Hearing Loss Diagnostic Devices Market

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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Industry: Medical Devices

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Demand for Hearing Loss Diagnostic Devices to See a Spike for Application in Lab Evaluation, and Testing

The National Institute on Deafness and Other Communication Disorders (NIH) indicates that in the US alone, one out of eight people of or above 12 years of age suffers loss of hearing in both the ears. Moreover, standard hearing examinations reveal that roughly 2% of the country’s adult population suffers disabling hearing loss, prevalence of which is noted to be rising with age. On the other side, three out of 1,000 children in the US have in-born loss of hearing in at least one ear, which is at a detectable level if addressed at the earliest.

The stats about the ascending number of hearing loss cases are quite alarming. A considerable proportion of it also remains undiagnosed, which underscores the need for accelerating hearing loss diagnostics. Global hearing loss diagnostic devices market is expected to be driven by their growing adoption for the evaluation and testing of the loss of hearing abilities in children, as well as adults.

Increasing Prevalence of Hearing Conditions Highlights Rising Need for Effective Hearing Loss Diagnostic Devices

Nearly 900 million people worldwide are likely to be affected by the loss of hearing by the end of 2050, says the World Health Organization (WHO). Growing prevalence of the various hearing conditions, and hereditary disorders remain the key factors fuelling demand for hearing loss diagnostic devices. In addition, exploding levels of noise pollution, expanding elderly population, and soaring (prescribed) consumption of non-steroidal anti-inflammatory drugs (NSAIDs), and other ototoxic medications are expected to play out as the most significant factors pushing sales of hearing loss diagnostic devices. Complications at the time of birth also continues to be a significant factor contributing toward the progress of hearing loss diagnostic devices market.

Under-recognition, Under-diagnosis, and Under-utilisation Collectively Reflect Multiple Untapped Opportunities

The condition of hearing loss is often under-recognised, and if recognised, is mostly addressed with hearing enhancement technologies. Devices like hearing aids are considerably underused. A majority of such patients more often than not self-recognise their lost hearing ability, whereas others have their cases recorded by their families who observe their behavioural changes post-hearing loss. While there are several approaches that can be used for effective screening of the loss of hearing abilities, none promises a specific set of advantages. Here is when the need for in-office testing, and diagnosis comes into the picture, thereby pushing adoption of hearing loss diagnostic devices.

Audiometry (whispered voice test) remains a widely recommended test for diagnosing hearing loss. Abnormalities of tympanic membrane, and external canal are often screened with the help of diagnostic examination. Neurologic examination is also recommended in case of exostoses, and cerumen impaction. Screening for sudden loss of sensorineural hearing requires otolaryngology devices, in addition to hearing loss diagnostic devices/equipment like computed tomography (CT) scanner, and magnetic resonance imaging (MRI) instrument.

Affordable Audiological Care Continues to be a Challenge in Long Run

Huge investments continue to flow into the world of medicine and healthcare. Gradually rising awareness, and supportive government initiatives, especially in the western world, further uplift the prospects of hearing loss diagnostic devices. A growing number of endorsements for pushing advanced screening of the loss of hearing has also been substantially favouring the growth of global hearing loss diagnostic devices market over the recent past.

Market in many countries is also reaping the advantage of an increasing number of early identification and intrusion programmes to promote hearing loss diagnosis, as well as expand the outreach of hearing loss diagnostic devices. However, expensive diagnosis and treatment costs continue to limit market growth. The relative unaffordability of diagnostic equipment will remain a challenge facing those market participants who have been seeking newer market opportunities across cost-sensitive low- and middle-income countries (LMICs). Cost thus remains a major hindrance to rapid expansion of hearing loss diagnostic devices market.

Leading Competitors in Hearing Loss Diagnostic Devices Market

Key companies in hearing loss diagnostic devices space will continue to concentrate their strategic effort on innovations. Companies have been opting for collaborations with an objective to share expertise, and skills to contribute toward an enhanced portfolio. Some of the prominent players competing in the hearing loss diagnostic devices market, include Inventis, Natus Medical, William Demant, Amplivox, and Maico Diagnostics. Some of the most recent notable developments in global hearing loss diagnostic devices market -

  • In January 2020, Inventis announced the acquisition of Synapsys SAS eyeing a value addition to its existing portfolio. The former seeks entry to the balance diagnostic segment
  • In February 2020, Natus Medical Incorporated entered a collaboration with ReSound, which aims at pushing the market reach of Otoscan so that it eventually becomes a routine practice to use Otoscan as a digital hearing loss diagnostic device
  • In October 2020, Starkey Hearing Technologies and OrCam Technologies partnered with a long-term objective of presenting an assistive technology to people who are visually impaired, and those who are suffering the loss of hearing.

Key Elements Included In The Study: Global Hearing Loss Diagnostic Devices Market

  • Hearing Loss Diagnostic Devices Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value, 2018 - 2021
  • Market Value at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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