The global 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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Nasal splints are medical devices used for supporting the nasal structures internally after nasal surgeries such as septoplasty, rhinoplasty, or other nasal procedures. Nasal splints are made of materials such as silicone, acrylic and metals. They help in preventing trauma and stabilize the nasal structures during post-surgical healing. Nasal splints allow for straight alignment of the nasal septum and prevent adhesion or deformity after surgery. They provide unobstructed airflow through the nose. Nasal splints minimize pain and swelling after surgery and aid in faster recovery.
Market key trends:
One of the key trends in the nasal splints market is the growing adoption of bioresorbable nasal splints. Bioresorbable nasal splints are manufactured using materials that can dissolve and are absorbed by the body over time. This eliminates the need for removal of the splint after healing. Some examples of bioresorbable materials used are polylactic acid (PLA) and polyglycolic acid (PGA). Researchers are focusing on developing advanced bioresorbable nasal splints with customized design and absorption timeframes tailored to individual surgical procedures. This is expected to drive the demand of nasal splints in the forecast period.
Porter's Analysis
Threat of new entrants: Low capital requirement and increasing demand for minimally invasive surgical procedures are lowering entry barriers. However, the market is dominated by a few major players having strong brand names.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes in the market. However, rising awareness about advantages of nasal splints is increasing their demand.
Bargaining power of suppliers: A large number of raw material suppliers and dominance of major players results in low bargaining power of suppliers.
Threat of new substitutes:Substitutes like nasal packing are available but splints are more effective and provide longer support, restricting threat from substitutes.
Competitive rivalry: The market is highly competitive with major players adopting strategies like new product launches and geographic expansions.
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 prevalence of nasal injuries and rising number of nasal surgeries.
The North American region is expected to dominate the nasal splints market owing to high prevalence of sinusitis and large patient pool undergoing nasal surgery. Asia Pacific is anticipated to exhibit fastest growth due to increasing healthcare spending and rising medical tourism in the region.
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. Major players are focused on new product launches and geographic expansions to strengthen their market position.
A recent report published by TheBusinessResearchCompany on Nasal Splints Market provides in-depth analysis of segments and sub-segments in the global as well as regional.The Nasal Splints Global Market Report 2020 which provides strategists, marketers and senior management with the critical information they need to assess the global nasal splints market.
The report covers the nasal splints market’s segments- malleable nasal splints, airway nasal splints, bivalve nasal splints, hospitals & clinics, homecare, research centers, plastic surgery, rhinological operations, ENT-surgery, intranasal segment, and extranasal segment.
Nasal Splints Global Market Report 2020 is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 50+ geographies.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by region and by country.It also compares the market’s historic and forecast growth.
It covers all the regions, key developed countries and major emerging markets.
It draws comparisons with country populations and economies to understand the importance of the market by country and how this is changing.
