Medtronic reported 45% growth in its ENT portfolio revenue for the fourth quarter ended on 30 April 2021
According to GlobalData, data and analytics company, the global market revenue for Ear, Nose and Throat (ENT) devices, which mainly include the hearing implants and speech aid devices, is expected to grow at a compound annual growth rate (CAGR) of 4% from US$1.5bn in 2021 to US$2.3bn in 2030.
Kevin Dang, Medical Data Analyst at GlobalData, comments, “The main driver of this growth is the resumption of elective ENT procedures that were delayed or cancelled in 2020 due to the COVID-19 pandemic. GlobalData estimates that the elective procedures will recommence in 2021 and continue to address the backlog from the previous year. In 2020, the speech aid devices market suffered revenue losses of 19%. However, GlobalData estimates this market to recover by 30% in 2021.”
Mr Dang concludes, “With an aging population across the globe, the frequency of hearing loss is on the rise. Consequently, the market for hearing implants is expected to grow and coupled with the return of elective procedures, the ENT devices market will thrive for the near future.”
The ENT market recovery is backed by financial statements of the leading ENT manufacturers. For instance, Medtronic reported 45% growth in its ENT portfolio revenue for the fourth quarter ended on 30 April 2021.