Market Challenges And Opportunities
Global Nasal Splints Market Drivers:
- Increasing prevalence of nasal deformities: Rising prevalence of nasal deformities such as deviated septum, nasal valve collapse, and nasal bone fractures is a major factor driving the growth of the global nasal splints market. Nasal deformities can cause breathing difficulties, recurrent infections, headaches, facial pain and alter facial appearance. According to studies, deviated septum affects around 60% of the general population. The demand for nasal splints is high for stabilizing the septum after corrective surgeries for deviated septum. Nasal splints play a crucial role in realigning the septum and enabling proper healing after septoplasty. The growing patient pool is expected to drive adoption of nasal splints. For instance, in November 2022, according to 'The Journal of Craniofacial Surgery' publication “Quality of Life and Symptoms Before and After Nasal Septoplasty” published, the prevalence of nasal septal deviation ranges from 30.9% to 65%. Nasal septal deviation may be asymptomatic, which can also result in nasal obstruction, rhinosinusitis symptoms, and sleep disorders such as snoring, mouth breathing, daytime somnolence, and fatigue, which may have significant physical and social consequences and can impact quality of life.
- Technological advancements in product design and materials: Continuous advances in design, material engineering, and drug-eluting technologies have led to the development of improved nasal splints. Companies are increasingly focusing on developing bioresorbable and drug-eluting splints. These provide stabilization and also promote healing by releasing antibiotics/medications locally. Splints with adjustable length, customized shapes, and those enabling easy application are also being introduced. Further, modern computer-based modelling techniques allow companies to develop patient-specific nasal splints. Such advanced splints fulfilling specific requirements of procedures will continue to bolster growth. For instance, in March 2020, according to an article 'The use of modified Silastic nasal splints as frontal sinus stents' published by Cambridge University, endoscopic frontal sinus surgery is frequently complicated by post-operative stenosis and obstruction of the frontal sinus outflow tract, resulting in recurrent disease. Frontal sinus stents may help prevent re-occlusion of the frontal neo-ostia.
Global Nasal Splints Market Opportunities:
- Emerging markets offer significant growth prospects: Developing countries in Asia Pacific, Latin America, Middle East & Africa represent high-potential markets for nasal splints owing to the large target patient pool and improving healthcare facilities. The geriatric population susceptible to nasal conditions is rising in these countries. Healthcare infrastructure is also being upgraded to provide better access to Ear Nose Throat (ENT) specialists and surgeons. Favorable demographics combined with increasing healthcare investments create wide opportunities for market player operating in nasal splints market. Investing in these emerging economies by setting up manufacturing hubs and distribution networks can enable companies to tap growth opportunities. According to the Aesthetic Surgery Society, surgical procedures increased by 54% in the U.S. alone in 2021. In Canada, the leading cosmetic surgery procedures are botox and rhinoplasty with over 18,100 and 9,900 online searches on the procedures, respectively.
- Rising medical tourism for nasal surgeries: The growing popularity of medical tourism presents lucrative opportunities for nasal splint manufacturers. Many patients from developed countries are travelling to destinations such as Asian countries due to the low cost of surgeries. Countries like India, Malaysia, Mexico, Costa Rica, and Thailand are highly preferred for cosmetic nasal surgeries and corrective septoplasty. Medical tourists spend considerable out-of-pocket sums on surgeries and allied products like nasal splints. Tapping this high-growth patient population through medical tourism partnerships can help manufacturers expand their customer base and increase revenues. For instance, in July, 2020, according to an article published by the International organization of standardization (ISO) 'High hopes for medical tourism' from knee to nose surgery, the global medical tourism market has been on the rise for several years.
Global Nasal Splints Market Restraints:
- Complications and risks associated with nasal splints: Nasal splints are associated with some complications such as mucosal injury, synechiae formation, infection, and toxic shock syndrome. Prolonged placement of splints can increase chances of infection and adhesions. Synechiae formation around splints limits airflow causing breathing issues and need for additional surgeries. Cases of pressure necrosis owing to tight packing have also been reported. Such complications pose a major restraint to adoption among patients and surgeons. This is compelling companies to improve patient safety through innovations. For instance, in 2021, according to a study published in Biomedcentral (BMC) Ear, Nose and Throat Disorders journal, post-operative nasal splinting was associated with increased incidence of nasal obstruction (38.1% vs 12.9%) and discharge (38.5% vs 7.1%) compared to no splinting. Similarly, in 2020 a study published in American Journal of Otolaryngology-Head and Neck Medicine and Surgery reported that nearly 16% of the patients who underwent nasal surgery required splint removal due to intractable sinus pain. These complications and risks extend the recovery time and impact the patient's quality of life in the initial post-surgery period. This discourages both physicians and patients from relying on or recommending nasal splints.
- High cost of nasal surgeries in many countries: The high cost of nasal surgeries such as rhinoplasty and septoplasty in several countries hampers the growth of the global nasal splints market. Many patients opt out of corrective or cosmetic nasal surgeries due to their high costs and inadequate insurance coverage. Out-of-pocket expenditure is also substantial in some countries. Moreover, limited access to skilled ENT specialists increases procedure costs. The high cost of overall treatment limits the adoption of nasal splints and allied products that aid these surgeries. In 2022, according to the article 'All-Inclusive Cash Surgery Pricing published by Northwest ENT Surgery Center, the average cost of Septoplasty is $3,000 - 4000, Sinus surgery is $5,000 – 6000 and Nasal fracture reduction is $4000-5000.
- Counterbalance: As a result, the key market players should aim to improve patient safety through innovations, so that the nasal splints surgeries are easily accepted by the patients.
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