Nasal Splints Market Size and Trends

Global nasal splints market size is estimated to be valued at US$ 2.79 Bn in 2023 and is expected to reach US$ 3.45 Bn by 2030, exhibited a compound annual growth rate (CAGR) of 3.1% from 2023 to 2030. Nasal splints are medical devices used to stabilize and support the nasal septum after nasal surgeries such as septoplasty and rhinoplasty. They prevent displacement of the septum and enable proper healing after surgery. The key market drivers of the global nasal splints market include rising prevalence of nasal deformities, increasing awareness about reconstructive surgeries, technological advancements, and increasing healthcare expenditure.Global nasal splints market is segmented into type, material type, application, end user, and region. By type, the market is segmented into malleable nasal splints, airway nasal splints, bivalve nasal splints, septal nasal splints, and others. The malleable nasal splints segment accounted for the largest market share in 2022. The high share of this segment is due to their ease of insertion, cost-effectiveness, and ability to minimize septal hematoma.

Global Nasal Splints Market Trends:

Developing markets in Asia Pacific and Latin America: The developing markets in Asia Pacific and Latin America hold tremendous potential for growth in global nasal splints market. These regions have large population bases, combined with improving economic conditions and healthcare investments. These areas have seen significant improvements in access to basic healthcare over the past decade as governments increased funding to strengthen primary care infrastructure and systems. For example, in India, the government's Ayushman Bharat program aims to provide affordable healthcare access to over 500 million citizens by building 1.5 Bn new health and wellness centers across the country by 2025. Similarly, Brazil expanded its universal healthcare program in 2020 to cover over 17 million additional low-income citizens. As primary care becomes more standardized and widespread in these regions, there will be greater awareness and uptake of ancillary products like nasal splints used in common procedures.
Strategic collaborations and partnerships: Mergers and acquisitions, partnerships, and technology licensing agreements between nasal splint companies, and ENT device manufacturers are rising. Companies are collaborating to leverage each other's expertise for developing innovative products and expanding geographic presence. For instance, in May 2022, Medtronic plc, a global leader in healthcare technology, announced that it has completed the acquisition of Intersect ENT, a commercial stage drug-device company, provides therapeutic solutions for patients with ear, nose, and throat, thus expanding the company's comprehensive ear, nose, and throat (ENT) portfolio with innovative products.