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 decline from $1 billion in 2019 to $0.
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8 billion in 2020 at a compound annual growth rate (CAGR) of -21.7%. The decline is mainly because of worldwide supply and demand mismatches of resources due to the COVID-19 outbreak. There is an inadequate production of hearing implants, hearing aid, hearing diagnostic, voice prosthesis, and other ENT-related devices due to the restrictions imposed by governments of various countries to shutdown factories or function with minimal staffing to contain the spread of virus and keep the staff safe. The market is then expected to recover and grow at a CAGR of 2.3% from 2021 and reach $1.1 billion in 2023.
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 diagnostic devices and equipment devices market has been geographically segmented into North America, Western Europe, APAC, Eastern Europe, South America and Middle East & Africa. In 2018, North America was the largest region in the hearing diagnostic devices and equipment market.
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.
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.
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.
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. According to WHO statistics, the absolute number of people with hearing loss in Japan increased from 5.5 million in 2008 to 7 million in 2018 and 11.5 million in 2008 to 15 million in 2018 in the USA. Hence, the rising prevalence of hearing disorders and losses drives the hearing diagnostic devices and equipment market.
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