Global Otoscopes Market to Reach $198.1 Million by 2026

An otoscope/ auriscope is an audiological tool possessing light generation and magnification properties that are useful for an external investigation of the tympanic membranes and the ear canal. The otoscope is also used widely during general checkups as a screening process for illness. Otoscope provides a clear view of the eardrum/ tympanic membrane and ear canal if there aren`t any blockages in these areas. Some of the diseases that can be diagnosed by an otoscope are otitis externa (external ear) and otitis media (middle ear). Another common use of the otoscope is a nasal examination and this reduces the need for a nasal speculum. Sometimes the speculum of the otoscope is removed and it`s used to examine the upper throat too. Though all otoscopes allow magnification and illumination of the tympanic membranes and ear canal so that visual examination can be performed by the audiologists, properties and functionalities of different otoscopes depend upon the technology they use.

Otoscopes came in varying price brackets but high quality should be prioritized before low price whenever a purchase decision of an otoscope needs to be made. An otoscope is primarily involved in performing otoscopy, wherein secondary applications such as pneumatic otoscopy, and cerumen management, among others become insignificant. The feature of image/video capture in video otoscopes provides real-time objective documentation pertaining to the tympanic membrane and the ear canal. This is also useful in enabling to decide the qualifying position before/after clinical procedures, including earmold impression and cerumen removal methods. Additionally, the feature enables image/video sharing for consulting and educational purposes. Bigger screen image projection enables to observe structures on a bigger scale, providing detailed view for subtle structures.

Amid the COVID-19 crisis, the global market for Otoscopes estimated at US$163.5 Million in the year 2020, is projected to reach a revised size of US$198.1 Million by 2026, growing at a CAGR of 3.2% over the analysis period. Pocket-size Otoscopes, one of the segments analyzed in the report, is projected to record a 2.9% CAGR and reach US$89.4 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Full-size Otoscopes segment is readjusted to a revised 3.4% CAGR for the next 7-year period.

The U.S. Market is Estimated at $58.8 Million in 2021, While China is Forecast to Reach $14 Million by 2026

The Otoscopes market in the U.S. is estimated at US$58.8 Million in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$14 Million by the year 2026 trailing a CAGR of 5.5% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.4% and 3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.7% CAGR.

The market is forecast to experience a significant growth over the coming years due to increasing incidence of ear-related conditions and preventable hearing loss that create a pressing demand for sophisticated diagnostic devices. The market growth is also facilitated by availability of rechargeable, user-friendly pocket otoscopes along with increasing number of otolaryngology professionals. Rising incidence of hearing loss is also expected to drive the global otoscopes market in the long-term. Hearing loss or impairment is one of the leading global public health problems, adversely affecting the communication ability, independence, wellbeing, and quality of life. Besides age-related factors, the growing prevalence of hearing loss is a product of genetic factors; complications during pregnancy and childbirth; the spread of highly contagious diseases such as meningitis, rubella and mumps; injuries; polypharmacy and high noise pollution.

Given the fact that the potential incidence of hearing loss is higher in the aged population, the rise in number of people above 65 years presents significant market opportunities for devices used in their management. In addition to demographics, other factors that could lead to increase in number of patients with hearing loss include higher damages to hearing caused due to environmental factors. The over 55-years age group is more prone to hearing impairment due to age related afflictions. The incidence and prevalence of hearing impairments is in tandem with the world population which is expanding at an annual rate of over 1%. For instance, the number of individuals suffering from hearing impairments in the United States grew two-fold over the course of the last 3 decades, with around 14% of the region`s adult Within Europe, around 52 million people suffer from some level of hearing loss population under its sphere. Across the Atlantic, over 36 million people have hearing impairment in the US, with one in every ten individuals expressing some loss of hearing functionality

Video Otoscopes Segment to Reach $36.4 Million by 2026

In the global Video Otoscopes segment, USA, Canada, Japan, China and Europe will drive the 3.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$24.4 Million in the year 2020 will reach a projected size of US$30.9 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$3.1 Million by the year 2026, while Latin America will expand at a 4.8% CAGR through the analysis period.