Global Hearing Loss Technology Market: Overview
Incidence of hearing loss is a massive burden on healthcare and governments. Worldwide, 466 million people are suffering from disabling hearing loss and a large part of about 34 million are children. And, as per World Health Organization (WHO), in another 30 years – by 2050 – this number will go up to a hefty 900 million. Additionally, about 1.1 billion people aged 12-35 are at a risk of developing conditions leading to hearing loss.
This is contributing to the growth of global hearing loss technology market significantly, credit a steady CAGR (Compound Annual Growth Rate) between 2017 and 2025. This will improve market worth notably and help generate lucrative opportunities of growth for the market players. Who will scurry to make the make the most of these opportunities, ensuring a larger piece of slice from the growth pie.
Some of the most futuristic technologies that exist in the market landscape today include infrared systems, audio loops, and FM systems.
The market study by Transparency Market Research (TMR) furnishes businesses with a thorough investigation of competitive landscape, regional outlook, trends and drivers, strategies and so on. The incisive insights are important to ensure market players have an in-depth understanding of the market dynamics – qualitative as well as quantitative. Besides, it provides information on forecast details plus historical data.
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Global Hearing Loss Technology: Key Trends and Drivers
A rise in prevalence of hearing loss is noted. And, this will contribute positively to the global hearing loss technology market growth. Some of the biggest factors propelling the growth in the market include massive technological advancements in the market landscape and increase in geriatric population. It is worth noting another factor that is significant in its own right – rising trend of implants that are customized.
By 2015, 2 billion people will be aged 60 and above and one in every six people in the world will be aged 65 and above. And, the ratio of people aged 65 and above will be one in every four people in regions of Europe and North America. Besides, in 2018, history was created when demographics shifted dramatically. For the first time in the history of mankind, this year saw number of people aged 65 and above surpass the number of people aged 5 and below. And, this demographic is susceptible to hearing issues.
There is also the issue of noise pollution which is growing at an alarming pace, especially for people employed in heavy duty industries. A number of other factors related to noise pollution are hampering the capability in adults.
Also, sometimes, issue in pregnancy can lead to hearing loss in infants.
Global Hearing Loss Technology Market: Key Companies
The market for hearing loss technology market is consolidated and prominent players operating the playfield include MED-EL, Starkey, Oticon, Sonova Holding AG, Widex, GN Hearing (ReSound), Sivantos Group (Siemens), Beltone, Sonic Innovations, and Unitron, among other significant players worldwide.
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Global Hearing Loss Technology Market: Regional Analysis
A comprehensive regional analysis carrying details such as scope of growth and opportunities that would be generated in regions of North America, Latin America, Western Europe, Eastern Europe, Asia Pacific and Middle East and Africa. As per the TMR report, North America will dominate the market landscape owing to a technologically advanced landscape and sophisticated infrastructure.
It is worth noting here that the Asia Pacific region (APAC) will grow at a significant pace owing to a large consumer base and rising awareness among patients. Besides, the governments in the region are trying to improve healthcare standards.
Research undertaken towards the preparation of the report is inclusive of both primary and secondary type and contains remarkable insights from the industry experts and market participants, belonging to varied key points in the value chain of the studied industry.