Nasal Splints Market To Reach Us$ 210.51 Billion By 2024 Owing To Rising Use Of E-Commerce Platforms For Nasal Splints Purchases
Nasal splints are medical devices used for supporting and protecting the nasal cavity following trauma or surgery. They are most commonly used after rhinoplasty surgeries to help the nose retain its shape during healing. Nasal splints come in a variety of materials like silicone, metal or bioresorbable materials. Silicone nasal splints are flexible, breathable and comfortable for patients as compared to metal splints. The advantages of nasal splints include proper healing, preventing edema and scaring. With the rising number of nasal surgeries globally, the demand for nasal splints is increasing steadily.
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 2031.
Key Takeaways
Key players operating in the Nasal Splints are AccountancyManager, Aero Workflow, Adra Accounts, ApprovalMax, EasyCloud Consultants Pvt Ltd, IRIS Software Group, Nexus1040, I-SPIRIT, Omni Accounts, and Attach Accounting System. The market is dominated by few major players who focus on new product launches and strategic expansion globally. For instance, in 2022, AccountancyManager launched upgraded silicone nasal splints.
The demand for nasal splints is growing due to the rising incidence of nasal injuries and increasing number of rhinoplasty procedures performed worldwide each year. According to WHO, road accidents are a leading cause of nasal injuries. Also, aesthetic perception about appearance and development of advanced rhinoplasty techniques are driving the rhinoplasty procedures.
Technological advancements in nasal splints focus on using innovative materials for greater comfort and quicker healing. This includes use of bioresorbable materials and smart silicone that changes shape according to nasal cavity movements during healing. 3D printing technology is also being explored for customized nasal splints conforming accurately to each patient's nasal structure.
Market Trends
1. Increasing preference for silicone nasal splints- Silicone material provides flexibility, breathability and comfort over traditional metal or plastic splints. Major players are focusing on developing upgraded silicone splints.
2. Use of e-commerce platforms for sales- Manufacturers are leveraging the growing e-commerce to sell nasal splints online directly to clinics and customers. This has ensured availability to a wide target base and boosted sales.
Market Opportunities
1. Emerging markets in Asia Pacific and Latin America- With growing medical tourism and rising disposable incomes, the number of rhinoplasty procedures in regions like India and Brazil is increasing rapidly. This will drive the future demand for nasal splints.
2. Product premiumization- Manufacturers can focus on developing niche product segments like customized, bioresorbable or smart nasal splints using 3D printing to charge a premium and gain market share.
Impact of COVID-19 on Nasal Splints Market
The COVID-19 pandemic has adversely impacted the growth of the nasal splint market. During the lockdown period imposed by various governments globally, all non-essential medical procedures were either postponed or cancelled. This led to a substantial decline in demand for nasal splints. However, with lockdowns now being lifted, the demand has started recovering gradually.
Some measures taken by key players during the pandemic to sustain business included adopting work from home policy for employees, reducing manufacturing activities in compliance with regulations, and delaying new product launches and marketing initiatives to conserve financial resources. The suppliers and manufacturers faced disruptions in production and supply chain due to labour shortage and restrictions on transportation.
With resumption of elective surgeries and normalization of healthcare services, the nasal splints market is expected to bounce back. The players are focusing on offering innovative product variants, expanding regional presence, and strengthening online sales channels. Implementation of stringent safety and sanitization protocols across hospitals and clinics will boost patient confidence and increase procedure volumes in the post-COVID period. Continuous medical research for treatment of COVID-19 induced respiratory issues may also drive demand for nasal splint use.
Geographical Regions with High Nasal Splints Market Value
North America dominates the nasal splint market in terms of value, accounting for around 35% share. This is attributed to rising incidence of nasal fractures due to sports injuries and accidents, availability of advanced healthcare infrastructure and trained medical professionals, and growing awareness about benefits of nasal splints among patients and physicians in the region.
Asia Pacific is poised to be the fastest growing market during the forecast period, expanding at a CAGR of over 9%. This fast pace of growth can be accredited to increasing medical tourism, burgeoning geriatric population base prone to nasal injuries, and growing healthcare expenditure in China and India.
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