Global Nasal Packing Devices Market Size USD 274.55 Million By 2030 | CAGR of 5.2%

Introduction

Global Nasal Packing Devices Market Grows Steadily at a CAGR of 5.2%

Temporary or permanent nasal packing is required if the otorhinolaryngologist cannot determine the source of the bleeding and there is no access to specialized equipment or endoscopic management expertise or if the patient cannot tolerate extensive bedside nasal manipulation. Epistaxis is one of the most prevalent clinical diseases that result in bleeding from the nostrils. Consequently, the market is driven by the rising prevalence of hypertension among pregnant women. In addition, the increasing incidence of nasal cancers drives the market.

Market Dynamics

Increasing Number of Seniors and Growing Incidence of Epistaxis Drives the Global Market

Epistaxis results from the interaction of several factors that harm the blood vessel walls, the nose's mucosal lining, or reduce the blood's capacity to clot. According to a nosebleed study in the United States, the incidence of nosebleeds is highest among the age of 2 and 10 and elders between the ages of 50 and 80. The increasing prevalence of epistaxis is a significant factor propelling growth in the nasal packing devices market. Nosebleeds are caused by increased blood circulation caused by the circulatory system expansion during pregnancy. As a result, the market's growth is driven by an increase in the number of pregnant women suffering from hypertension.

Technological Advancements in the Nasal Packing Devices Creates Tremendous Opportunities

Crucial elements like niche market penetrations, vendor landscapes, marketing slants, licensing strategies, relative market share, pinpoint analysis, visual analytics, etc., accelerate the market's growth. Leaders in the market are also always looking for cutting-edge technology that could significantly speed up their future commercial growth. The market is propelled forward by an increasing number of product launches and a persistent focus on technological advancements.

Regional Analysis

Due to the increased use of nasal packing devices to treat an increasing number of epistaxis patients and the rising number of market competitors in the region, North America holds the largest share of the global market for nasal packing devices. The rise in demand for nasal packing devices results from an increase in COVID-19 cases. Asia-Pacific will experience a favorable growth rate in the market during the forecast period.

Key Highlights

• The global nasal packing devices market was valued at USD 173.97 million in 2021. It is projected to reach USD 274.55 million by 2030, growing at a CAGR of 5.2% during the forecast period (2022–2030).
• Based on product, the market is divided into injectable, gel, spray, and dressings.The spray category dominates the global nasal packing devices market.
• Based on type, the market is divided into bio-resorbable and non-absorbable.The non-absorbable sector is dominant in the global nasal packing devices market.
• North America is the most significant shareholder in the global nasal packing devices market.

Competitive Players

1. Smith & Nephew PLC
2. Medtronic PLC
3. Stryker Corporation
4. Olympus Corporation
5. Summit Health
6. Network Medical Products Ltd.
7. Lohmann & Rauscher GmbH & Co. KG
8. Meril Life Science Private Limited
9. First Aid Bandage Company
10. Aegis Lifesciences Pvt. Ltd.

Recent Developments

• March 2024- Enzymatica’s mouth spray ColdZyme secured CE-certification of Class III from Eurofins, a European-approved notified body for medical devices. The new EU medical device regulation (MDR) aims to improve patient safety by introducing more stringent methods of assessment and market surveillance. However, it has been questioned if the extensive technical documentation requirements of the MDR are suppressing opportunities for early device development.
• June 2024- CHAMPS Group Purchasing (GPO) will distribute the exclusive nosebleed devices developed by CoagCo LLC. CHAMPS GPO will incorporate the Coag it NP7 device within its member contracts.

Segmentation

1. By Product
   1. Injectable
   2. Gel
   3. Spray
   4. Dressings
2. By Type
   1. Bio-Resorbable
   2. Non-Absorbable