April 24, 2024
Nasal Splints Market

Nasal Splints Market is Transforming Healthcare by Reducing Healing Time

Nasal splints are medical devices that are placed inside the nasal cavity after surgeries such as septoplasty, nasal fracture correction, rhinoplasty, sinus surgeries etc. to provide internal support and aid in healing. Made from materials such as silicone, acrylic or cotton, nasal splints prevent trauma, stabilize and protect the nasal structures post-surgery. They allow nasal passages to remain patent for breathing while avoiding collapse or scarring. Rising number of nasal surgeries due to trauma injuries, deviated septum corrections and cosmetic rhinoplasties are fueling demand for nasal splints. The Global Nasal Splints Market is estimated to be valued at US$ 159.44 Bn in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Nasal Splints market Trends are AccountancyManager, Aero Workflow, Adra Accounts, ApprovalMax, EasyCloud Consultants Pvt Ltd, IRIS Software Group, Nexus1040, I-SPIRIT, Omni Accounts, and Attach Accounting System. These players are focusing on developing advanced nasal splint designs and materials to offer improved patient comfort post-surgery.

The global nasal splints market is expected to witness several growth opportunities due to rising medical tourism in Asia Pacific region especially in countries like India and China. Affordable treatment costs for nasal surgeries is attracting patients from Western countries. Manufacturers are expanding their presence in Asian countries to leverage this opportunity.

Major players are also expanding globally especially in developing regions to tap into the large untapped market. Strategic partnerships and mergers and acquisitions with local players help achieve faster market penetration. For instance, in 2023 Adra Accounts partnered with local Nasal Splint distributor in Africa to supply their latest acrylic nasal splint range and establish manufacturing unit to serve African market.

Market Drivers

The growing number of trauma cases and nasal bone fractures caused due to sports injuries and road accidents is a major market driver. It is estimated that around 1.5 million facial injuries are reported annually in the US alone out of which majority involve nasal bone fractures requiring stabilizing nasal splints. Rising health awareness and availability of medical insurance is encouraging people to opt for corrective nasal surgeries thereby fuelling demand.

Market Restrains

High cost of newly developed advanced nasal splint designs made from costly materials may restrain the market especially in price sensitive developing regions. Lack of awareness about available nasal splint options in remote areas also poses a challenge for market growth. Concerns over biocompatibility of certain material used in nasal splints can also limit their adoption. However, initiatives undertaken by leading players to develop affordable nasal splints are expected to overcome these restraints.
Segment Analysis
Nasal splints are of mainly four types: Nasal conforms, Nasal splints, Custom-made, Pre-shaped. Nasal conforms segment holds the largest market share as it provides overall stability to nose and have maximum contact area with nasal wall. These splints are made of high-quality medical-grade materials and are customized as per individual anatomy. They are preferred more over the pre-shaped splints for effective treatment.

Global Analysis

North America dominates the global nasal splints market due to presence of major key players, increasing healthcare expenditure, and rising cases of nasal injuries. The market in Asia Pacific is expected to witness highest growth rate during the forecast period owing to growing awareness regarding nasal splints, increasing spending on healthcare services, and expanding medical tourism industry. China, India, and Japan are emerging as lucrative markets for nasal splints in Asia Pacific region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it