazil is impacted by chronic sinusitis every year. The private and public hospitals in Brazil have great healthcare infrastructure. The Brazilian government is consistently focusing towards simplifying the export, import, and sales of medical devices. Hence, these government measures have expanded the market in the country. Brazil has also implemented the Medical Device Single Audit Program (“MDSAP”) in order to reduce the regulatory barriers for medical device approvals and to ease the operation of foreign manufacturers in the country.
Key players are adopting several business strategies to capture significant market share
Some of the major players operational in the sinus dilation devices market are Creganna Medical, Olympus Corporation, Jilin Coronado Medical, SinuSys Corporation, dalENT Medical, InAccel, Acclarent, Intersect ENT and Medtronic among others. Majority of these companies are focusing on research and development activities to deliver technologically advanced products that will offer several market expansion opportunities. The market leaders are also focusing on undertaking several strategic mergers, acquisitions and collaborations in order to garner maximum market share and strengthen their industrial position. For instance, in September 2020, Intersect ENT announced to acquire Fiagon AG Medical Technologies engaged in delivering ENT surgical tools. The strategic move will assist the company in enhancing their ENT product portfolio and augment the customer base with respect to the market.
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