Technological Breakthroughs and Product Development Happening in Medtech Industry to Positively Influence Growth of Global Hearing Loss Treatment Market

  • 03 Jun 2019

With the continuous rise in pollution, hearing loss is becoming a common feature among the population. Sudden hearing difficulties, viral ear infections, ageing and rising geriatric population, genetic syndrome, head trauma, exposure to high pitch machinery noises or aircraft sounds at the workplace are some of the widespread causes that induce the need for hearing loss treatment. Not severely but acute hearing loss cases are becoming quite common. 
However, minor cases of hearing loss are overshadowed due to ignorance or denial. Ignored and untreated hearing loss can degrade the quality of life and also amount to major health issues like dementia, cardiovascular disorders, diabetes, hypertension, depression and in further severe cases premature death. The disability brings about a lot of significant financial expenditure as well as lifestyle challenges.  The specificity of hearing loss treatment largely depends on factors like age, cause of hearing loss and severity of ear damage. Modern science has multiple ways to treat cases of hearing loss through options like medical surgery, hearing aids and implants and drug therapy. 3D printing technology is to create tremendous possibilities for designing perfect ear implants in the coming years. This will also facilitate frequent newer product launches along with collaborations and mergers among prevalent market players, especially in developed nations. The driving forces making the market thrive are innovation and technological advancements. Rising general awareness around hearing loss treatment among public and hearing healthcare professionals is supposed to enhance the growth opportunities in the near future. To contribute further, medicinal breakthroughs like drug discovery by NIDCD (National Institute on Deafness and Other Communication Disorders) that is aimed to partially restore sensory cells of the inner ear, is predicted to create tremendous opportunities and attract R&D investments.

Global Hearing Loss Treatment Market: Restraints 
•    Lack of diagnostic tools
•    Less awareness of acute symptoms
•    Expensive technology

Global Hearing Loss Treatment Market, by Treatment Type
•    Surgical Procedures
•    Drug Therapy
•    Implants
•    Others

Surgical procedures, as well as implants segments, are soaring and bringing in a major trade. With new technology to aid the treatment process, masses prefer implants and hearing devices as a permanent solution than opting for surgeries, as estimated for the forecast period. 

Global Hearing Loss Treatment Market, by End-User
•    Hospitals
•    Clinics
•    Others

 With rising awareness, private hospitals and clinics are preferred for surgeries and are regarded as trusted sources. The rise in disposable incomes also thus makes clinics the favourable option by consumers and is expected to remain the same during the forecast period. 


Global Hearing Loss Treatment Market, by Region
•    North America
•    Latin America
•    Europe
•    Asia Pacific
•    Rest of the World

North America currently dominates the global hearing loss treatment market given the extensive government aid in the form of initiatives to create awareness among the dense population. In regions like Afghanistan, steps are also taken to aid retired air force officials with hearing the loss. Europe is all set to follow the same trend in order to curb individual healthcare costs as well as costs incurred due to disability as overheads. The Asia Pacific region is a highly conducive region for the rapid growth of global hearing loss treatment market in the near future.


Competitive Landscape:  
•    Tier 1 players- established companies in the market with a major    market share
•    Tier 2 players 
•    Emerging players which are growing rapidly 
•    New Entrants  

The major market players in this industry are Audion Therapeutics BV, Starkey, Phonak, ReSound, Siemens and others. The industry is relatively new and is a good space for new firms to venture into, given the rise in the occurrence of health hazards and threats.

FutureWise Key Takeaways 
•    Growth prospects
•    SWOT analysis 
•    Key trends 
•    Key data-points affecting market growth 

Objectives of the Study: 
•    To provide with an exhaustive analysis on the global hearing loss treatment market on the basis of treatment type, end user, and region
•    To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
•    To evaluate and forecast micro-markets and the overall market 
•    To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East
•    To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
•    Profiling of companies to evaluate their market shares, strategies, financials and core competencies  

 

 

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