Market Size of Otoscope Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.30 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Otoscope Market Analysis
During the time frame of the forecast, the otoscope market is expected to register a CAGR of 4.3%.
The global outbreak of COVID-19 had a negative impact on the study market due to the suspension of otorhinolaryngology services to prevent the spread of COVID-19.Besides, the tremendous pressure on hospitals to provide services to COVID-19 patients was also one of the factors inhibiting the hospitals from providing services. On the other side, the article published in April 2022 in PubMed stated that lockdowns marked the rise of digital USB-otoscopes (DUO), of which different models, even inexpensive ones, were developed by companies all over the world. However, during the pandemic, more professional otoscopes were created, including the Smartphone-Enabled Wireless Otoscope (SEWO) 42 to be used during telehealth consultations. Many patients found these devices to be ready and simple to use. In the post-pandemic scenario, as the restrictions are lifted, the market is anticipated to witness growth in the coming years owing to factors such as an increase in otoscope sales, a rise in new product launches, and an increase in the prevalence of ear infections.
The rising rate of disorders related to the ear, nose, and throat (ENT) and technological advancements in otoscopes are expected to propel the otoscope market's growth. An ear infection is an inflammation caused by bacteria or viruses, the severity of which can lead to diseases such as chronic otitis media and permanent hearing impairment or loss. Otoscopy is the primary method for diagnosing these diseases. As per the study published in February 2021 in the BMC journal, the prevalence of hearing loss increases with age, and its estimated prevalence was 40%-50% in people older than 75 years from April 2020 to July 2022.
Similarly, the prevalence of hearing loss is another factor driving the market's growth. For instance, as per the April 2021 Key Facts by the WHO on "Deafness and Hearing Loss," more than 5% of the world's population needs rehabilitation to address their "disabling" hearing loss, including 432 million adults and 34 million children. WHO also stated that over 700 million people, or one in every ten, are predicted to have hearing loss by the year 2050. Therefore, the incidence of hearing loss is expected to increase with the increasing elderly population, thereby increasing demand for otoscopes and thus driving the market.
Furthermore, the technological advancements in the otoscope have been widely studied, which is likely to provide growth opportunities to the market studied. For instance, as per the article published in April 2022 in PubMed, smartphone-enabled otoscopy was associated with higher accuracy in detecting middle ear diseases. Thus, the rise in the burden of ENT diseases and the surge in technological advancements in otoscopes are anticipated to boost market growth over the forecast period. However, the social stigma among people regarding ENT-based diseases is expected to hinder market growth.
