Nasal Splints Market is estimated to witness high growth owing to increasing demand for minimally invasive procedures

Market Overview:
Nasal splints are medical devices used after nasal surgeries such as nose reshaping (rhinoplasty) and septoplasty. Nasal splints are placed inside the nose during surgery to support the internal structure. They help reduce pain, support healing and prevent admission of blood clots. Nasal splints are usually made of materials such as polyvinyl alcohol (PVA), silicone and can be custom-made.

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 fuelling the growth of nasal splints market is increasing demand for minimally invasive procedures. Minimally invasive ENT procedures such as balloon dilation for sinusitis and coblation turbinate reduction do not require incisions. They have benefits such as shorter recovery time, reduced pain and scarring. Nasal splints help stabilize post-procedure swelling and healing inside the nose. Their use has increased significantly with the growing popularity of minimally invasive ENT procedures. Advantages offered by nasal splints like reduced post-surgical complications and faster recovery are boosting their adoption.

Porter's Analysis
Threat of new entrants: The threat of new entrants into the nasal splints market is moderate. High capital requirement and the presence of major players pose significant barriers.
Bargaining power of buyers: The bargaining power of buyers is moderate. A large number of buyers and product options from existing nasal splints manufacturers reduce buyers' influence over pricing somewhat.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Key raw material suppliers exist, but suppliers' influence is curtailed by the availability of alternative options.
Threat of new substitutes: The threat of new substitutes is low. Nasal splints have few alternatives for their intended applications.
Competitive rivalry: High as major players compete on technology, quality, and pricing.

SWOT Analysis

Strength: Wide product portfolio and technological advancements. Innovation is a key strength.
Weakness: High capital requirement and costs associated with marketing and R&D.
Opportunity: Growing geriatric population and rising prevalence of nasal injuries due to accidents and sports.
Threats: Stringent regulatory framework and threat from local players offering low-cost alternatives.

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. Nasal splints find wide application in correcting nasal fractures and maintaining nasal airway patency after nasal surgery.

Regional analysis: North America dominates the global nasal splints market currently and is expected to maintain its lead over the forecast period. This can be attributed to the growing number of nasal surgery procedures and road accidents in the region. The Asia Pacific market is expected to witness the fastest growth owing to rising healthcare spending, increasing patient volume, and improving medical infrastructure.

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. Companies are focusing on product innovation and geographic expansion to consolidate their market position.

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