LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global otoscopes market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022.
According to Technavio market research analysts, the global otoscopes market will grow at a CAGR of over 4% during the forecast period. The growing need for diagnosing ear-related ailments coupled with older population is a major factor driving the market’s growth.
Ear diseases frequently lead to pain, discomfort, or even serious hearing impairment. Some of the common ear ailments include Meniere’s disease, which affects inner ear, otomycosis (infection of external ear), tinnitus (characterized by ringing sound in the ears), ear infections caused by bacteria, barotrauma (injury caused by change in air or water pressure), vestibular neuritis (inflammation of inner ear), and cholesteatoma (abnormal growth of skin in the middle ear). Majority of these diseases require otoscopes to examine and treat the condition. Increase in prevalence of these diseases rises the demand for otoscopes, thereby, fueling the market growth.
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In this report, Technavio highlights the growing demand for LED otoscopes as one of the key emerging trends in the global otoscopes market:
Growing demand for LED otoscopes
Players in the market are manufacturing otoscopes using LED as a light source, which is gaining importance among the physicians globally. Earlier halogen, xenon, and incandescent light bulbs are used as a light source in the otoscopes. LED lights do not contain filaments like xenon bulbs and last for much longer time than halogen or incandescent bulbs. The LED source does not get heated up and would require less power to illuminate due to the absence of any filaments. Therefore, they form the effective source of light and highly used for diagnostic and therapeutic purposes.
“The LED comes in a variety of colors such as red, yellow, and green, and most commonly generates bright whitish-blue light. The changes in color are highly used in otoscopy procedure, as the change in illumination improves different ear canal and tympanic membrane structures more clearly,” says a senior analyst at Technavio for research on orthopedics and medical devices.
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Global otoscopes market segmentation
This market research report segments the global otoscopes market into the following products (pocket otoscopes, full-size otoscopes, and video otoscopes), end-users (hospitals and ENT clinics), and key regions (the Americas, APAC, and EMEA).
The pocket otoscopes segment held the largest market share in 2017, accounting for nearly 40% of the market. The market share for this product is expected to decrease by 2022. The fastest growing product is video otoscopes, which will account for nearly 28% of the total market share by 2022.
The Americas was the leading region for the global otoscopes market in 2017, accounting for a market share of nearly 45%. By 2022, APAC is expected to register the highest growth rate of nearly 2%.
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