Research Nester has released a report titled “Western Europe Otology Drill Product Market: Demand Analysis & Opportunity Outlook 2029″ which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, along with the impact of COVID-19 and a detailed discussion on the latest trends and future opportunities that are associated with the growth of the market.
The Global Health Data Exchange (GHDx) of the Institute for Health Metrics and Evaluation (IHME), in one of its statistics, stated that the prevalence of age-related and other hearing loss in Western Europe touched 79973683.67 numbers in the year 2019, up from 72125778.69 numbers in the year 2010.
The statistics portray the growing prevalence of hearing-related disorders, which is driving the need for ear surgeries in Western Europe. Otologic diseases, such as Bell’s Palsy, mastoiditis, otitis media, cholesteatoma, and others, require advance treatment by means of surgery. Backed by the rising awareness amongst individuals in the region for such surgeries, along with the increasing advancements in medical equipment, are some of the major factors anticipated to drive the growth of the Western Europe otology drill product market.
The Western Europe otology drill product market is anticipated to grow with a CAGR of 6.8% during 2020-2029. The market is estimated to garner a revenue of USD 78317.2 Thousand by the end of 2029, up from a revenue of USD 43488.0 Thousand in 2020. The market is segmented by end-user into hospital, ambulatory surgery centers, and individual clinics. By the end of 2029, the hospital segment is anticipated to register the largest revenue of USD 41480.5 Thousand. Moreover, in the year 2020, the segment garnered a revenue of USD 22911.6 Thousand.
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By country, the Western Europe otology drill product market is segmented into Austria, Belgium, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Netherlands, Norway, Portugal, Switzerland, Sweden, Spain, the United Kingdom, and the Rest of Western Europe. Amongst these segments, the market in Germany is expected to garner a revenue of USD 17179.6 Thousand by the end of 2029. The market in the country attained a revenue of USD 9002.0 Thousand in the year 2020, and is further expected to grow with the highest CAGR of 7.4% during the forecast period.
However, the lack of skilled personnel to use otology drill products is one of the major factors predicted to hinder the market growth in the coming years.
This report also provides the existing competitive scenario of some of the key players of the Western Europe otology drill product market, which includes company profiling of Stryker Corporation, KARL STORZ, Olympus Corporation, Bien-Air Surgery SA, DePuy Synthes (Johnson & Johnson), and others.
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The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Western Europe Otology Drill Product Market: Demand Analysis & Opportunity Outlook 2029”, analyses the overall Western Europe otology drill product industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the Western Europe otology drill product market in the near future.
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