Major players in the nasal splints market are Boston Medical Products, Inc. , Innovia Medical, LLC Medtronic plc, Olympus Corporation and Smith & Nephew. The global nasal splints market is expected to grow from $1.
New York, May 03, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Nasal Splints Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06067854/?utm_source=GNW
35 billion in 2020 to $1.49 billion in 2021 at a compound annual growth rate (CAGR) of 10.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1.73 billion in 2025 at a CAGR of 3.8%.
The nasal splints market consists of sales of nasal splints. These nasal splints are devices that are used to prevent nasal bone movement from their positions to avoid side-effects such as nose bleeding, inflammation inside the nostrils, and maintain the shape of the nose after any reconstructive surgery or rhinoplasty.
Nasal splints made from biodegradable materials are gaining popularity in the industry, as they do not require surgical removal after implantation.The biodegradable materials in nasal splints include plant-based and bioresorbable materials.
They help in controlling bleeding after surgery or nasal trauma, eliminating the need for painful nasal packing removal for patients and act as an adjunct to aid in the natural healing process.For instance, Smith & Nephew, offers a dissolvable nasal splint """"Nasastent"""" composed of plant-based caboxymethyl cellulose helps to support the soft nasal tissue and provide pressure to prevent bleeding.
This implant eventually converts into a hydrocolloidal gel after absorbing nasal fluid and drains from the patient naturally. Some of the other companies offering biodegradable nasal splints are Hemostasis LLC, Medtronic and others.
Rhinoplasty is one of the most commonly performed reconstructive cosmetic surgery across the globe and around 207,284 rhinoplasty cosmetic surgeries were performed throughout the world in 2019.As part of the post-operative procedure, intranasal splints are used to promote hemostasis, structural support and minimize scar formation.
Therefore, owing to the rising numbers of rhinoplasty surgery and use of nasal splints for post-operative care, the market for nasal splints is forecasted to grow.
As per the US FDA, nasal splints are classified as Class I medical devices that are exempted from premarket notification. However, nasal splint manufacturers must register their establishment and list the generic category or classification name.
The nasal splints market was limited by shortage of skilled surgeons and other professionals in most developed and developing countries.Equipment fabrication and integration require specialized skillsets relating to nasal surgeries, and electronics and software.
According to a survey conducted by International Society of Aesthetic Plastic Surgery (ISAPS), in the Middle Eastern countries such as Iran, there were only 238 surgeons to perform 37,423 nose jobs.The specialized skillsets relating to nasal surgeries are available to a limited number of organizations, most of which are located in the USA and Europe.
This shortage of skilled surgeons and other professional is a significant deterrent to the growth of the market.
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