Market Overview According to a new report published by Reports Monitor titled, “Otoplasty Market by Type, Surgical Technique, Non-Surgical Technique, Devices and End-User: Global Opportunity Analysis and Industry Forecast, 2017–2025,” the otoplasty market was valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025.
All along the last decade, the trend for plastic surgery has been growing. Innovation in technology and advancement in healthcare sector offers variety of treatments to increase aesthetic appearance. Otoplasty is surgical and non-surgical medical technique to fix defects and natural deformities of the outer ear or pinna. The defects may include unnatural structure or morphology of the external ear such as absence of outer ear, malformation, injury by accident. The procedure corrects the deformity by shaping or augmenting of the cartilaginous support framework of the auricle.
Factors driving the growth of the otoplasty market include growing predominance of the innate ear disfigurement, rising cases of trauma and greater screening & operating techniques. Furthermore, rising awareness, increased disposable income and presence of advanced products such as tubings and malleable splints for size & shape of the ear positively affects the market. Penetrating adoption of cosmetic surgeries across the globe is anticipated to drive the future market. However, less insurance providers, discomfort & complication associated with the procedure and mark of abnormal scar tissues are some of the constraints that might hamper the growth of the market. North America is health market for otoplasty to bloom. Large number existing players in the market, early acceptance of new technology and well-established healthcare infrastructure in the region supports the growth of the market.
The global otoplasty market is segmented on the basis of type, surgical techniques, non-surgical technique, devices and end-users. In terms of type the market is divided into ear augmentation, ear reduction, ear pin back. Based on surgical techniques, the market is distributed into anti-helical fold manipulation, correction of ear lobe prominence, and conchal alteration. Considering non-surgical otoplasty the market is split into tissue molding and others. Based on devices, the market is segregated as Tubing, Ear-Splint, Others. Based on end-user the market is separated into hospitals & clinics, academics & research and others.
Competition among players The key players profiled in the report include Earfold, Allergan, Sklar Surgical Instruments, EarBuddies, Invotec International, Inc. and Phoenix medical systems pvt. Ltd.
Companies are adopting certain activities such as collaboration and merger to consolidate their position in the market. Allergen plc. a leading global pharmaceutical and aesthetics company in November 2015, acquire earFold who is developer of innovative medical device for the correction of prominent ears. Under this agreement Allergan intends to commercialise the product widely across Europe, in line with its CE mark.
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