Nasal Packing Devices Market: Overview
Nasal packing can be defined as the placement of intranasal device for the application of constant local pressure on the nasal septum. Nasal packing adds direct pressure and reduces mucosal irritation, decreases bleeding and enables clot formation around the foreign body. Nasal packing is considered to be the second line of treatment for epistaxis, which is also known as nosebleed, when cauterization is unsuccessful. Nasal packing is used for the treatment of anterior and posterior epistaxis. Traditional nasal packing includes a ribbon gauze, which is impregnated with lubricant or antibiotic ointment. The recent advancements in the nasal packing include hygroscopic foam packing that is capable of absorbing liquid over 10 to 20 times its weight. Upon hydration, these packing materials compress the vasculature.
Nasal Packing Devices Market: Key Trends
Increasing prevalence of epistaxis is a primary factor propelling the nasal packing devices market. According to International Journal of Otolaryngology, over 12% of the global population suffered from epistaxis in 2015, of which over 75% of the population required medical attention. Epistaxis is one of the common clinical conditions that causes bleeding from the nostrils, the primary cause of which is considered to be hypertension. Growing prevalence of hypertension boosts the market. Expansion of circulatory system during pregnancy leads to an increase in circulation of blood, which leads to nosebleeds. Therefore, rise in the number of pregnant women suffering from hypertensive diseases drives the market. Furthermore, increase in prevalence of nasal tumors fuels the market. However, complications associated with nasal packing such as those associated mucosal lacerations, which can worsen bleeding and cause infectious complications and toxic shock syndrome (TSS) is hamper the demand for nasal packing devices. This, in turn, inhibits the nasal packing devices market during the forecast period. However, rise in the number of product launches and strong focus on technological developments propel the market.
Nasal Packing Devices Market: Segmentation
The global nasal packing devices market can be segmented based on product, material, end-user, and region. In terms of product, the market can be divided into injectable, gels, sprays, and dressings. The dressings segment can be sub-segmented into sponges, splints, and strips. Based on material, the nasal packing devices market can be bifurcated into bioresorbable and non-absorbable. In terms of end-user, the market can be segregated into hospitals, clinics, ambulatory surgical centers, and others.
Nasal Packing Devices Market: Regional Analysis
Based on region, the global nasal packing devices market can be categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for a dominant share of the market in 2018. The U.S. was the highest revenue generating country in the region. Expansion of the market in the region can be attributed to factors such as the presence of leading market leading North America, significant number of product launches, and presence of a well-established health care infrastructure. In terms of revenue, Europe accounted for a large share of the market. However, the nasal packing devices market in Asia Pacific is anticipated to expand at a substantial CAGR during the forecast period owing to the rising geriatric population, increasing prevalence of epistaxis, rising target patient population, and technological developments in the health care sector.
Nasal Packing Devices Market: Competitive Landscape
Major players in the global nasal packing devices market include Smith & Nephew, Inc., Medtronic plc, Summit Medical Group, Stryker Corporation, Lohmann & Rauscher GmbH & Co.KG, Olympus Corporation, Entellus Medical, Inc., and Network Medical Products Ltd.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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Below is a snapshot of these quadrants.
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
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10. What will be the barrier to entry for new players in the market?
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