Absorbable Nasal Implant Devices Market Analysis

Absorbable Nasal Implant Devices Market Analysis

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The drug eluting absorbable nasal implants segment accounted for more than 62% revenue share of the global absorbable nasal implant devices market in 2022. This growth is primarily attributed to the higher preference and adoption of drug eluting absorbable nasal implants. These implants release a broad range of medications & provide more targeted and effective treatment while minimizing systemic side effects. Thus, the use of drug-eluting absorbable nasal implants is a promising alternative treatment for various nasal conditions, and ongoing research & development augment the market expansion.
 

The polymer segment of absorbable nasal implant devices market is likely to observe 7.2% CAGR from 2023 to 2032. Polymers are used in absorbable nasal implants to gradually degrade and absorb into the body over time, eliminating the need for a second surgery to remove the implant. These materials are designed to have specific mechanical and biological properties, allowing for customization of the implant to the individual patient's needs and their non-toxic nature helps in eliminating the risk of potential adverse reactions. Other advantages include reduced inflammation, reduced risk of infection, and increased patient comfort. Thus, the above-mentioned benefits associated with the polymer material is anticipated to drive the segmental revenue growth.
 

The absorbable nasal implant devices market revenue from hospitals segment crossed USD 293 million in 2022. This significant segment growth is majorly attributed to the surging patient preference for hospitals owing to the availability of advanced equipment and professionals delivering quality treatment. As per recent research, studies performed on patients in hospitals deliver an accurate diagnosis that allows precise & effective treatment, thereby delivering optimal treatment outcomes along with affordability.
 

Similarly, the availability of a broad range of nasal conditions and related co-morbidities treatment incorporating advanced devices caters to the patient population is expected to proliferate the segmental revenue positively. Thus, the high-quality services and growing patient preference for hospitals is estimated to boost the market statistics.
 

The U.S. dominated the North America absorbable nasal implant devices market with a majority market share in 2022 and is predicted to reach over USD 415 million by 2032.  This dominant market growth is primarily owing to several variables including the high disease burden of nasal conditions, rising number of nasal reconstruction surgeries, and rise in awareness regarding absorbable nasal implants.
 

For instance, as per the recent survey, in 2021, around 1 in 4 Americans witness nasal congestion on daily basis and about 85% stated that this condition negatively impacts their daily activities. Additionally, the presence of major players including Stryker Corporation, Smith & Nephew, Johnson and Johnson, etc., the heavy investments in R&D for effective therapeutic options along with reduced complications of surgical techniques are fuelling the regional market growth.