With an ageing population across the globe, the frequency of hearing loss is on the rise. The market for hearing implants is expected to grow similarly and, coupled with the return of elective procedures, the ear, nose and throat (ENT) devices market will thrive in the near future.
The main driver of this growth is the resumption of elective ENT procedures that were delayed or cancelled in 2020 due to the Covid-19 pandemic. GlobalData estimates that elective procedures will recommence in 2021 and continue to address the backlog from the previous year. In 2020, the speech aid devices market suffered revenue losses of 19%. However, GlobalData estimates this market to recover by 30% in 2021.
The ENT market recovery is backed by the financial statements of the leading ENT manufacturers. For instance, Medtronic reported an increase of 45% in its ENT portfolio revenue for the fourth quarter ending on April 30 2021.
According to GlobalData, the global market revenue for ENT devices is expected to grow at a compound annual growth rate (CAGR) of 4% to $2.3bn by 2030.