Major players in the hearing diagnostic devices and equipment market are Natus Medical, Maico Diagnostics, Inventis, William Demant and Amplivox. The global hearing diagnostic devices and equipment market is expected to grow from $0.
New York, May 03, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hearing Diagnostic Devices And Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06067859/?utm_source=GNW
75 billion in 2020 to $0.83 billion in 2021 at a compound annual growth rate (CAGR) of 10.7%. 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 $0.92 billion in 2025 at a CAGR of 2.6%.
The hearing diagnostic devices and equipment market consists of sales of hearing diagnostic devices and equipment and related service.These devices are used for testing and evaluating hearing loss.
The machines usually consist of an embedded hardware unit connected to a pair of headphones and a test subject feedback button, sometimes controlled by a standard PC.
The hearing healthcare industry is evolving with continuous innovations in terms of technologies used.These technologies use modules like Transient evoked otoacoustic emissions (TEOAE), Distortion product otoacoustic emissions (DPOAE) and Auditory Brainstem Response (ABR).
TEOAE is the module that is used for hearing diagnosis and are generated by reflection of travelling wave.DPOAE is used to track the progress of cochlear function in newborns.
The ABR is another test used by audiologist to check the way hearing nerves of babies responds to sounds. For example, Maico has invested and recently launched a new product named easyScreen with BERAphone that is combination of ABR, TEOAE and DPOAE that are used for response detection, reduces the workload and test time.
The European Commission on 7th March 2017, adopted two new regulations for medical devices in order to enhance safety, take effective measures in the event of concerns, and improve traceability.These regulations provide the medical device manufacturers with a stronger mandate for assessment of medical devices by independent notified bodies, a unique identification number for improving traceability throughout the supply chain, availability of clinical data on devices, and provides a central database to provide patients, healthcare professionals and the public with comprehensive information on products.
These rules will help manufactures to meet the standards, safety requirements and to make better informed decisions.
Growth in hearing diagnostic and equipment market is attributed to the increasing number of hearing loss cases.This increase prevalence of hearing loss is due to noise pollution, hearing diseases, ototoxic medications, hereditary disorders, birth complications and rising geriatric population.
According to World Health Organization (WHO), the hearing diagnostic device market is expected to make enormous advancement and investment on hearing diagnostic devices and equipment even as the number of affected individuals is expected to increase from 466 million in 2018 to 900 million by 2050 in the world.A survey conducted by the Japan hearing instruments manufacturers association (JHIMA) 2018, shows that around 14% of people in Japan with hearing loss.
According to the National Institute on Deafness and Other communication, disorders states that approximately one in three people in the United States between the ages of 65 and 74 have hearing loss, and half of those older than 75 have difficulty hearing. Hence, the rising prevalence of hearing disorders and losses drives the hearing diagnostic devices and equipment market.
The unaffordability of healthcare equipment in the middle income countries acts as a major factor hindering the development of hearing diagnostic device and equipment market.The hearing diagnostic device and equipment market includes advanced technologies and devices for diagnosis, testing and evaluating hearing loss.
The financial inability of remote regions within these middle income countries, lack of proper infrastructure and healthcare services may hinder the market growth. According to World Bank statistics, out of the total world population of 7 billion, 5 billion belong to middle income countries, but these middle income countries represent one-third of the global GDP in 2018.
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