Otoplasty Market Key Trend, Growing Demand and Business Forecast to 2023
Otoplasty Market Provide Country Level Analysis of the Market with Respect to the Current Market Size and Future Prospective.
Pune, India -- (SBWire) -- 03/14/2018 --Otoplasty refers to surgical and non-surgical tactics for correcting outside ear deformities and defects. The defects may be of morphology and structure of the external ear which includes a deformation, absent outside ear, harm through trauma and so on. Otoplasty corrects the illness or deformity of the external ear by means of approaches consisting of shaping or augmenting of the cartilaginous guide framework of the pinna and so on.
The Global Otoplasty Market is expected to reach $ 1.2 billion by the end of 2023, this market is projected to growing at a CAGR of ~ 6.5 % during 2017-2023.
Otoplasty changed into evolved in historical India, in fifth century BC, via health practitioner sushruta and changed into defined inside the sushruta Samhita for correcting and reconstructing ear, nostril and lips deformed because of amputations. Dieffenbachia in 1845, verified correction of post-annoying auricular deformity and cosmetic otoplasty changed into defined by using Ely who accomplished a wedge excision to reduce the prominence of the ear.
The growing awareness and the availability of advanced products such as malleable and adjustable splints, tubings which can be adjusted for any size and shapes of the ear, are expected to make a positive impact on the market. The rising per capita income and the growing acceptance of the plastic and aesthetics surgeries across the globe will drive the future market.
The critical market restraints are complications and discomfort associated with otoplasty, formation of abnormal scar tissue, distortion of the shape of the ear caused by overcorrection of deformed features and reappearance of ear protrusion. Generally insurance providers do not provide coverage for otoplasty which is the biggest economic constraint. Again, cosmetic otoplasty surgeries have almost no coverage. Most patients do not have a life threat from the deformity which leads to low number of patients than the actual potential of the surgery procedure.
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The market for devices is however fragmented with a large number of players of unknown origin operating in the segment. Thus, the market has a small profit margin which has constricted growth and thus there is high competition in the market.
Key players of Global Otoplasty Market:
Key players profiled in the report are
Sklar Surgical Instruments,
Invotec International Inc.,
Phoenix medical systems pvt. Ltd.,
US accounts for the maximum market share due to favorable insurance penetration, excellent reimbursement scenario and greater expenditure on healthcare. The faster market uptake of new technology in the US is also an important driver of the market for global otoplasty.
Europe is the second largest market due to large disposable income and rising awareness. Asia Pacific region is expected to have the most future potential and it is estimated to be led by China and India.
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The Middle East & Africa market is led by the gulf nations particularly Saudi Arabia and UAE. The regions of Africa are expected to witness a moderate growth due to poor economic and political conditions and poor healthcare penetration
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