Ear and Nasal Packing Market Trends

Growth Drivers

• Growing Cases of Chronic Sinusitis – In the recent period, the cases of chronic sinusitis among the global population have risen considerably owing to the rising air pollution and the presence of toxic pollutants in the air. Therefore, the cases of ear and nasal diseases such as chronic sinusitis have increased considerably across the world. As ear and nasal packing are considered to be an effective solution for otolaryngologists and head and neck surgeons for the treatment of sinusitis, the rise in cases of chronic sinusitis is anticipated to increase the demand for ear and nasal packing in the healthcare industry. As per the data shared by the Centers for Disease Control and Prevention (CDC) in 2019, around 11.6% of Americans and 28.9 million adults in the North American region are diagnosed with sinusitis.

• Increase in Level of Air Pollution – Owing to rapid urbanization and industrialization, the level of air pollution has considerably grown up in the past years. As a result, people are now being diagnosed with various kinds of ear and nasal infections and diseases. Therefore, this factor is estimated to generate a high demand for ear and nasal packing for effective treatment. Hence, the increasing air pollution over the world is anticipated to bring lucrative growth opportunities for market growth during the analysis period. The data published by the World Health Organization (WHO) stated that almost 90% of the global population breathes air that exceeds WHO guideline limits and contains high levels of pollutants. Further, it is estimated that air pollution is responsible for taking up almost 11.65% of deaths around the world.

• High Focus on Developing the Medical Devices Sector - The data revealed by the India Brand Equity Foundation (IBEF) stated that in FY20, the foreign investments in the Indian medical devices sector increased to USD 301 million from USD 151 million in FY19, which indicates a 98% increment.

• Rising Focus on Bringing Advancement in the Healthcare Industry - For instance, investment in medical and health research and development (R&D) in the United States (U.S.) increased by 11% to around USD 245 billion in 2020 from previous years.

• Rapid Growth in the Healthcare Industry – According to the latest statistics, it is being calculated that the revenue generated by the global healthcare segment was USD 60 billion in 2023 which is further anticipated to grow further.

Challenges

• Lack of Skilled Professionals

• The High Costs of the Products – Ear and nasal packing requires high-quality ingredients. Owing to this factor, the cost of ear and nasal packing increases. This factor is estimated to lower the adoption rate among the population with low and middle income and subsequently hamper market growth during the forecast period.

• Low Awareness Level about the Advantages