Major players in the nasal splints market are Boston Medical Products, Inc. , Innovia Medical, LLC Medtronic plc, Olympus Corporation and Smith & Nephew. The global nasal splints market is expected to decline from $1.
New York, Sept. 16, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Nasal Splints Global Market Report 2020-30: Covid 19 Impact and Recovery" - https://www.reportlinker.com/p05967829/?utm_source=GNW
8 billion in 2019 to $1.4 billion in 2020 at a compound annual growth rate (CAGR) of -22.5%. The decline is mainly because of worldwide supply and demand mismatches of resources due to the COVID-19 outbreak. There is an inadequate production of hearing implants, hearing aid, hearing diagnostic, voice prosthesis, and other ENT-related devices due to the restrictions imposed by governments of various countries to shutdown factories or function with minimal staffing to contain the spread of virus and keep the staff safe. The market is then expected to recover and grow at a CAGR of 3.7% from 2021 and reach $2 billion in 2023.
The nasal splints market consists of sales of nasal splints. These nasal splints are devices that are used to prevent nasal bone movement from their positions to avoid side-effects such as nose bleeding, inflammation inside the nostrils, and maintain the shape of the nose after any reconstructive surgery or rhinoplasty.
The nasal splints market has been geographically segmented into North America, Western Europe, APAC, Eastern Europe, South America and Middle East & Africa. The North American market is the largest market for Nasal Splints and is expected to continue to do so during the forecast period.
Nasal splints made from biodegradable materials are gaining popularity in the industry, as they do not require surgical removal after implantation. The biodegradable materials in nasal splints include plant-based and bioresorbable materials. They help in controlling bleeding after surgery or nasal trauma, eliminating the need for painful nasal packing removal for patients and act as an adjunct to aid in the natural healing process. For instance, Smith & Nephew, offers a dissolvable nasal splint ""Nasastent"" composed of plant-based caboxymethyl cellulose helps to support the soft nasal tissue and provide pressure to prevent bleeding. This implant eventually converts into a hydrocolloidal gel after absorbing nasal fluid and drains from the patient naturally. Some of the other companies offering biodegradable nasal splints are Hemostasis LLC, Medtronic and others.
The nasal splints market was limited by shortage of skilled surgeons and other professionals in most developed and developing countries. Equipment fabrication and integration require specialized skillsets relating to nasal surgeries, and electronics and software. According to a survey conducted by International Society of Aesthetic Plastic Surgery (ISAPS), in the Middle Eastern countries such as Iran, there were only 238 surgeons to perform 37,423 nose jobs in 2016. The specialized skillsets relating to nasal surgeries are available to a limited number of organizations, most of which are located in the USA and Europe. This shortage of skilled surgeons and other professional is a significant deterrent to the growth of the market.
As per the US FDA, nasal splints are classified as Class I medical devices that are exempted from premarket notification. However, nasal splint manufacturers must register their establishment and list the generic category or classification name.
Rhinoplasty is one of the most commonly performed reconstructive cosmetic surgery across the globe and around 954,423 rhinoplasty operations performed throughout the world in 2016. As part of the post-operative procedure, intranasal splints are used to promote hemostasis, structural support and minimize scar formation. Therefore, owing to the rising numbers of rhinoplasty surgery and use of nasal splints for post-operative care, the market for nasal splints is forecasted to grow.
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