Market Overview:
Nasal splints are medical devices used after nasal surgeries and nasal fractures to support nasal tissue to heal properly. They come in various shapes and sizes based on the procedure. Silicone nasal splints are increasingly used as they are more flexible andcomfortable for patients. Post-surgical use of splints minimizes complications and helps maintain patency of the nasal airway.
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 Dynamics:
Rising number of trauma cases and sports injuries leading to nasal fractures have driven the demand for nasal splints. According to the American Academy of Facial Plastic and Reconstructive Surgery (AAFPRS), an average American will experience 2 or more significant blows to the nose in their lifetime making them prone to nasal fractures. Increased adoption of minimally invasive ENT procedures have also propelled the nasal splints market.Moreover, growing awareness about advantages of nasal splints in reducing complications is compelling more surgeons to recommend their usage. However, availability of alternative nasal dressings may hinder market growth to some extent over the forecast period.
SWOT Analysis
Strength: Nasal splints provide structural support to the nasal cavity during healing process after injury or surgery. They help reduce pain and swelling by limiting unnecessary movement. Nasal splints are easily inserted and removed by medical professionals.
Weakness: Some patients may experience irritation and discomfort due to placement of nasal splints inside the nasal passage. Nasal splints cannot provide permanent solution and require repeated usage.
Opportunity: Increasing number of rhinoplasty and nasal reconstruction surgeries across the globe present an opportunity for market growth. Rise in sport-related nasal injuries also contribute to market demand.
Threats: Availability of alternative treatment options pose challenge to nasal splints market. Development of advanced bioresorbable or dissolvable nasal implants can replace conventional splints.
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 number of rhinoplasty procedures. According to American Society of Plastic Surgeons, over 200,000 rhinoplasty surgeries were performed in the United States in 2020. Nasal splints are an integral part of post-operative wound management after rhinoplasty. Rising consumer awareness regarding aesthetic procedures is encouraging market demand.
Regional analysis: North America dominates the global nasal splints market and is estimated to continue its dominance during the forecast period. High number of nasal surgeries performed in the US annually contributes to large market share. According to Centers for Disease Control and Prevention (CDC), over 6,00,000 nasal surgeries are conducted annually for various indications in the US. Asia Pacific exhibits the fastest growth owing to growing medical tourismindustry 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. Key players are focused on developing innovative nasal splints with added features like bioresorbability to strengthen their market position.
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