PUBLISHER: The Business Research Company | PRODUCT CODE: 1429494
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429494
Hearing diagnostic devices and equipment play a crucial role in assessing and evaluating hearing loss. Typically, these devices include an embedded hardware unit connected to a pair of headphones, along with a test subject feedback button, occasionally operated through a standard personal computer.
The primary types of hearing diagnostic devices and equipment include otoacoustic emission (OAE), audiometer, otoscope, tympanometer, and others. Otoacoustic emissions (OAEs) represent sounds originating in the cochlea, recorded by a microphone placed in the ear canal. These emissions are employed to detect conditions such as conductive hearing loss, sensorineural hearing loss, and a combination of both. The end-users for these devices include hospitals, clinics, personal use, and ambulatory care settings.
The hearing diagnostic devices and equipment market research report is one of a series of new reports from The Business Research Company that provides hearing diagnostic devices and equipment market statistics, including hearing diagnostic devices and equipment industry global market size, regional shares, competitors with a hearing diagnostic devices and equipment market share, detailed hearing diagnostic devices and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the hearing diagnostic devices and equipment industry. This hearing diagnostic devices and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The hearing diagnostic devices and equipment market size has grown rapidly in recent years. It will grow from $2.19 billion in 2023 to $2.43 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The expansion in the historical period can be ascribed to a rise in the elderly population, heightened noise pollution, robust economic growth in emerging markets, and an increase in the number of healthcare facilities.
The hearing diagnostic devices and equipment market size is expected to see rapid growth in the next few years. It will grow to $3.61 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. This anticipated growth in the forecast period is attributed to the increasing prevalence of hearing loss, a rise in healthcare expenditure, and improved healthcare access. Key trends in this period include a focus on adopting artificial intelligence, remote hearing screening, the integration of wireless technology with hearing diagnostic devices, the utilization of digital otoscope, escalating investments, and a growing number of collaborations.
The growth in the hearing diagnostic and equipment market is primarily driven by the escalating number of hearing loss cases. This rise in prevalence is attributed to factors such as noise pollution, hearing-related diseases, ototoxic medications, hereditary disorders, birth complications, and an increasing geriatric population. According to the World Health Organization (WHO), substantial advancements and investments are expected in hearing diagnostic devices and equipment, anticipating a surge in the number of affected individuals to 900 million by 2050 globally. The National Institute on Deafness and Other Communication Disorders notes that around one in three individuals in the United States aged 65 to 74 experience hearing loss, with half of those over 75 facing hearing difficulties. Consequently, the increasing prevalence of hearing disorders and losses is a driving force behind the growth of the hearing diagnostic devices and equipment market.
The anticipated growth in healthcare expenditure is set to drive the expansion of the hearing diagnostic devices and equipment market. Healthcare expenditure encompasses the overall spending on healthcare services, treatments, medications, equipment, and facilities, involving individuals, governments, insurers, and other entities. The upward trajectory in healthcare expenditure is expected to result in increased funding for research and development of advanced hearing diagnostic devices and equipment. This, in turn, enhances accuracy and efficiency, broadens access to hearing diagnostics, and generates higher demand for these services and devices. Notably, in May 2022, the Office for National Statistics reported a nominal increase of 7.4% in the total healthcare expenditure in the UK, reaching £277 billion in 2021 compared to the spending in 2020. Consequently, the surge in healthcare expenditure is a driving force behind the anticipated growth of the hearing diagnostic devices and equipment market.
The European Commission has adopted two new regulations for medical devices to bolster safety measures, address concerns effectively, and enhance traceability. These regulations empower medical device manufacturers with a stronger mandate for independent assessment by notified bodies, unique identification numbers for improved traceability, availability of clinical data on devices, and a central database for comprehensive information dissemination to patients, healthcare professionals, and the public. These regulations set standards for safety requirements, helping manufacturers make informed decisions.
The hearing healthcare industry is undergoing continuous innovation in terms of technologies employed. These technologies incorporate modules such as Transient evoked otoacoustic emissions (TEOAE), Distortion product otoacoustic emissions (DPOAE), and Auditory Brainstem Response (ABR). For instance, Maico recently launched a product called easy screen with BERAphone, a combination of ABR, TEOAE, and DPOAE used for response detection, workload reduction, and efficient testing.
Major companies in the hearing diagnostic devices and equipment market are investing in AI-based devices to gain a competitive edge. AI-based hearing diagnostic devices integrate artificial intelligence technology for the assessment and diagnosis of hearing-related conditions. Starkey Hearing Technologies, for example, launched Genesis AI hearing aids featuring a new Neuro Processor with advanced capabilities, including an on-chip Deep Neural Network (DNN) accelerator and an improved compression system. The Edge Mode+ offers intelligent, on-demand features, enhancing the versatility and effectiveness of the device. These innovations aim to provide an enhanced and personalized hearing experience.
Major companies operating in the hearing diagnostic devices and equipment market report are Demant A/S, WS Audiology, Natus Medical Incorporated, Hill Rom, Grason Stadler, MeCan Medical, Amplivox, Inventis, Western Surgical, INVENTIS srl, Xiamen Retone Hearing Technology Co., Ltd., Phonak Canada Ltd., Phonak Romania, Oticon, William Demant, Earlens, House of Hearing, UHC Hearing Healthcare, Hangzhou AcoSound Technology Co., Ltd., Microson, Interacoustics, Signia Pro, Grason-Stadler, Zsa Ritm OOO, Hansaton, Shenzhen Zhongde Audio-Technical Co., Ltd., Xion Medical, MED-EL South Africa, Honsun Co. Ltd., KaWe Medical, Luxamed, MAICO Diagnostics, Oticon India, Sibelmed, Zumax Medical, Aurica, Starkey, Bernafon Canada Ltd., Starkey Kenya, Resonance Audiology, Starkey do Brasil Ltda, Dino-Lite, Demant Szczecin, Cape Hearing Aids, Heine Optotechnik, Vivosonic, Alpaca Audiology, HearingLife, Foshan Vohom Technology Co., Ltd., Phonak Nigeria, Bose, Starkey Nigeria, Hass Group, orlvision GmbH, Welch Allyn, Phonak India, Guangzhou Melison Medical Instrument Co., Ltd., Widex India Pvt Ltd., Abonemed, Phonak South Africa, Tremetrics, Rudolf Riester GmbH, Narang Medical Limited, Phonak (UAE) Digital Ears Trading LLC, Cochlear, Hearing Health USA, iClear HealthCare, SyncVision Technology Corporation
North America was the largest region in the global hearing diagnostic devices and equipment market in 2023. Asia-Pacific was the second largest market in hearing diagnostic devices and equipment market. The regions covered in the hearing diagnostic devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the hearing diagnostic devices and equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
The hearing diagnostic devices and equipment market consists of sales of otoacoustic emission (OAE), audiometer, otoscope, tympanometer, and other hearing diagnostic devices that are used for testing and evaluating the hearing loss. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Hearing Diagnostic Devices And Equipment Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on hearing diagnostic devices and equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for hearing diagnostic devices and equipment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The hearing diagnostic devices and equipment market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.