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Market Demand on Hearing Screening Diagnostic Devices Market Size to Forecast by top Leaders

Overview:

The Global Hearing Screening Diagnostic Devices Market is poised to touch a valuation of USD 994.98 million by 2023, as per the latest report by Market Research Future (MRFR). The ever-expanding geriatric populace, increasing noise pollution levels, and technological advances of audiology devices are factors expected to drive the market growth from 2018 to 2023 (forecast period). Rising prevalence of diseases such as cancer, orthopedic diseases, and gastrointestinal problems can culminate in hearing loss. This provides a growth opportunity for the market.

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Rapid urbanization coupled with migration to cities has contributed to high noise levels. According to the World Health Organization (WHO), around 1.0 to 1.6 million were affected by high decibel levels in 2014. According to the European Federation of Hard of Hearing, patients suffering from hearing loss can touch 14.5 million by 2031. This is substantiated by loud music, large population, and other factors.

Technological advances in the form of 3D scanning offers viable solutions in terms of high-resolution scanning can detect hearing disorders at an early stage. High birth rate in developing economies coupled with frequent incidence of hearing impairment in neonatals are factors which can benefit from 3D scanning. This could be fruitful for the hearing screening diagnostic devices market over the forecast period.But high costs of treatment for hearing loss can restrain its growth.

Segmentation Analysis:

The hearing screening diagnostic devices market can be segmented by product, age, indication, test, and end-user.

By product, the market is segmented into otoacoustic emission (OAE)/auditory brainstem response (ABR) testing devices, audiometers, immittance screeners, and others. Audiometers are further segmented into diagnostic and screening audiometers. The OAE/ABR testing devices segment accounted for 67% market share in 2017, followed by audiometers, immittance screeners, and others. This segment is touted to exhibit 6.77% CAGR during the forecast period owing to rising awareness of hearing diagnosis procedures.

By age, it is segmented into new born hearing screening and others. The former accounted for 62% market share in 2017. It can showcase 6.82% CAGR during the forecast period to reach a valuation of USD 623.53 million by 2023. This can be attributed to hearing impairment cases witnessed in neonatals and premature babies. OAE/ABR tests can assist in detecting these disorders at a preventive stage and contribute to overall market revenue. The ‘others’ segment, on the other hand, can exhibit a CAGR close to 6% in the same review period.

By indication, it is segmented into conductive hearing loss, sensorineural hearing loss, combination hearing loss, and others. The conductive hearing loss segment captured 40% of the hearing screening diagnostic devices market in 2017. It is predicted to accumulate USD 406.84 million by 2023 at a 6.71% CAGR over the forecast period. The sensorineural segment accounted for 37% share in 2017, followed by combination segment (15%), and others (8%). The sensorineural segment, on the other hand, can accrue revenue at 6.82% CAGR during the review period.

By test, it is segmented into pure-tone test, bone conduction test, tests of the middle ear, speech discrimination test, speech recognition threshold test, most comfortable listening (MCL) test, and uncomfortable loudness level (UCL)test. Tests of the middle ear is further segmented into tympanometry and static acoustic impedance. Similarly, the pure-tone test segment is divided into visual reinforcement and conditioned play audiometries respectively. The pure-tone test is poised to reach a valuation of USD 302.52 million at a 7.71% CAGR over the forecast period.

Major end-users of the hearing screening diagnostic devices market include hospitals & clinics, diagnostic centers, and others. Hospitals & clinics accounted for 48% market share in 2017, with diagnostic centers capturing 39% share, and ‘others’ segment with the remaining 13%. The hospitals & clinics will continue to be the biggest market end-user till the end of the forecast period owing to the mushrooming of hospitals and clinics emerging to handle the large number of cases. It can contribute close to USD 547.39 million by 2023.

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Regional Analysis:

The worldwide hearing screening diagnostic devices market covers the latest trends and opportunities across Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA). Among these, the Americas accounted for 38% market share in 2017, followed by Europe (29%), APAC (23%), and MEA (9%) respectively.

 

The Americas is poised to reach a market size of USD 369.01 million by 2023, at a 5.89% CAGR over the forecast period. The ballooned healthcare expenditure allotted for tackling new diseases, well-developed technology, and the large patient pool of geriatrics and pediatrics can drive the market growth.

But the APAC hearing screening diagnostic devices market can register 7.06% CAGR over the forecast period due to the large patient pool and adoption of latest tests. In addition, supportive government initiatives to tackle hearing disorders by creating awareness coupled with continuous development of new products can augur market growth. India is touted to be the one of the best makers of cochlear implants with a bevy of product offerings. This can induce the market demand for thorough screening tests in the forthcoming years and be fruitful for the market.

Competitive Dashboard:

Prominent players operating in the hearing screening diagnostic devices market include Starkey (U.S.), Intelligent Hearing Systems (U.S.), Inventis srl (Italy), IntriCon Corporation (U.S.), MAICO Diagnostics GmbH (Germany), Natus Medical Incorporated (U.S.), Amplivox Limited (U.K.), Otometrics (Denmark), Sivantos Pte. Ltd. (Singapore), Accent Hearing Pty Ltd. (Australia), and Otodynamics Ltd. (U.K.). Expansions into developing economies coupled with investments in research and development (R&D) are strategies employed by these players to sustain their position in the global market.

Also Read Here !! https://www.medgadget.com/2019/11/hearing-screening-diagnostics-devices-market-technology-advancement-in-hearing-devices-demand-overview-key-players-industry-size-share-and-future-trends-to-2023.html

 

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