April 12, 2024
Nasal Splints Market

Nasal Splints Market Poised to Grow at a Robust Pace Due to Rising Cases of Nasal Injuries

Nasal splints are medical devices used for supporting the nasal cavities and treating nasal fractures. Made of materials like silicone or collagen, nasal splints help in stabilization of the nasal bones and prevention of adhesions post surgery. They allow normal breathing and ease the healing process. Rising cases of sports injuries and road accidents have augmented the demand for nasal splints over the years.

The global nasal splints market is estimated to be valued at US$ 159.44 billion 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. The nasal splints industry provides ample growth opportunities owing to continuous product innovation incorporating advanced materials for safety, comfort and faster healing. Major market players are focusing on geographic expansion plans across Asia Pacific, Europe and Latin America to capitalize on the latent demand in emerging nations.

Market drivers

The rising number of road accidents and frequency of sports injuries are key growth drivers for the nasal splints market. Other factors such as increasing geriatric population, prevalence of chronic sinusitis and easy availability of various types of nasal splints through e-commerce channels also augment the demand. Government initiatives to enhance road safety awareness and bans on drunk driving have positively impacted the market by reducing trauma cases over the past few years.

PEST Analysis
Political: The nasal splints market is regulated by various government bodies and agencies that monitor product approval and ensure patient safety. Manufacturers must adhere to stringent guidelines for design, testing, and marketing of nasal splint products.

Economic: The overall growth of the healthcare industry and rising discretionary spending on medical devices are some of the key macroeconomic factors influencing market revenues. Higher involvement of private insurance and availability of cheap generic products also impact the overall demand dynamics.

Social: Growing public awareness about post-surgery care and the need for temporary nasal support devices is a major social trend boosting market opportunities. People are more willing to opt for minimally invasive nasal procedures and splints allow for faster recovery times.

Technological: Advanced biomaterials and 3D printing technologies are enabling manufacturers to develop customized nasal splints tailored as per surgical requirements. Some products now come integrated with sensors for remote patient monitoring during recovery.

Geographical concentration of market in terms of value
North America currently accounts for the largest market share primarily due to high adoption rates of nasal surgeries and presence of major industry players in the region. The rising healthcare expenditures and well-established reimbursement structure further supports regional market growth.

Fastest growing region
The Asia Pacific region is poised to witness the fastest CAGR over the forecast period driven by increasing medical tourism, expanding healthcare infrastructure, and growing medical needs of aging populations across countries like China, India, and Japan. Manufacturers are actively exploring untapped opportunities in emerging Asian economies.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it