Market Highlights: —
Owing to the increasing cases of ear barotrauma, technological advancements, increasing healthcare expenditure, unmet medical needs, patent expiration of blockbuster drugs, enhancing regulatory framework, increasing government assistance, and rising funding and reimbursement, the barotrauma market has evolved significantly.
However, huge capital investments with low-profit margins, strict FDA regulations, and poor healthcare system in the low and middle-income countries are likely to hamper the growth of the barotrauma market over the forecast period.
It is estimated that the barotrauma market is expected to have a CAGR of 6.5% during the forecast period of 2017–2023.
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Some of the key players in the global barotrauma market are 3M, Accurate Surgical & Scientific Instruments Corporation, AptarGroup, AstraZeneca plc., Atos Medical, CellScope, Entellus Medical Inc., GlaxoSmithKline plc, HEINE, Inventis, Johnson & Johnson Services, Inc., Merck & Co., Inc., Novartis AG, Olympus Corporation, Pfizer, Inc., Cipla Ltd., Mylan N.V., Preceptis Medical, Rudolf Riester GmbH, Shanghai Yuejin, SinuSys Corporation, Teva Pharmaceutical Industries Ltd., Ranbaxy Laboratories Ltd., Sklar Surgical Instruments, Smith & Nephew Plc, Valeant pharmaceuticals International Inc., Hill-Rom, and others.
The global barotrauma market is segmented by type, diagnosis, treatment, and end-user.
On the basis of type, the barotrauma market is classified as ear barotrauma, sinus barotrauma, and pulmonary (lung) barotrauma.
On the basis of diagnosis, the barotrauma market is classified as otoscopy, X-ray, Computed Tomography (CT) scan, pulmonary function test, lung perfusion scan, Magnetic Resonance Imaging (MRI), pulse oximetry, and others.
On the basis of treatment, the barotrauma market is classified as pressure relief, medications, surgery, oxygen treatment, recompression therapy, and others. The medications segment is further classified as decongestant nasal sprays, oral decongestants, oral antihistamines, painkillers, antibiotics, and others. The surgery segment is further classified as Functional Endoscopic Sinus Surgery (FESS), tympanostomy, Single Laparoscopic Incision Transabdominal (SLIT), and others.
On the basis of end-user, the barotrauma market is segmented into hospitals and clinics, trauma centers, pharmaceutical companies, medical device companies, academic and research institutes, and others.
The Americas dominates the barotrauma market owing to the increasing prevalence of ear barotrauma and high healthcare expenditure.
Europe holds the second position in the barotrauma market. The financial support provided by the government towards R&D and technological advancements are expected to drive the European barotrauma market. The increasing healthcare expenditure is also boosting the European barotrauma market.
According to the data suggested by Eurostat, it is observed that among the EU Member States, the highest value of healthcare expenditure was recorded in Germany in 2014, i.e., EUR 321 billion which is further followed by France with EUR 237 billion and United Kingdom with EUR 223 billion. In 2016, the R&D expenditure in the pharmaceutical industry was EUR 35000 million, suggested by the European Federation of Pharmaceutical Industries and Association.
Asia Pacific is the fastest growing barotrauma market owing to a huge patient pool and development in the pharmaceutical sector. Healthcare expenditure is found to be boosting in various regions of Asia Pacific. As per the data suggested by the Australian Institute of Health and Welfare during the year 2015–2016, the total health expenditure was nearly USD 170.4 billion, i.e., 3.6% higher than the expenditure of 2014–2015.
The Middle East and Africa holds the lowest share of the global market due to slow development, lack of technical knowledge, and poor medical facilities.
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