by Market Overview:
Nasal splints are medical devices used internally or externally in the nasal cavity for providing support and immobilization after nasal surgery or nasal trauma. They help in immobilizing and protecting the nasal bone and cartilage during healing. Nasal splints come in various shapes and sizes ranging from plates and stents to splints.
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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing number of rhinoplasty and nasal reconstruction procedures are expected to drive the growth of nasal splints market during the forecast period. According to American Society of Plastic Surgeons, around 193,000 rhinoplasty procedures were performed in the United States in 2019, representing an increase of 1% from 2017. This is mainly because of increased awareness about aesthetic procedures and desire of individuals to enhance their physical appearance. Nasal splints are used post rhinoplasty procedure for supporting the nasal structures during healing process.
SWOT Analysis
Strength: Nasal splints provide structural support to the nose during and after surgery or injury. They help in maintaining the shape of the nose during healing.
Weakness: Nasal splints can cause discomfort, irritation, and breathing difficulties. Their removal requires additional medical procedures.
Opportunity: Rising prevalence of nasal fractures, nasal polyps, and deviated nasal septum represents an opportunity. Increasing number of rhinoplasty procedures performed also boosts demand.
Threats: Availability of alternative treatment options like nasal packing poses a threat. Reimbursement issues in developing nations also limit market growth.
Key Takeaways
The Global Nasal Splints Market Size is expected to witness high growth, exhibiting CAGR of 9.0% over the forecast period, due to increasing prevalence of nasal fractures and injuries. The market size for 2023 is estimated to be US$ 138.4 Mn.
Regional analysis: North America dominates the nasal splints market and is estimated to maintain its dominance over the forecast period. This is attributed to increasing healthcare expenditure, rising cases of nasal fractures, and availability of advanced medical facilities. Asia Pacific exhibits the fastest growth owing to growing medical tourism, improving healthcare infrastructure, and rising focus of key players on emerging markets in the region.
Key players: Key players operating in the nasal splints market include Olympus Corporation, Medtronic, Stryker, Smith & Nephew., Summit Medical, Surgiform, Mentor Worldwide LLC (Johnson & Johnson), Intersect ENT, Inc., Cook Medical, and Network Medical Products Ltd. These companies have a strong market presence with wide product portfolios. Innovation and strategic deals to expand geographic presence remain key strategies of leading market players.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
