Nasal splints are medical devices used to support the nasal structures and provide aid during healing. They are commonly used after nasal surgeries such as nose fracture repair, rhinoplasty etc. Nasal splints help stabilize and immobilize the nose to promote faster healing. The key advantages of nasal splints include prevention of synechiae formation, reduced pain during healing, and accurate anatomic repositioning of the nasal bones and cartilage. Rising number of nasal reconstruction surgeries due to accidents or aesthetic procedures have fueled the demand for nasal splints globally.
The Global Nasal Splints Market is estimated to be valued at US$ 159.44 Bn in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Nasal Splints Market Size are AccountancyManager, Aero Workflow, Adra Accounts, ApprovalMax, EasyCloud Consultants Pvt Ltd, IRIS Software Group, Nexus1040, I-SPIRIT, Omni Accounts, and Attach Accounting System.
Key opportunities in the market include growing medical tourism in developing countries for rhinoplasty surgeries and presence of untapped rural markets. 3D printing technology has enabled Nasal Splints manufacturers to customize products as per patient anatomy which is driving innovations.
Technological advancements in the market include development of bioresorbable nasal splints that dissolve on their own after the healing process is complete without requiring removal. Absorbable nasal splints prevent discomfort to patients associated with removal of conventional splints.
Market drivers
The major market driver is rising number of nasal injuries and reconstructive surgeries globally. According to WHO, road accidents cause approximately 1.35 million deaths annually worldwide with many victims sustaining nasal fractures. In addition, growing emphasis on aesthetics has boosted rhinoplasty procedures thereby augmenting demand for postoperative nasal splints. Improving access to healthcare facilities and medical insurance coverage in developing countries will further support the nasal splints market growth during the forecast period.
Current challenges in Nasal Splints Market
The nasal splints market is facing various challenges currently due to the ongoing COVID-19 pandemic. With hospitals prioritizing critical care for COVID-19 patients, several elective surgeries requiring nasal splints have been postponed. This has led to a decline in demand for nasal splints globally. Another challenge is the lack of adequate reimbursement policies for nasal splints in many countries. This restricts access to these devices for many patients. However, with COVID-19 vaccines rolling out worldwide, it is expected that normalcy will return to healthcare systems in the coming years, addressing some of these challenges.
SWOT Analysis
Strength: Nasal splints are relatively inexpensive devices and provide effective splinting support post nasal surgeries. They help in healing and prevent worsening of symptoms like nose bleeding.
Weakness: Many patients find it uncomfortable to wear nasal splints and they can cause nasal obstruction and difficulty in breathing. Improper fitting and sizing of splints can lead to problems.
Opportunity: Growing volume of sinus surgeries all over the world due to rising pollution and lifestyle-related illnesses provide major growth opportunities. Increasing awareness about availability of customizable nasal splints also presents an opportunity.
Threats: Availability of alternative treatment options like nasal packing poses a threat. Issues pertaining to biocompatibility of materials used for splints can replace their usage.
Asia Pacific currently holds the largest share in the nasal splints market, in terms of value. This is attributed to presence of many key players as well as high burden of sinus diseases in the region. North America stands as the second major market for nasal splints due to rising rhinoplasty and sinus procedures in the region.
The Middle East and Africa region is expected to witness the fastest growth in the nasal splints market during the forecast period from 2024-2030. This is ascribed to increasing healthcare expenditure, high pollution levels, and rising incidence of allergic sinusitis in countries like UAE, Saudi Arabia and South Africa.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it