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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Nasal splints are medical devices that are inserted into the nasal cavity after nasal surgeries or nasal trauma for internal support and stabilization of the nasal structures. They help prevent collapse of the nasal structures and stabilize fractured nasal bones until healing is complete. Nasal splints are made of various materials such as silicone, latex rubber, and metal alloys to provide effective stabilization with comfort. Proper healing and reduced risk of complications with the use of nasal splints drive their demand.
Market key trends:
Nasal splints market is witnessing high growth owing to rise in nasal surgeries. Nasal fractures are commonly treated conditions that often require surgical repair using open or closed reduction techniques. Moreover, rise in rates of nasal surgeries for conditions such as deviated nasal septum, nasal valve collapse and rhinoplasty is driving the demand for nasal splints significantly. According to American Academy of Facial Plastic and Reconstructive Surgery, rhinoplasty is one of the most commonly performed cosmetic surgeries in the U.S. Further, increasing adoption of minimally invasive procedures and technological advancements in nasal splints are some factors expected to present lucrative growth opportunities for players in the nasal splints market during the forecast period.
Porter’s Analysis
Threat of new entrants: The barriers to entry in the nasal splints market is moderate to high as it requires huge capital investments and regulatory approvals for manufacturing medical devices. New entrants also have to deal with established brands and the bargaining power of larger suppliers and buyers.
Bargaining power of buyers: The bargaining power of buyers is moderate as the nasal splints market has presence of many established as well as emerging players. Buyers can choose from a wide range of products at competitive pricing. However, switching costs for buyers are relatively low.
Bargaining power of suppliers: The bargaining power of suppliers is moderate to high as key raw materials for nasal splints like metal alloys and polymers are sourced from few specialized suppliers globally. Suppliers can influence prices of such specialized materials.
Threat of new substitutes: Threat of new substitutes is low as nasal splints have few substitutes available for post-surgery wound care and healing support. Alternative treatment options are not as effective as nasal splints.
Competitive rivalry: The competitive rivalry in the nasal splints market is high owing to the presence of many global and regional players offering similar products. Players compete based on product innovation, quality, and pricing.
SWOT Analysis
Strength: The nasal splints market offers various advantages of nasal splints like providing mechanical support to nasal bones and cartilage during healing, preventing re-fracture and ensuring proper alignment of nasal structures.
Weakness: Nasal splints are associated with complications like splint migration or displacement, irritation, and infections in some cases. Removal of splints also requires minor intervention.
Opportunity: Rising incidence of nasal bone fractures globally due to various causes like sports injuries, road accidents, and physical assault presents significant growth opportunities. Increasing adoption of nasal endoscopic surgeries further drives the demand.
Threats: Availability of alternative treatment methods like nasal packing and taping poses threat to the nasal splints market. Unfavorable reimbursement scenario for nasal splints in some regions also restricts market revenue growth.
Key Takeaways
The Global Nasal Splints Market Growth is expected to witness high, exhibiting CAGR of 9.0% over the forecast period, due to increasing number of nasal surgeries globally. According to estimates, over 1.5 million nasal fracture surgeries are performed annually worldwide.
Regionally, North America is expected to dominate the global nasal splints market during the forecast period. This is attributed to growing number of trauma cases coupled with rising healthcare spending in the region. According to CDC, over 2.8 million people are treated annually in emergency rooms for sports and recreation-related injuries in the US.
Asia Pacific exhibits high potential for nasal splints market owing to large population base and improving access to healthcare. Rising medical tourism in countries like India and Thailand further supports regional market
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
