Otoplasty Market Overview
Otoplasty corrects the defect or deformity of the external ear by procedures such as shaping or augmenting of the cartilaginous support framework of the pinna etc. Otoplasty was developed in ancient India, in 5th century BC, by physician Sushruta and was described in the Sushruta samhita for correcting and reconstructing ear, nose and lips deformed due to amputations. Dieffenbach in 1845, demonstrated correction of post-traumatic auricular deformity and cosmetic otoplasty was described by Ely who performed a wedge excision to reduce the prominence of the ear.
Considering all these factors, the market for otoplasty is expected to reach $ 1.2 billion by the end of 2023, this market is projected to growing at a CAGR of ~ 6.5 % during 2017-2023.
The market for devices is however fragmented with a large number of players of unknown origin operating in the segment. Thus, the market has a small profit margin which has constricted growth and thus there is high competition in the market.
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Market Key Players:
Key players profiled in the report are
The global otoplasty market is segmented on the basis of otoplasty types, otoplasty surgical techniques, non-surgical otoplasty, devices and end users.
Based on otoplasty types, the market has been segmented as ear augmentation, ear reduction and ear pin back.
Based on the otoplasty surgical techniques, the market has been segmented as anti-helical fold manipulation, conchal alteration and correction of earlobe prominence.
Based on the non-surgical otoplasty, the market has been segmented as tissue molding and others. Based on the devices, the market has been segmented as ear-splint, tubing and others.
Based on the end users, the market has been segmented as hospitals and clinics, academics and research and others.
US accounts for the maximum market share due to favorable insurance penetration, excellent reimbursement scenario and greater expenditure on healthcare. The faster market uptake of new technology in the US is also an important driver of the market for global otoplasty. Europe is the second largest market due to large disposable income and rising awareness. Asia Pacific region is expected to have the most future potential and it is estimated to be led by China and India. The Middle East & Africa market is led by the gulf nations particularly Saudi Arabia and UAE. The regions of Africa are expected to witness a moderate growth due to poor economic and political conditions and poor healthcare penetration
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The growing awareness and the availability of advanced products such as malleable and adjustable splints, tubings which can be adjusted for any size and shapes of the ear, are expected to make a positive impact on the market. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market.
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