Otoscope Market Is Expected to Reach USD 360.80 Million by 2031: Allied Market Research

Portland, OR, Aug. 09, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global otoscope market generated $216.30 million in 2021, and is projected to reach $360.80 million by 2031, growing at a CAGR of 5.4% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.

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Report coverage & details:

Report Coverage Details
Forecast Period 2022­–2031
Base Year 2021
Market Size in 2021 $216.30 million
Market Size in 2031 $360.80 million
CAGR 5.4%
No. of Pages in Report 260
Segments covered Product type, portability, application, and region.
Drivers Increase in the occurrence of ear-related diseases
Surge in geriatric population susceptible to hearing disorders
Opportunities Rise in incidences of noise-induced hearing loss
Persistent technological advancements
Restrains Lack of awareness
Limited to specific consumers

COVID-19 Scenario:

  • The outbreak of COVID-19 had a negative impact on the growth of the global otoscope market, owing to the occurrence of lockdowns in various countries across the globe. Lockdowns resulted in the cancellation or postponement of non-essential healthcare procedures.
  • Hearing related issues and procedures were considered non-essential procedures as adverse problems of rapidly spreading COVID-19 infection among people was considered paramount. Thus, more and more healthcare professionals and clinics were increasingly focused on treating patients suffering from the lethal virus.
  •  In addition, due stringent precautionary measures announced by the government, close human contact was discouraged or required special measures in clinics and audiology shops.
  • As a result, hearing loss-related procedures related to mild cases were delayed during the pandemic, which impacted the sales of otoscope. However, the market is expected to recoup soon.

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The report offers a detailed segmentation on the global otoscope market based on product type, portability, application, and region. It provides an in-depth analysis of every segment and sub-segment in tables and figures through which consumers can derive a conclusion about market trends and insights. The market report analysis aids organizations, investors, and entrepreneurs in understanding which sub-segments are to be tapped for achieving huge growth in the years ahead.

Based on product type, the pocket-sized segment held the largest market share in 2021, holding nearly three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 6.0% during the forecast period. The report also analyses other segments such as standard-sized and accessories.

Based on portability, the portable segment held the dominating market share in 2021, holding more than two-thirds of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 5.6% during the forecast period. The report also analyses other segments such as wall-mounted.

Based on application, the diagnosis segment held the largest market share in 2021, garnering nearly two-thirds of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 5.5% during the forecast period. The report also analyses other subsegment such as surgical.

Based on region, the market across North America held the largest market share in 2021, garnering more than two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The Asia-Pacific region, on the other hand, is predicted to cite the fastest CAGR of 7.6% during the forecast period.

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The key players analzyed in the global otoscope market report include Luxamed Medizintechnik, Midmark Corporation, Olympus Medical Systems, Rudolf Riester GmbH, Sync Vision, Hill Rom (Wellch Allyn), American Diagnostic Corporation, Heine Optotechnik GmbH, Kirchner & Wilhelm GmbH, Prestige Medical, Otopront, Fazzini, AUG Medical, Spengler, AdamRouilly, Orlvision GmbH, and Interacoustics A/S.

The report analyzes these key players of the global otoscope market. These market players have made judicious use of strategies such as expansion, new product launches, join ventures, collaborations, partnerships, and others to strengthen their foothold in the industry. The report analyses g recent developments, product portfolio, business performance and operating segments by prominent players of the market. 

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"We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market."

About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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