Global Sinus Dilation Devices Market Grows at a noteworthy CAGR of 10.79%

Introduction

Sinus dilation, also called balloon sinuplasty, is a minimally invasive procedure that restores natural drainage and allows adequate ventilation by opening obstructed sinus passages. It employs a variety of implantable devices to reduce postoperative inflammation, administer local medication, and widen sinus apertures. These devices replace traditional sinus devices as the preferred approach for treating chronic rhinosinusitis (CRS), as traditional sinus devices have proven to be ineffective. Patients with severe ethmoid or other sinus irritations can also utilize them with other treatments. Several manufacturers produce instruments with microsensors for pinpointing device placement during surgical procedures.

Market Dynamics

Favorable Reimbursement Scenario Drives the Global Market

A rise in medical reimbursements across key markets will likely stimulate market expansion. Increasing per capita expenditures and rising health insurance penetration in developed and developing nations are anticipated to impact the market positively. The United States has private and public health insurance systems, whereas Japan, Canada, and several European nations have universal ones. The federal government manages the Medicare health insurance program for the seniors and disabled in the U.S. Medicaid, in contrast, is a government program that covers low-income individuals.

In addition, the Children's Health Insurance Program (CHIP) provides pediatric patients with healthcare. About 84% of the U.S. population has either public (26%) or private (70%) health insurance. Consequently, the increasing prevalence of health insurance and favorable reimbursement policies are anticipated to stimulate market growth over the forecast period.

Technological Advancements and New Product Launch Creates Tremendous Opportunities

Key companies in the market, including Medtronic, Smith & Nephew, and Acclarent, Inc., concentrate on making R&D investments to advance technology and get product approval. For instance, Smith & Nephew made investments totaling USD 222 million in FY 2015 and USD 223 million in FY 2017. In addition, medical advances like sinus surgery using surgical laser technology benefit patients and have fewer adverse effects. This procedure uses a laser to remove extra sinus tissue to treat chronic sinusitis with little pain or blood loss.

Furthermore, a rise in mergers and acquisitions is projected to favor the market because of the expanding worldwide reach of products. For instance, Entellus Medical, a U.S.-based business that offers minimally invasive ENT solutions, was bought by Stryker Corporation in December 2017. Recent product launches are also anticipated to impact the market positively. For instance, SinuSys Corporation reported in July 2016 that the U.S. FDA had approved the Vent-Os device. The method is used to treat frontal and sphenoid sinuses. As a result, these elements produce chances for market expansion.

Regional Analysis

North America is the most significant global sinus dilation devices market shareholder and is anticipated to grow at a CAGR of 10.89% during the forecast period. Due to its highly developed and regulated healthcare system, North America commanded the largest market share for sinus dilation devices. The demand for sinus dilation devices in this region is anticipated to increase as key companies collaborate to enhance their product portfolios and guarantee high-quality products. For example, Medtronic, Smith & Nephew, Entellus Medical, Inc., Acclarent, Inc., Olympus Corporation, and Intersect ENT, Inc. are some of the significant participants operating in the North American sinus dilation device market, focusing on high R&D investment to build a technically advanced product portfolio. For instance, Stryker entered a definitive agreement to acquire Entellus Medical, Inc. in February 2018. The prevalence of chronic sinusitis is also expected to increase in both the United States and Canada, which is another predicted growth driver. According to the Centers for Disease Control and Prevention, the number of individuals with sinusitis was 26.9 million in 2017 or about 11% of the adult population in America.

Europe is estimated to exhibit a CAGR of 10.4% over the forecast period. Europe is one of the world's most developed continents. The European sinus dilation device market is expected to be driven by rising governmental and private investments in Chronic Rhinosinusitis (CRS) prevalence. For instance, the prevalence of CRS has been rising in the European population, reaching about 11% in 2018, according to the Global Allergy and Asthma European Network. In addition, the use of sinus dilation devices in the European region has been facilitated by sophisticated healthcare infrastructure and supportive reimbursement policies. For instance, the European government spent USD 4.7 million during FY 2016 to improve the healthcare infrastructure, according to the European External Action Service (EEAS). The market is anticipated to be driven over the forecast period by technical developments in devices made by leading players.

Key Highlights

• The global sinus dilation devices market size was valued at USD 2,573 million in 2022. It is estimated to reach USD 5,217 million by 2031, growing at a CAGR of 10.79% during the forecast period (2023–2031).
• Based on the product, the global sinus dilation devices market is bifurcated into balloon sinus dilation devices, endoscopes, sinus stents/implants, functional endoscopic sinus instrument sets, and others. The balloon sinus dilation devices segment is the most significant contributor to the market and is anticipated to exhibit a CAGR of 11.41% over the forecast period.
• Based on procedure, the global sinus dilation devices market is divided into standalone and hybrid. The standalone segment dominates the global market and is projected to exhibit a CAGR of 10.3% over the forecast period.
• Based on application, the global sinus dilation devices market is bifurcated into pediatric and adult. The adult segment is the most significant contributor to the market share and is anticipated to exhibit a CAGR of 10.5% over the forecast period.
• Based on end-user, the global sinus dilation devices market is segmented into hospitals, ambulatory surgical centers, and ENT clinics/in-offices. The hospital segment owns the highest market share and is projected to exhibit a CAGR of 10.2% during the forecast period.
• North America is the most significant global sinus dilation devices market shareholder and is anticipated to grow at a CAGR of 10.89% during the forecast period.

Competitive Players

1. Creganna
2. Olympus Corp.
3. Acclarent, Inc.
4. Entellus Medical Inc.
5. Innaccel
6. Smith & Nephew
7. Intersect ENT Inc.
8. SinuSys Corporation
9. Medtronic

Recent Developments

Recent Developments

• May 2022- Medtronic plc (NYSE: MDT), a world leader in healthcare technology, announced that it had completed the acquisition of Intersect ENT, widening the company's extensive ear, nose, and throat (ENT) portfolio with innovative sinus products used to improve postoperative outcomes and treat nasal polyps.
• February 2022- Olympus, a global leader in developing and supplying innovative solutions for surgical and medical procedures, announced that its CELERISTM single-use sinus debrider system had received FDA certification and will soon be available on the market.

Segmentation

1. By Product
   1. Balloon Sinus Dilation Devices
   2. Endoscopes
   3. Sinus Stents/Implants
   4. Functional Endoscopic Sinus Surgery (FESS) Instruments Set
   5. Others
2. By Procedure
   1. Standalone
   2. Hybrid
3. By Applications
   1. Pediatric
   2. Adult
4. By End-User
   1. Hospitals
   2. ENT Clinics/In Office
   3. Ambulatory Surgical Centers