by The nasal splints market is estimated to be valued at US$ 138.4 Mn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The nasal splints market involves medical devices used after nasal bone fractures or surgeries for structural support and stabilization of the nasal cavity. Common types of splints used include silicone, metal, and latex splints. Silicone nasal splints are widely used owing to their biocompatibility and ability to retain shape over long periods. Advancements in material sciences have allowed development of customized splints made of bioresorbable materials.
Market Dynamics:
Growing prevalence of nasal bone fractures caused due to accidents and injuries is a key driver expected to propel market growth over the forecast period. According to CDC, incidence of nasal fractures accounts for over 50% of all facial bone fractures in the U.S. Moreover, rising number of rhinoplasty procedures performed worldwide for cosmetic purposes is another factor fueling demand for nasal splints. For instance, American Society of Plastic Surgeons reported over 255,000 rhinoplasty procedures were performed in the U.S. in 2020 alone. However, availability of alternative stabilization methods like nasal packing materials may restrain market growth to some extent.
SWOT Analysis
Strength: Nasal splints provide structural support to the nasal cavity after surgery or trauma. They help hold tissues in proper alignment for healing. Nasal splints minimize complications by preventing adhesions and scar contractures.
Weakness: Nasal splints can cause discomfort and difficulty in breathing for patients during usage. They require removal after healing which causes additional pain.
Opportunity: Rising numbers of nasal surgery procedures across the world present an opportunity for market growth. Increasing awareness about benefits of nasal splints also supports sales opportunities.
Threats: Availability of alternative treatment methods can hinder the market demand. Unfavorable reimbursement policies in some countries pose challenges.
Key Takeaways
The Global Nasal Splints Market Demand is expected to witness high growth, exhibiting CAGR of 9.0% over the forecast period, due to increasing number of nasal procedures worldwide. Regionally North America dominated the market in 2023 with a share of over 35.0% owing to high occurrence of nasal injuries and advanced healthcare infrastructure in the region.
Asia Pacific is poised to be the fastest growing region in the Nasal Splints market during the forecast period, owing to improving healthcare facilities, rising medical tourism and increasing patient awareness. China dominates the Asia Pacific market and is expected grow at a CAGR of over 10% between 2023-2030.
Key players operating in the Nasal Splints market are Olympus Corporation, Medtronic, Stryker, Smith & Nephew., Summit Medical, Surgiform, Mentor Worldwide LLC (Johnson & Johnson), Intersect ENT, Inc., Cook Medical, Network Medical Products Ltd. They are focusing on new product launches and geographical expansion to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
