Market Overview:
Nasal splints are medical devices inserted in the nose after surgery to help support and protect the nasal structures as they heal. They are usually made of silicone or plastic and are shaped to precisely fit the internal nasal cavity. Nasal splints prevent collapse of the nasal structures and stabilize the nose after operations such as nasal bone fracture repair, rhinoplasty, septoplasty, turbinate reduction, and sinus surgeries. They offer advantages such as allowing for improved breathing, supporting healing and wound closure, and reducing bleeding and edema. Rising incidence of nasal fractures due to sports injuries and road accidents has driven the demand for nasal splints in post-operative care.
The Nasal Splints market is estimated to be valued at US$ 138.4 Mn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the nasal splints market is the growing popularity of absorbable nasal splints. Absorbable nasal splints are made from materials such as calcium hydroxyapatite that dissolve and are absorbed by the body over time without requiring removal. This eliminates any discomfort to patients associated with removal of conventional plastic or silicone nasal splints. Major players are focusing on developing advanced absorbable nasal splints with modified absorption times based on the type of surgery. Furthermore, the incorporation of precision 3D printing technologies by manufacturers to customize nasal splints based on individual patient anatomy is another ongoing trend in the market. 3D printed nasal splints offer benefits such as enhanced fit, comfort, and accurate correction of nasal defects.
Porter’s Analysis
Threat of new entrants: Low capital requirement and know-how poses threat of new industry players entering into the market, which may intensify competition.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and commoditized products.
Bargaining power of suppliers: Suppliers have lower bargaining power due to fragmented supplier base for raw materials and components.
Threat of new substitutes: Moderate threat of new substitutes emerging due to technological advancements.
Competitive rivalry: High competitive rivalry exists among existing players to gain market share.
Key Takeaways
The Global Nasal Splints Market Size is expected to witness high growth, exhibiting CAGR of 9.0% over the forecast period, due to increasing prevalence of nasal injuries. North America accounted for the largest share of the global nasal splints market in 2023 and is expected to maintain its dominance over the forecast period.
Regional analysis: North America retained the largest market share in 2023 due to presence of major players in the region and increased adoption of technologically advanced nasal splints for various surgeries. Asia Pacific is expected to exhibit fastest growth over the forecast period owing to increasing healthcare expenditure and rising cases of nasal disorders.
Key players: Key players operating in the Nasal Splints market are Olympus Corporation, Medtronic, Stryker, Smith & Nephew., Summit Medical, Surgiform, Mentor Worldwide LLC (Johnson & Johnson), Intersect ENT, Inc., Cook Medical, Network Medical Products Ltd. Olympus Corporation leads the market owing to its robust product portfolio and global footprint.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it