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The Otoscope Market is expected to register a CAGR of 4.3% during the forecast period. The rising rate of diseases related to ENT and technological advancements in otoscopes is expected to propel the otoscope market growth. Ear infection is an inflammation caused due to bacteria or viruses, severity of which can lead to diseases such as chronic otitis media and permanent hearing impairment/loss. Otoscopy is the primary method to diagnose these diseases. According to World Health Organization, approximately 1.1 billion of children are impaired because of the noise they are exposed to in a recreational setting. Thus, otoscope market growth is expected to propel with the increasing burden of ENT diseases. However, due to the stereotyping in the society it is expected to hinder the otoscope market growth.
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Key Market Trends
Pocket-sized Segment is Expected to Hold a Major Share in the Otoscope Market
– The advantages possessed by pocket-sized otoscope over the full-sized otoscope might be a driving factor for the market growth of this particular segment.
– Pocket-sized otoscope are small in size, some of it are pen-sized which makes it easier to handle it. As compared to standard-sized otoscopes these are less bulky and lighter in weight. Some otoscope has camera attached to it or an interface to visualize the image on the computer that makes the otoscopy procedure more efficient by providing quality-images.
– Furthermore, the growing burden of diseases related to ENT is expected to be a key factor for pocket-sized otoscope market segment. According to World Health Organization, around 60% of the hearing loss in children is the one which can be prevented. Due to growing awareness in diagnosis of chronic otitis media, it is leading to increase in demand for otoscopy.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period.
North America is expected to dominate the otoscope market due to increasing burden of diseases related to ENT and product development. Otitis media is a type of ENT disease which causes inflammation in the ear. According to the American Academy of Pediatrics, almost 90% of the anti-biotic treatment prescribed by the physicians to the children are for otitis media and around 95% of children at 7 years of age receives one episode of otitis media. Hence, with increase in prevalence of diseases associated with ENT, it is expected to increase the demand for otoscope too.
The Otoscope Market is fragmented and consists of several major players. As the companies are involved in developing new products, it is expected to drive the otoscope market growth. For instance, in 2017, hearX IP (Pty) Ltd., launched a smartphone otoscope. Smart otoscope can be accessed through the smartphones and lets you visualize the inside of the ear . Some of the companies which are currently dominating the market are Rudolf Reister GmbH, Wellch Allyn, American Diagnostic Corporation, Heine Optotechnik GmbH, Kirchner & Wilhelm GmbH, Luxamed Medizintechnik, Sync Vision, Olympus Medical Systems and Midmark Corporation.
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1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Burden of ENT Related Diseases
4.2.2 Technological Advancement in Products
4.3 Market Restraints
4.3.1 Social Stigma among People Regarding ENT based Diseases
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
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